InCred Equities

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	211,255	246,360	266,704	289,085
Operating EBITDA (Rsm)	24,245	29,532	35,296	40,889
Net Profit (Rsm)	24,021	16,848	20,528	24,055
Core EPS (Rs)	76.0	89.6	109.2	128.0
Core EPS Growth	(33.3%)	17.9%	21.8%	17.2%
FD Core P/E (x)	14.48	20.65	16.95	14.46
DPS (Rs)	7.5	8.1	9.8	11.5
Dividend Yield	0.56%	0.44%	0.53%	0.62%
EV/EBITDA (x)	13.07	10.90	9.15	7.85
P/FCFE (x)	(46.48)	(83.54)	2,413.21	98.71
Net Gearing	(16.7%)	(12.9%)	(11.3%)	(11.1%)
P/BV (x)	1.87	1.73	1.58	1.44
ROE	8.2%	8.7%	9.8%	10.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	211,255	246,360	266,704	289,085
Gross Profit	211,255	246,360	266,704	289,085
Operating EBITDA	24,245	29,532	35,296	40,889
Depreciation And Amortisation	(10,013)	(10,814)	(11,463)	(12,151)
Operating EBIT	14,232	18,717	23,833	28,738
Financial Income/(Expense)	(1,082)	(1,104)	(1,126)	(1,148)
Pretax Income/(Loss) from Assoc.	28	48	68	88
Non-Operating Income/(Expense)	5,421	4,879	4,684	4,496
Profit Before Tax (pre-EI)	18,599	22,540	27,459	32,174
Exceptional Items	12,669
Pre-tax Profit	31,268	22,540	27,459	32,174
Taxation	(7,245)	(5,691)	(6,930)	(8,118)
Exceptional Income - post-tax
Profit After Tax	24,023	16,850	20,529	24,056
Minority Interests	(2)	(2)	(2)	(2)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	24,021	16,848	20,528	24,055
Recurring Net Profit	14,288	16,848	20,528	24,055
Fully Diluted Recurring Net Profit	14,288	16,848	20,528	24,055

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	24,245	29,532	35,296	40,889
Cash Flow from Invt. & Assoc.
Change In Working Capital	(12,957)	(3,280)	(3,280)	(4,095)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	5,421	4,879	4,684	4,496
Other Operating Cashflow	(11,103)
Net Interest (Paid)/Received	(1,082)	(1,104)	(1,126)	(1,148)
Tax Paid	918	(5,691)	(6,930)	(8,118)
Cashflow From Operations	5,443	24,336	28,644	32,024
Capex	(19,531)	(25,000)	(25,000)	(25,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	6,758	(3,500)	(3,500)	(3,500)
Cash Flow From Investing	(12,773)	(28,500)	(28,500)	(28,500)
Debt Raised/(repaid)	(153)
Proceeds From Issue Of Shares		(3)	(3)	(3)
Shares Repurchased
Dividends Paid	(1,410)	(1,516)	(1,847)	(2,165)
Preferred Dividends
Other Financing Cashflow	(8,459)	548	568	588
Cash Flow From Financing	(10,023)	(971)	(1,283)	(1,580)
Total Cash Generated	(17,353)	(5,135)	(1,138)	1,944
Free Cashflow To Equity	(7,484)	(4,164)	144	3,524
Free Cashflow To Firm	(6,248)	(3,060)	1,270	4,673

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	31,077	25,944	24,807	26,752
Total Debtors	11,629	11,474	11,691	13,464
Inventories	19,254	22,949	24,844	26,928
Total Other Current Assets	29,483	34,490	39,206	44,230
Total Current Assets	91,443	94,857	100,547	111,375
Fixed Assets	93,424	107,609	121,146	133,996
Total Investments	505	505	505	505
Intangible Assets	24,561	27,061	29,561	32,061
Total Other Non-Current Assets	44,194	45,194	46,194	47,194
Total Non-current Assets	162,683	180,369	197,406	213,755
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	16,383	18,836	20,157	21,139
Other Current Liabilities	40,299	43,113	45,340	49,144
Total Current Liabilities	56,682	61,949	65,496	70,284
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	11,858	12,358	12,858	13,358
Total Non-current Liabilities	11,858	12,358	12,858	13,358
Total Provisions
Total Liabilities	68,540	74,308	78,355	83,642
Shareholders Equity	185,548	200,880	219,560	241,450
Minority Interests	38	36	35	33
Total Equity	185,586	200,917	219,595	241,483

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	5.8%	16.6%	8.3%	8.4%
Operating EBITDA Growth	(20.8%)	21.8%	19.5%	15.8%
Operating EBITDA Margin	11.5%	12.0%	13.2%	14.1%
Net Cash Per Share (Rs)	165.31	138.01	131.96	142.31
BVPS (Rs)	987.01	1,068.57	1,167.94	1,284.38
Gross Interest Cover	13.15	16.96	21.17	25.02
Effective Tax Rate	23.2%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	17.2%	9.0%	9.0%	9.0%
Accounts Receivables Days	17.19	17.11	15.85	15.88
Inventory Days	32.78	31.26	32.70	32.68
Accounts Payables Days	34.07	31.87	32.99	32.49
ROIC (%)	8.6%	10.0%	11.5%	12.6%
ROCE (%)	8.2%	9.7%	11.3%	12.5%
Return On Average Assets	5.1%	6.8%	7.6%	8.1%

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

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

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Market Data

Source: Bloomberg