InCred Equities - Ramco Cements Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	93,498	97,522	108,923	122,133
Operating EBITDA (Rsm)	15,525	16,682	19,648	22,933
Net Profit (Rsm)	3,950	4,365	6,275	8,417
Core EPS (Rs)	16.7	18.5	26.6	35.6
Core EPS Growth	15.0%	10.5%	43.7%	34.1%
FD Core P/E (x)	54.06	48.91	34.03	25.37
DPS (Rs)	2.5	2.8	4.0	5.3
Dividend Yield	0.28%	0.31%	0.44%	0.59%
EV/EBITDA (x)	16.83	15.74	13.41	11.47
P/FCFE (x)	50.81	15.44	13.95	13.34
Net Gearing	66.9%	65.4%	62.4%	57.0%
P/BV (x)	2.99	2.85	2.66	2.45
ROE	5.7%	6.0%	8.1%	10.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	93,498	97,522	108,923	122,133
Gross Profit	93,498	97,522	108,923	122,133
Operating EBITDA	15,525	16,682	19,648	22,933
Depreciation And Amortisation	(6,359)	(6,867)	(7,348)	(7,789)
Operating EBIT	9,167	9,814	12,300	15,144
Financial Income/(Expense)	(4,155)	(4,322)	(4,235)	(4,193)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	423	406	415	423
Profit Before Tax (pre-EI)	5,435	5,899	8,480	11,374
Exceptional Items
Pre-tax Profit	5,435	5,899	8,480	11,374
Taxation	(1,485)	(1,534)	(2,205)	(2,957)
Exceptional Income - post-tax
Profit After Tax	3,950	4,365	6,275	8,417
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,950	4,365	6,275	8,417
Recurring Net Profit	3,950	4,365	6,275	8,417
Fully Diluted Recurring Net Profit	3,950	4,365	6,275	8,417

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	15,525	16,682	19,648	22,933
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,652)	406	(1,108)	1,915
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	423	406	415	423
Other Operating Cashflow	12,289	13,289	14,289	14,789
Net Interest (Paid)/Received	(4,155)	(4,322)	(4,235)	(4,193)
Tax Paid	(1,485)	(1,534)	(2,205)	(2,957)
Cashflow From Operations	18,945	24,928	26,804	32,910
Capex	(19,141)	(12,200)	(10,500)	(15,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	142	(400)	(2,000)	(900)
Cash Flow From Investing	(18,999)	(12,600)	(12,500)	(16,400)
Debt Raised/(repaid)	4,256	1,500	1,000	(500)
Proceeds From Issue Of Shares		(790)	(1,136)	(1,523)
Shares Repurchased
Dividends Paid	(591)	(790)	(1,136)	(1,523)
Preferred Dividends
Other Financing Cashflow	(3,945)	(11,999)	(12,953)	(13,066)
Cash Flow From Financing	(280)	(12,079)	(14,225)	(16,613)
Total Cash Generated	(334)	248	79	(102)
Free Cashflow To Equity	4,202	13,828	15,304	16,010
Free Cashflow To Firm	4,102	16,649	18,539	20,703

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	1,352	1,600	1,679	1,576
Total Debtors	8,522	7,481	8,356	9,034
Inventories	9,823	9,886	11,041	12,046
Total Other Current Assets	2,750	3,023	3,268	3,603
Total Current Assets	22,446	21,990	24,344	26,260
Fixed Assets	118,266	123,399	126,051	133,262
Total Investments	4,397	4,597	5,597	6,097
Intangible Assets	13,784	13,984	14,984	15,384
Total Other Non-Current Assets	2,789	2,989	3,489	3,989
Total Non-current Assets	139,237	144,970	150,122	158,733
Short-term Debt	9,896	10,396	10,896	10,896
Current Portion of Long-Term Debt
Total Creditors	9,910	8,770	9,262	10,485
Other Current Liabilities	19,833	20,675	21,349	24,060
Total Current Liabilities	39,639	39,841	41,507	45,441
Total Long-term Debt	39,272	40,272	40,772	40,272
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	11,331	11,831	12,031	12,231
Total Non-current Liabilities	50,603	52,103	52,803	52,503
Total Provisions
Total Liabilities	90,242	91,944	94,310	97,944
Shareholders Equity	71,441	75,016	80,155	87,048
Minority Interests
Total Equity	71,441	75,016	80,155	87,048

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	14.9%	4.3%	11.7%	12.1%
Operating EBITDA Growth	31.4%	7.4%	17.8%	16.7%
Operating EBITDA Margin	16.6%	17.1%	18.0%	18.8%
Net Cash Per Share (Rs)	(202.35)	(207.65)	(211.55)	(209.87)
BVPS (Rs)	302.33	317.46	339.21	368.38
Gross Interest Cover	2.21	2.27	2.90	3.61
Effective Tax Rate	27.3%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio	15.0%	15.0%	15.0%	15.0%
Accounts Receivables Days	25.71	29.95	26.53	25.99
Inventory Days	36.40	36.88	35.06	34.50
Accounts Payables Days	38.11	42.17	36.86	36.33
ROIC (%)	7.3%	7.5%	9.0%	10.6%
ROCE (%)	7.9%	8.0%	9.6%	11.2%
Return On Average Assets	5.3%	5.3%	6.2%	7.0%

(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