InCred Equities - Shree Cement Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	204,038	192,828	212,951	239,593
Operating EBITDA (Rsm)	45,167	39,340	47,537	56,893
Net Profit (Rsm)	23,957	11,228	15,071	20,961
Core EPS (Rs)	664.0	311.2	417.7	581.0
Core EPS Growth	88.5%	(53.1%)	34.2%	39.1%
FD Core P/E (x)	44.58	95.12	70.86	50.95
DPS (Rs)	105.0	110.0	147.7	205.4
Dividend Yield	0.35%	0.37%	0.60%	0.84%
EV/EBITDA (x)	22.72	25.65	21.26	17.79
P/FCFE (x)	130.57	228.39	38.55	35.29
Net Gearing	(20.3%)	(27.5%)	(25.7%)	(23.7%)
P/BV (x)	5.16	4.96	4.77	4.53
ROE	12.2%	5.3%	6.9%	9.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	204,038	192,828	212,951	239,593
Gross Profit	204,038	192,828	212,951	239,593
Operating EBITDA	45,167	39,340	47,537	56,893
Depreciation And Amortisation	(18,973)	(30,068)	(31,421)	(32,992)
Operating EBIT	26,194	9,273	16,116	23,901
Financial Income/(Expense)	(2,583)	(2,050)	(1,988)	(1,909)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	5,981	5,892	5,715	5,601
Profit Before Tax (pre-EI)	29,592	13,115	19,843	27,594
Exceptional Items
Pre-tax Profit	29,592	13,115	19,843	27,594
Taxation	(5,630)	(1,877)	(4,762)	(6,623)
Exceptional Income - post-tax
Profit After Tax	23,962	11,238	15,081	20,971
Minority Interests	(5)	(10)	(10)	(10)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	23,957	11,228	15,071	20,961
Recurring Net Profit	23,957	11,228	15,071	20,961
Fully Diluted Recurring Net Profit	23,957	11,228	15,071	20,961

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	45,167	39,340	47,537	56,893
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,244	(14,700)	(9,360)	(1,295)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	5,981	5,892	5,715	5,601
Other Operating Cashflow	(14,704)	22,597	22,597	22,597
Net Interest (Paid)/Received	(2,583)	(2,050)	(1,988)	(1,909)
Tax Paid	(5,630)	(1,877)	(4,762)	(6,623)
Cashflow From Operations	33,475	49,203	59,740	75,266
Capex	(31,695)	(40,507)	(35,000)	(40,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	17,510	3,231	2,462	(5,500)
Cash Flow From Investing	(14,185)	(37,276)	(32,538)	(45,500)
Debt Raised/(repaid)	(11,111)	(7,251)	500	500
Proceeds From Issue Of Shares	(2)	(9)	(21)	(21)
Shares Repurchased
Dividends Paid	(3,788)	(3,969)	(6,446)	(8,965)
Preferred Dividends
Other Financing Cashflow	(2,199)	(1,734)	(22,387)	(22,387)
Cash Flow From Financing	(17,101)	(12,963)	(28,353)	(30,873)
Total Cash Generated	2,190	(1,036)	(1,152)	(1,107)
Free Cashflow To Equity	8,179	4,676	27,702	30,266
Free Cashflow To Firm	21,874	13,977	29,190	31,674

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	56,859	67,461	66,310	65,202
Total Debtors	12,865	14,015	15,169	17,067
Inventories	35,551	24,436	31,505	35,447
Total Other Current Assets	16,848	15,111	17,036	18,209
Total Current Assets	122,122	121,024	130,020	135,925
Fixed Assets	95,909	93,147	96,726	103,734
Total Investments	22,918	13,965	14,465	14,965
Intangible Assets	19,297	37,962	35,000	40,000
Total Other Non-Current Assets	19,289	18,820	18,820	18,820
Total Non-current Assets	157,413	163,894	165,011	177,519
Short-term Debt	7,618	903	903	903
Current Portion of Long-Term Debt
Total Creditors	12,142	13,610	13,792	15,246
Other Current Liabilities	41,518	43,048	43,655	47,919
Total Current Liabilities	61,278	57,561	58,350	64,068
Total Long-term Debt	7,131	7,266	7,766	8,266
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	3,685	4,305	4,505	4,705
Total Non-current Liabilities	10,816	11,571	12,271	12,971
Total Provisions
Total Liabilities	72,094	69,132	70,621	77,039
Shareholders Equity	207,029	215,378	224,002	235,998
Minority Interests	411	408	408	408
Total Equity	207,440	215,785	224,410	236,406

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	14.3%	(5.5%)	10.4%	12.5%
Operating EBITDA Growth	52.6%	(12.9%)	20.8%	19.7%
Operating EBITDA Margin	22.1%	20.4%	22.3%	23.7%
Net Cash Per Share (Rs)	1,167.11	1,643.35	1,597.57	1,553.03
BVPS (Rs)	5,738.06	5,969.44	6,208.49	6,540.96
Gross Interest Cover	10.14	4.52	8.11	12.52
Effective Tax Rate	19.0%	14.3%	24.0%	24.0%
Net Dividend Payout Ratio	15.8%	35.3%	42.8%	42.8%
Accounts Receivables Days	22.34	25.44	25.01	24.55
Inventory Days	56.48	56.77	47.94	51.00
Accounts Payables Days	27.69	30.62	30.23	29.01
ROIC (%)	17.9%	6.3%	10.3%	14.1%
ROCE (%)	12.1%	4.2%	7.1%	10.0%
Return On Average Assets	9.8%	4.7%	5.9%	7.5%

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

(91) 2241611558 saurabh.singh@incredresearch.com

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

More Reports

Market Data

Source: Bloomberg