InCred Equities

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	199,589	208,171	224,127	240,375
Operating EBITDA (Rsm)	30,617	23,252	31,590	37,802
Net Profit (Rsm)	23,365	12,902	18,437	22,439
Core EPS (Rs)	113.9	68.6	98.1	119.4
Core EPS Growth	113.3%	(39.8%)	42.9%	21.7%
FD Core P/E (x)	15.80	28.62	20.02	16.45
DPS (Rs)	7.5	6.2	8.8	10.7
Dividend Yield	0.53%	0.31%	0.45%	0.55%
EV/EBITDA (x)	11.20	14.57	10.57	8.56
P/FCFE (x)	19.73	66.83	56.01	30.67
Net Gearing	(16.1%)	(17.4%)	(18.5%)	(21.5%)
P/BV (x)	2.26	2.11	1.92	1.74
ROE	14.1%	7.6%	10.1%	11.1%
% 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	208,171	224,127	240,375
Gross Profit	199,589	208,171	224,127	240,375
Operating EBITDA	30,617	23,252	31,590	37,802
Depreciation And Amortisation	(8,831)	(9,626)	(10,203)	(10,816)
Operating EBIT	21,786	13,626	21,387	26,986
Financial Income/(Expense)	(1,546)	(1,237)	(1,286)	(1,338)
Pretax Income/(Loss) from Assoc.	129	149	169	189
Non-Operating Income/(Expense)	4,929	4,682	4,354	4,137
Profit Before Tax (pre-EI)	25,297	17,221	24,624	29,974
Exceptional Items	2,296
Pre-tax Profit	27,593	17,221	24,624	29,974
Taxation	(4,228)	(4,319)	(6,187)	(7,536)
Exceptional Income - post-tax
Profit After Tax	23,365	12,902	18,437	22,439
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	23,365	12,902	18,437	22,439
Recurring Net Profit	21,421	12,902	18,437	22,439
Fully Diluted Recurring Net Profit	21,421	12,902	18,437	22,439

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	30,617	23,252	31,590	37,802
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,331	(2,305)	(4,380)	(4,528)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	4,929	4,682	4,354	4,137
Other Operating Cashflow	(5,985)
Net Interest (Paid)/Received	(1,546)	(1,237)	(1,286)	(1,338)
Tax Paid	1,819	(4,319)	(6,187)	(7,536)
Cashflow From Operations	31,165	20,073	24,091	28,537
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)	(1,161)	(1,659)	(2,019)
Preferred Dividends
Other Financing Cashflow	(3,022)	(51)	(31)	189
Cash Flow From Financing	(4,432)	(1,212)	(1,690)	(1,830)
Total Cash Generated	14,282	4,312	4,901	10,207
Free Cashflow To Equity	18,714	5,524	6,591	12,037
Free Cashflow To Firm	20,259	6,761	7,877	13,375

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	26,216	30,528	35,429	45,635
Total Debtors	8,275	10,266	10,439	10,537
Inventories	18,686	19,391	20,878	22,391
Total Other Current Assets	44,085	43,716	50,429	57,690
Total Current Assets	97,261	103,901	117,174	136,254
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	19,357	20,157	21,252
Other Current Liabilities	41,720	41,634	44,825	48,075
Total Current Liabilities	60,968	60,991	64,982	69,327
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	70,181	73,973	78,318
Shareholders Equity	163,282	175,023	191,801	212,220
Minority Interests	36	36	36	36
Total Equity	163,319	175,059	191,837	212,256

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(10.1%)	4.3%	7.7%	7.2%
Operating EBITDA Growth	59.1%	(24.1%)	35.9%	19.7%
Operating EBITDA Margin	15.3%	11.2%	14.1%	15.7%
Net Cash Per Share (Rs)	139.45	162.39	188.46	242.75
BVPS (Rs)	868.57	931.02	1,020.27	1,128.89
Gross Interest Cover	14.09	11.02	16.63	20.18
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	16.25	16.86	15.93
Inventory Days	31.94	33.38	32.79	32.85
Accounts Payables Days	36.92	38.10	37.45	37.31
ROIC (%)	14.9%	8.9%	13.0%	15.4%
ROCE (%)	14.3%	8.1%	11.7%	13.4%
Return On Average Assets	10.3%	5.9%	7.7%	8.5%