InCred Equities - Shree Cement Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	204,038	190,390	214,957	244,307
Operating EBITDA (Rsm)	45,167	37,625	46,785	55,599
Net Profit (Rsm)	23,957	9,208	15,173	20,917
Core EPS (Rs)	664.0	255.2	420.5	579.7
Core EPS Growth	88.5%	(61.6%)	64.8%	37.9%
FD Core P/E (x)	45.59	118.62	71.99	52.22
DPS (Rs)	105.0	40.4	66.5	91.7
Dividend Yield	0.35%	0.16%	0.27%	0.37%
EV/EBITDA (x)	23.26	28.40	22.78	19.04
P/FCFE (x)	133.54	(34.17)	(111.06)	(254.58)
Net Gearing	(20.3%)	(11.2%)	(11.8%)	(13.9%)
P/BV (x)	5.28	5.09	4.82	4.48
ROE	12.2%	4.4%	6.9%	8.9%
% 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	190,390	214,957	244,307
Gross Profit	204,038	190,390	214,957	244,307
Operating EBITDA	45,167	37,625	46,785	55,599
Depreciation And Amortisation	(18,973)	(29,408)	(30,585)	(31,808)
Operating EBIT	26,194	8,217	16,200	23,791
Financial Income/(Expense)	(2,583)	(2,196)	(2,086)	(2,003)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	5,981	6,101	5,857	5,740
Profit Before Tax (pre-EI)	29,592	12,122	19,971	27,528
Exceptional Items
Pre-tax Profit	29,592	12,122	19,971	27,528
Taxation	(5,630)	(2,909)	(4,793)	(6,607)
Exceptional Income - post-tax
Profit After Tax	23,962	9,213	15,178	20,921
Minority Interests	(5)	(5)	(5)	(5)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	23,957	9,208	15,173	20,917
Recurring Net Profit	23,957	9,208	15,173	20,917
Fully Diluted Recurring Net Profit	23,957	9,208	15,173	20,917

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	45,167	37,625	46,785	55,599
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,244	6,319	606	(816)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	5,981	6,101	5,857	5,740
Other Operating Cashflow	(14,704)	(14,704)	(14,704)	(14,704)
Net Interest (Paid)/Received	(2,583)	(2,196)	(2,086)	(2,003)
Tax Paid	(5,630)	(2,909)	(4,793)	(6,607)
Cashflow From Operations	33,475	30,236	31,665	37,210
Capex	(31,695)	(40,500)	(40,500)	(40,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	17,510	(21,203)	(500)	(500)
Cash Flow From Investing	(14,185)	(61,703)	(41,000)	(41,000)
Debt Raised/(repaid)	(11,111)	(500)	(500)	(500)
Proceeds From Issue Of Shares	(2)	(9)	(9)	(9)
Shares Repurchased
Dividends Paid	(3,788)	(1,762)	(2,903)	(4,002)
Preferred Dividends
Other Financing Cashflow	(2,199)	15,209	14,909	14,909
Cash Flow From Financing	(17,101)	12,938	11,496	10,397
Total Cash Generated	2,190	(18,530)	2,161	6,607
Free Cashflow To Equity	8,179	(31,967)	(9,835)	(4,290)
Free Cashflow To Firm	21,874	(29,271)	(7,249)	(1,788)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	56,859	38,329	40,490	47,097
Total Debtors	12,865	11,476	12,367	14,056
Inventories	35,551	28,167	31,802	36,144
Total Other Current Assets	16,848	14,850	16,767	19,056
Total Current Assets	122,122	92,822	101,426	116,353
Fixed Assets	95,909	106,501	115,916	124,108
Total Investments	22,918	23,418	23,918	24,418
Intangible Assets	19,297	40,000	40,000	40,000
Total Other Non-Current Assets	19,289	19,789	20,289	20,789
Total Non-current Assets	157,413	189,707	200,123	209,314
Short-term Debt	7,618	7,618	7,618	7,618
Current Portion of Long-Term Debt
Total Creditors	12,142	12,083	13,266	14,900
Other Current Liabilities	41,518	37,126	42,991	48,861
Total Current Liabilities	61,278	56,827	63,876	71,380
Total Long-term Debt	7,131	6,631	6,131	5,631
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	3,685	4,185	4,385	4,585
Total Non-current Liabilities	10,816	10,816	10,516	10,216
Total Provisions
Total Liabilities	72,094	67,643	74,392	81,596
Shareholders Equity	207,029	214,475	226,745	243,660
Minority Interests	411	411	411	411
Total Equity	207,440	214,887	227,156	244,071

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	14.3%	(6.7%)	12.9%	13.7%
Operating EBITDA Growth	52.6%	(16.7%)	24.3%	18.8%
Operating EBITDA Margin	22.1%	19.8%	21.8%	22.8%
Net Cash Per Share (Rs)	1,167.11	667.40	741.15	938.12
BVPS (Rs)	5,738.06	5,944.44	6,284.51	6,753.32
Gross Interest Cover	10.14	3.74	7.77	11.88
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	23.33	20.24	19.74
Inventory Days	56.48	61.08	50.91	50.76
Accounts Payables Days	27.69	28.94	27.51	27.24
ROIC (%)	17.9%	4.8%	9.0%	12.5%
ROCE (%)	12.1%	3.6%	6.9%	9.6%
Return On Average Assets	9.8%	4.1%	5.9%	7.3%

(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