InCred Equities - Shree Cement Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	204,038	209,431	235,257	266,831
Operating EBITDA (Rsm)	45,167	42,615	51,767	60,388
Net Profit (Rsm)	23,957	15,429	20,708	25,731
Core EPS (Rs)	664.0	427.6	573.9	713.2
Core EPS Growth	88.5%	(35.6%)	34.2%	24.3%
FD Core P/E (x)	36.30	56.36	41.99	33.79
DPS (Rs)	105.0	67.6	90.8	112.8
Dividend Yield	0.44%	0.34%	0.46%	0.57%
EV/EBITDA (x)	18.33	19.83	16.28	13.86
P/FCFE (x)	106.32	(30.38)	(113.98)	(295.04)
Net Gearing	(20.3%)	(11.2%)	(11.4%)	(12.8%)
P/BV (x)	4.20	3.96	3.68	3.38
ROE	12.2%	7.2%	9.1%	10.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	204,038	209,431	235,257	266,831
Gross Profit	204,038	209,431	235,257	266,831
Operating EBITDA	45,167	42,615	51,767	60,388
Depreciation And Amortisation	(18,973)	(25,614)	(27,663)	(29,876)
Operating EBIT	26,194	17,001	24,104	30,512
Financial Income/(Expense)	(2,583)	(2,377)	(2,305)	(2,213)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	5,981	5,682	5,455	5,564
Profit Before Tax (pre-EI)	29,592	20,307	27,253	33,862
Exceptional Items
Pre-tax Profit	29,592	20,307	27,253	33,862
Taxation	(5,630)	(4,874)	(6,541)	(8,127)
Exceptional Income - post-tax
Profit After Tax	23,962	15,433	20,712	25,735
Minority Interests	(5)	(5)	(5)	(5)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	23,957	15,429	20,708	25,731
Recurring Net Profit	23,957	15,429	20,708	25,731
Fully Diluted Recurring Net Profit	23,957	15,429	20,708	25,731

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	45,167	42,615	51,767	60,388
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,244	5,736	699	(855)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	5,981	5,682	5,455	5,564
Other Operating Cashflow	(14,704)	(14,704)	(14,704)	(14,704)
Net Interest (Paid)/Received	(2,583)	(2,377)	(2,305)	(2,213)
Tax Paid	(5,630)	(4,874)	(6,541)	(8,127)
Cashflow From Operations	33,475	32,079	34,371	40,053
Capex	(31,695)	(40,500)	(41,500)	(42,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	17,510	(21,203)	(1,500)	(1,500)
Cash Flow From Investing	(14,185)	(61,703)	(43,000)	(44,000)
Debt Raised/(repaid)	(11,111)	1,000	1,000	1,000
Proceeds From Issue Of Shares	(2)	(9)	(9)	(9)
Shares Repurchased
Dividends Paid	(3,788)	(2,952)	(3,962)	(4,923)
Preferred Dividends
Other Financing Cashflow	(2,199)	15,209	14,909	14,909
Cash Flow From Financing	(17,101)	13,247	11,937	10,976
Total Cash Generated	2,190	(16,377)	3,308	7,029
Free Cashflow To Equity	8,179	(28,624)	(7,629)	(2,947)
Free Cashflow To Firm	21,874	(27,248)	(6,324)	(1,734)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	56,859	40,481	43,789	50,818
Total Debtors	12,865	12,623	13,535	15,352
Inventories	35,551	30,984	34,805	39,476
Total Other Current Assets	16,848	16,336	18,350	20,813
Total Current Assets	122,122	100,425	110,480	126,459
Fixed Assets	95,909	110,295	123,632	135,756
Total Investments	22,918	23,418	23,918	24,418
Intangible Assets	19,297	40,000	41,000	42,000
Total Other Non-Current Assets	19,289	19,789	20,289	20,789
Total Non-current Assets	157,413	193,502	208,839	222,963
Short-term Debt	7,618	8,118	8,618	9,118
Current Portion of Long-Term Debt
Total Creditors	12,142	13,236	14,471	16,252
Other Current Liabilities	41,518	40,839	47,051	53,366
Total Current Liabilities	61,278	62,194	70,141	78,737
Total Long-term Debt	7,131	7,631	8,131	8,631
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	3,685	4,185	4,385	4,585
Total Non-current Liabilities	10,816	11,816	12,516	13,216
Total Provisions
Total Liabilities	72,094	74,010	82,657	91,953
Shareholders Equity	207,029	219,506	236,251	257,059
Minority Interests	411	411	411	411
Total Equity	207,440	219,917	236,662	257,470

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	14.3%	2.6%	12.3%	13.4%
Operating EBITDA Growth	52.6%	(5.7%)	21.5%	16.7%
Operating EBITDA Margin	22.1%	20.3%	22.0%	22.6%
Net Cash Per Share (Rs)	1,167.11	685.48	749.45	916.55
BVPS (Rs)	5,738.06	6,083.86	6,547.98	7,124.69
Gross Interest Cover	10.14	7.15	10.46	13.79
Effective Tax Rate	19.0%	24.0%	24.0%	24.0%
Net Dividend Payout Ratio	15.8%	19.1%	19.1%	19.1%
Accounts Receivables Days	22.34	22.21	20.29	19.76
Inventory Days	56.48	57.98	51.04	50.81
Accounts Payables Days	27.69	27.76	27.56	27.16
ROIC (%)	17.9%	9.7%	12.7%	14.9%
ROCE (%)	12.1%	7.4%	9.9%	11.5%
Return On Average Assets	9.8%	6.2%	7.5%	8.4%

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

(91) 22 4161 1561 rohan.kalle@incredresearch.com

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Market Data

Source: Bloomberg