InCred Equities

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	199,589	207,464	227,220	243,269
Operating EBITDA (Rsm)	30,617	27,402	34,913	39,974
Net Profit (Rsm)	23,365	15,481	20,412	23,557
Core EPS (Rs)	113.9	82.3	108.6	125.3
Core EPS Growth	113.3%	(27.7%)	31.9%	15.4%
FD Core P/E (x)	17.59	26.54	20.13	17.44
DPS (Rs)	7.5	7.4	9.8	11.3
Dividend Yield	0.47%	0.34%	0.45%	0.52%
EV/EBITDA (x)	12.57	13.81	10.65	9.02
P/FCFE (x)	21.96	53.20	48.56	30.94
Net Gearing	(16.1%)	(18.3%)	(19.9%)	(23.2%)
P/BV (x)	2.52	2.32	2.10	1.89
ROE	14.1%	9.1%	10.9%	11.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	199,589	207,464	227,220	243,269
Gross Profit	199,589	207,464	227,220	243,269
Operating EBITDA	30,617	27,402	34,913	39,974
Depreciation And Amortisation	(8,831)	(9,626)	(10,203)	(10,816)
Operating EBIT	21,786	17,776	24,709	29,159
Financial Income/(Expense)	(1,546)	(1,391)	(1,461)	(1,534)
Pretax Income/(Loss) from Assoc.	129	149	169	189
Non-Operating Income/(Expense)	4,929	4,140	3,850	3,658
Profit Before Tax (pre-EI)	25,297	20,674	27,268	31,472
Exceptional Items	2,296
Pre-tax Profit	27,593	20,674	27,268	31,472
Taxation	(4,228)	(5,193)	(6,856)	(7,914)
Exceptional Income - post-tax
Profit After Tax	23,365	15,481	20,412	23,557
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	23,365	15,481	20,412	23,557
Recurring Net Profit	21,421	15,481	20,412	23,557
Fully Diluted Recurring Net Profit	21,421	15,481	20,412	23,557

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	30,617	27,402	34,913	39,974
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,331	(2,685)	(4,485)	(4,406)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	4,929	4,140	3,850	3,658
Other Operating Cashflow	(5,985)
Net Interest (Paid)/Received	(1,546)	(1,391)	(1,461)	(1,534)
Tax Paid	1,819	(5,193)	(6,856)	(7,914)
Cashflow From Operations	31,165	22,273	25,961	29,778
Capex	(13,490)	(17,000)	(16,000)	(15,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,039	2,451	(1,500)	(1,500)
Cash Flow From Investing	(12,451)	(14,549)	(17,500)	(16,500)
Debt Raised/(repaid)
Proceeds From Issue Of Shares				0
Shares Repurchased
Dividends Paid	(1,410)	(1,393)	(1,837)	(2,120)
Preferred Dividends
Other Financing Cashflow	(3,022)	(51)	(31)	189
Cash Flow From Financing	(4,432)	(1,444)	(1,868)	(1,931)
Total Cash Generated	14,282	6,280	6,593	11,347
Free Cashflow To Equity	18,714	7,724	8,461	13,278
Free Cashflow To Firm	20,259	9,115	9,921	14,812

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	26,216	32,495	39,088	50,435
Total Debtors	8,275	10,231	10,583	10,664
Inventories	18,686	19,325	21,166	22,661
Total Other Current Assets	44,085	43,567	51,125	58,384
Total Current Assets	97,261	105,619	121,961	142,144
Fixed Assets	91,661	99,035	104,832	109,016
Total Investments	519	519	519	519
Intangible Assets	13,820	15,320	16,820	18,320
Total Other Non-Current Assets	30,417	26,466	26,466	26,466
Total Non-current Assets	136,416	141,340	148,636	154,320
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	19,249	18,869	20,182	21,403
Other Current Liabilities	41,720	41,493	45,444	48,654
Total Current Liabilities	60,968	60,362	65,626	70,056
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	9,390	9,190	8,990	8,990
Total Non-current Liabilities	9,390	9,190	8,990	8,990
Total Provisions
Total Liabilities	70,359	69,553	74,616	79,047
Shareholders Equity	163,282	177,370	195,945	217,382
Minority Interests	36	36	36	36
Total Equity	163,319	177,406	195,981	217,418

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(10.1%)	3.9%	9.5%	7.1%
Operating EBITDA Growth	59.1%	(10.5%)	27.4%	14.5%
Operating EBITDA Margin	15.3%	13.2%	15.4%	16.4%
Net Cash Per Share (Rs)	139.45	172.86	207.93	268.29
BVPS (Rs)	868.57	943.51	1,042.31	1,156.35
Gross Interest Cover	14.09	12.78	16.92	19.01
Effective Tax Rate	15.3%	25.1%	25.1%	25.1%
Net Dividend Payout Ratio	9.3%	9.0%	9.0%	9.0%
Accounts Receivables Days	15.51	16.28	16.72	15.94
Inventory Days	31.94	33.44	32.52	32.88
Accounts Payables Days	36.92	38.63	37.06	37.33
ROIC (%)	14.9%	11.6%	14.9%	16.6%
ROCE (%)	14.3%	10.4%	13.2%	14.1%
Return On Average Assets	10.3%	7.0%	8.5%	8.8%