InCred Equities - Ramco Cements Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	93,498	87,481	97,180	108,115
Operating EBITDA (Rsm)	15,525	13,565	16,657	19,846
Net Profit (Rsm)	3,950	1,898	4,161	6,385
Core EPS (Rs)	16.7	8.0	17.6	27.0
Core EPS Growth	15.0%	(51.9%)	119.2%	53.4%
FD Core P/E (x)	54.84	114.12	52.06	33.93
DPS (Rs)	2.5	1.2	2.6	4.0
Dividend Yield	0.27%	0.13%	0.29%	0.44%
EV/EBITDA (x)	17.03	19.32	15.76	13.18
P/FCFE (x)	51.55	14.44	14.04	13.39
Net Gearing	66.9%	62.3%	60.0%	55.0%
P/BV (x)	3.03	2.97	2.84	2.65
ROE	5.7%	2.6%	5.6%	8.1%
% 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	87,481	97,180	108,115
Gross Profit	93,498	87,481	97,180	108,115
Operating EBITDA	15,525	13,565	16,657	19,846
Depreciation And Amortisation	(6,359)	(6,836)	(7,246)	(7,608)
Operating EBIT	9,167	6,729	9,411	12,238
Financial Income/(Expense)	(4,155)	(4,592)	(4,224)	(4,055)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	423	428	436	445
Profit Before Tax (pre-EI)	5,435	2,565	5,623	8,628
Exceptional Items
Pre-tax Profit	5,435	2,565	5,623	8,628
Taxation	(1,485)	(667)	(1,462)	(2,243)
Exceptional Income - post-tax
Profit After Tax	3,950	1,898	4,161	6,385
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,950	1,898	4,161	6,385
Recurring Net Profit	3,950	1,898	4,161	6,385
Fully Diluted Recurring Net Profit	3,950	1,898	4,161	6,385

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	15,525	13,565	16,657	19,846
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,652)	2,374	(464)	(609)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	423	428	436	445
Other Operating Cashflow	12,289	13,289	14,289	14,789
Net Interest (Paid)/Received	(4,155)	(4,592)	(4,224)	(4,055)
Tax Paid	(1,485)	(667)	(1,462)	(2,243)
Cashflow From Operations	18,945	24,397	25,232	28,173
Capex	(19,141)	(12,200)	(12,500)	(12,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	142	3,300	1,700	1,000
Cash Flow From Investing	(18,999)	(8,900)	(10,800)	(11,500)
Debt Raised/(repaid)	4,256	(500)	1,000	(500)
Proceeds From Issue Of Shares		(344)	(753)	(1,156)
Shares Repurchased
Dividends Paid	(591)	(344)	(753)	(1,156)
Preferred Dividends
Other Financing Cashflow	(3,945)	(12,446)	(13,336)	(13,434)
Cash Flow From Financing	(280)	(13,633)	(13,842)	(16,245)
Total Cash Generated	(334)	1,864	590	428
Free Cashflow To Equity	4,202	14,997	15,432	16,173
Free Cashflow To Firm	4,102	20,089	18,656	20,728

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	1,352	3,216	3,806	4,233
Total Debtors	8,522	7,670	8,254	9,182
Inventories	9,823	7,670	8,786	9,775
Total Other Current Assets	2,750	2,712	2,915	3,189
Total Current Assets	22,446	21,267	23,761	26,380
Fixed Assets	118,266	123,431	128,185	132,577
Total Investments	4,397	4,597	5,097	5,597
Intangible Assets	13,784	10,284	8,084	6,584
Total Other Non-Current Assets	2,789	2,989	3,489	3,989
Total Non-current Assets	139,237	141,302	144,856	148,748
Short-term Debt	9,896	10,396	10,896	10,896
Current Portion of Long-Term Debt
Total Creditors	9,910	8,953	9,912	10,474
Other Current Liabilities	19,833	20,121	20,602	21,623
Total Current Liabilities	39,639	39,470	41,411	42,993
Total Long-term Debt	39,272	38,272	38,772	38,272
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	11,331	11,831	12,031	12,231
Total Non-current Liabilities	50,603	50,103	50,803	50,503
Total Provisions
Total Liabilities	90,242	89,573	92,214	93,496
Shareholders Equity	71,441	72,996	76,403	81,632
Minority Interests
Total Equity	71,441	72,996	76,403	81,632

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	14.9%	(6.4%)	11.1%	11.3%
Operating EBITDA Growth	31.4%	(12.6%)	22.8%	19.1%
Operating EBITDA Margin	16.6%	15.5%	17.1%	18.4%
Net Cash Per Share (Rs)	(202.35)	(192.35)	(194.09)	(190.16)
BVPS (Rs)	302.33	308.91	323.33	345.46
Gross Interest Cover	2.21	1.47	2.23	3.02
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	33.78	29.90	29.43
Inventory Days	36.40	36.49	30.90	31.33
Accounts Payables Days	38.11	46.57	42.76	42.15
ROIC (%)	7.3%	5.4%	7.3%	9.2%
ROCE (%)	7.9%	5.6%	7.6%	9.5%
Return On Average Assets	5.3%	4.0%	5.1%	6.1%

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

(91) 2241611558 saurabh.singh@incredresearch.com

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

More Reports

Market Data

Source: Bloomberg