InCred Equities - Ramco Cements Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	93,498	84,951	94,460	105,473
Operating EBITDA (Rsm)	15,525	12,319	16,624	19,652
Net Profit (Rsm)	3,950	4,174	3,942	5,998
Core EPS (Rs)	16.7	4.8	16.7	25.4
Core EPS Growth	15.0%	(71.4%)	249.4%	52.1%
FD Core P/E (x)	60.13	56.90	60.24	39.60
DPS (Rs)	2.5	2.0	1.9	2.9
Dividend Yield	0.25%	0.20%	0.19%	0.29%
EV/EBITDA (x)	18.38	22.89	16.96	14.26
P/FCFE (x)	57.52	40.53	23.62	21.16
Net Gearing	66.9%	59.3%	56.8%	51.1%
P/BV (x)	3.32	3.17	3.03	2.84
ROE	5.7%	1.5%	5.1%	7.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	93,498	84,951	94,460	105,473
Gross Profit	93,498	84,951	94,460	105,473
Operating EBITDA	15,525	12,319	16,624	19,652
Depreciation And Amortisation	(6,359)	(6,912)	(7,396)	(7,839)
Operating EBIT	9,167	5,407	9,228	11,813
Financial Income/(Expense)	(4,155)	(4,588)	(4,358)	(4,184)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	423	440	458	476
Profit Before Tax (pre-EI)	5,435	1,259	5,327	8,105
Exceptional Items		3,398
Pre-tax Profit	5,435	4,657	5,327	8,105
Taxation	(1,485)	(484)	(1,385)	(2,107)
Exceptional Income - post-tax
Profit After Tax	3,950	4,174	3,942	5,998
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,950	4,174	3,942	5,998
Recurring Net Profit	3,950	1,128	3,942	5,998
Fully Diluted Recurring Net Profit	3,950	1,128	3,942	5,998

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	15,525	12,319	16,624	19,652
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,652)	(1,444)	(262)	108
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	423	440	458	476
Other Operating Cashflow	12,216	7,778	8,778	9,278
Net Interest (Paid)/Received	(4,155)	(4,588)	(4,358)	(4,184)
Tax Paid	(1,485)	(484)	(1,385)	(2,107)
Cashflow From Operations	18,872	14,022	19,855	23,224
Capex	(19,141)	(9,412)	(12,500)	(12,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	142	3,960	1,700	1,000
Cash Flow From Investing	(18,999)	(5,452)	(10,800)	(11,500)
Debt Raised/(repaid)	4,256	(2,711)	1,000	(500)
Proceeds From Issue Of Shares			(540)	(822)
Shares Repurchased
Dividends Paid	(591)	(473)	(540)	(822)
Preferred Dividends
Other Financing Cashflow	(3,945)	(4,636)	(8,038)	(8,257)
Cash Flow From Financing	(280)	(7,819)	(8,118)	(10,400)
Total Cash Generated	(407)	751	936	1,324
Free Cashflow To Equity	4,129	5,859	10,055	11,224
Free Cashflow To Firm	4,029	13,158	13,413	15,908

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	1,352	2,074	3,010	4,333
Total Debtors	8,522	7,219	7,764	8,091
Inventories	9,823	10,150	10,093	10,981
Total Other Current Assets	2,750	2,865	3,023	3,375
Total Current Assets	22,446	22,308	23,889	26,780
Fixed Assets	118,266	120,458	125,062	129,223
Total Investments	4,397	4,272	4,772	5,272
Intangible Assets	13,784	13,865	11,665	10,165
Total Other Non-Current Assets	2,789	2,838	3,338	3,838
Total Non-current Assets	139,237	141,433	144,837	148,498
Short-term Debt	9,896	12,731	13,231	13,231
Current Portion of Long-Term Debt
Total Creditors	9,910	9,349	9,457	10,236
Other Current Liabilities	19,833	20,978	21,254	22,149
Total Current Liabilities	39,639	43,057	43,941	45,616
Total Long-term Debt	39,272	33,791	34,291	33,791
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	11,331	11,956	12,156	12,356
Total Non-current Liabilities	50,603	45,746	46,446	46,146
Total Provisions
Total Liabilities	90,242	88,803	90,387	91,763
Shareholders Equity	71,441	74,938	78,339	83,515
Minority Interests
Total Equity	71,441	74,938	78,339	83,515

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	14.9%	(9.1%)	11.2%	11.7%
Operating EBITDA Growth	31.4%	(20.7%)	34.9%	18.2%
Operating EBITDA Margin	16.6%	14.5%	17.6%	18.6%
Net Cash Per Share (Rs)	(202.35)	(188.10)	(188.37)	(180.65)
BVPS (Rs)	302.33	317.13	331.53	353.43
Gross Interest Cover	2.21	1.18	2.12	2.82
Effective Tax Rate	27.3%	10.4%	26.0%	26.0%
Net Dividend Payout Ratio	15.0%	60.9%	11.3%	11.3%
Accounts Receivables Days	25.71	33.82	28.95	27.43
Inventory Days	36.40	42.91	39.11	36.46
Accounts Payables Days	38.11	48.39	44.09	41.88
ROIC (%)	7.3%	4.3%	7.1%	8.9%
ROCE (%)	7.9%	4.5%	7.5%	9.2%
Return On Average Assets	5.3%	3.3%	5.0%	5.9%

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

(91) 2241611558 saurabh.singh@incredresearch.com

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

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Market Data

Source: Bloomberg