InCred Equities

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	199,589	211,255	239,822	257,513
Operating EBITDA (Rsm)	30,617	24,245	30,335	36,728
Net Profit (Rsm)	23,349	24,021	17,691	21,830
Core EPS (Rs)	113.9	76.0	94.1	116.1
Core EPS Growth	113.1%	(33.3%)	23.8%	23.4%
FD Core P/E (x)	15.33	14.90	20.24	16.40
DPS (Rs)	7.5	7.5	8.5	10.5
Dividend Yield	0.54%	0.54%	0.44%	0.55%
EV/EBITDA (x)	10.84	13.49	10.82	8.84
P/FCFE (x)	20.46	(47.84)	(1,609.56)	70.95
Net Gearing	(16.1%)	(16.7%)	(14.8%)	(15.1%)
P/BV (x)	2.19	1.93	1.78	1.62
ROE	14.1%	8.2%	9.1%	10.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	199,589	211,255	239,822	257,513
Gross Profit	199,589	211,255	239,822	257,513
Operating EBITDA	30,617	24,245	30,335	36,728
Depreciation And Amortisation	(8,851)	(10,013)	(10,814)	(11,463)
Operating EBIT	21,766	14,232	19,521	25,265
Financial Income/(Expense)	(1,546)	(1,082)	(1,104)	(1,126)
Pretax Income/(Loss) from Assoc.	129	28	48	68
Non-Operating Income/(Expense)	4,929	5,421	5,204	4,996
Profit Before Tax (pre-EI)	25,278	18,599	23,669	29,203
Exceptional Items	2,296	12,669
Pre-tax Profit	27,574	31,268	23,669	29,203
Taxation	(4,223)	(7,245)	(5,976)	(7,371)
Exceptional Income - post-tax
Profit After Tax	23,351	24,023	17,693	21,832
Minority Interests	(2)	(2)	(2)	(2)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	23,349	24,021	17,691	21,830
Recurring Net Profit	21,405	14,288	17,691	21,830
Fully Diluted Recurring Net Profit	21,405	14,288	17,691	21,830

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	30,617	24,245	30,335	36,728
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,331	(12,957)	(3,182)	(2,681)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	4,929	5,421	5,204	4,996
Other Operating Cashflow	(7,198)	(11,103)
Net Interest (Paid)/Received	(1,546)	(1,082)	(1,104)	(1,126)
Tax Paid	1,819	918	(5,976)	(7,371)
Cashflow From Operations	29,951	5,443	25,278	30,546
Capex	(13,490)	(19,531)	(22,000)	(22,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,039	6,758	(3,500)	(3,500)
Cash Flow From Investing	(12,451)	(12,773)	(25,500)	(25,500)
Debt Raised/(repaid)		(153)
Proceeds From Issue Of Shares			(3)	(3)
Shares Repurchased
Dividends Paid	(1,410)	(1,410)	(1,592)	(1,965)
Preferred Dividends
Other Financing Cashflow	(3,022)	(8,459)	548	568
Cash Flow From Financing	(4,432)	(10,023)	(1,047)	(1,400)
Total Cash Generated	13,069	(17,353)	(1,270)	3,646
Free Cashflow To Equity	17,500	(7,484)	(222)	5,046
Free Cashflow To Firm	19,046	(6,248)	881	6,172

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	26,216	31,077	29,809	33,457
Total Debtors	8,275	11,629	11,170	11,288
Inventories	18,686	19,254	22,340	23,988
Total Other Current Assets	44,085	29,483	33,575	37,339
Total Current Assets	97,261	91,443	96,894	106,072
Fixed Assets	91,661	93,424	104,609	115,146
Total Investments	519	505	505	505
Intangible Assets	13,820	24,561	27,061	29,561
Total Other Non-Current Assets	30,417	44,194	45,194	46,194
Total Non-current Assets	136,416	162,683	177,369	191,406
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	18,526	16,383	18,250	19,291
Other Current Liabilities	42,443	40,299	41,969	43,777
Total Current Liabilities	60,968	56,682	60,219	63,068
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	9,390	11,858	12,358	12,858
Total Non-current Liabilities	9,390	11,858	12,358	12,858
Total Provisions
Total Liabilities	70,359	68,540	72,577	75,927
Shareholders Equity	163,282	185,548	201,648	221,513
Minority Interests	36	38	36	35
Total Equity	163,319	185,586	201,684	221,548

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	(10.1%)	5.8%	13.5%	7.4%
Operating EBITDA Growth	59.1%	(20.8%)	25.1%	21.1%
Operating EBITDA Margin	15.3%	11.5%	12.6%	14.3%
Net Cash Per Share (Rs)	139.45	165.31	158.57	177.97
BVPS (Rs)	868.57	987.01	1,072.65	1,178.32
Gross Interest Cover	14.08	13.15	17.68	22.44
Effective Tax Rate	15.3%	23.2%	25.2%	25.2%
Net Dividend Payout Ratio	9.3%	17.2%	9.0%	9.0%
Accounts Receivables Days	15.51	17.19	17.35	15.92
Inventory Days	31.94	32.78	31.65	32.83
Accounts Payables Days	36.14	34.07	32.32	33.14
ROIC (%)	14.9%	8.6%	10.6%	12.6%
ROCE (%)	14.3%	8.2%	10.1%	11.9%
Return On Average Assets	10.3%	5.1%	7.1%	8.0%