InCred Equities - J K Cement Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	115,560	117,878	131,675	145,160
Operating EBITDA (Rsm)	20,598	20,300	24,133	28,262
Net Profit (Rsm)	7,963	7,687	9,882	12,222
Core EPS (Rs)	103.1	99.5	127.9	158.2
Core EPS Growth	88.0%	(3.5%)	28.6%	23.7%
FD Core P/E (x)	38.35	39.73	30.90	24.99
DPS (Rs)	20.0	19.9	24.3	30.1
Dividend Yield	0.51%	0.61%	0.74%	0.92%
EV/EBITDA (x)	16.88	17.34	14.74	12.58
P/FCFE (x)	101.02	70.07	19.87	10.85
Net Gearing	80.3%	79.6%	76.0%	66.6%
P/BV (x)	5.69	5.13	4.55	3.99
ROE	15.8%	13.6%	15.6%	17.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	115,560	117,878	131,675	145,160
Gross Profit	115,560	117,878	131,675	145,160
Operating EBITDA	20,598	20,300	24,133	28,262
Depreciation And Amortisation	(5,726)	(6,013)	(6,734)	(7,542)
Operating EBIT	14,872	14,288	17,399	20,720
Financial Income/(Expense)	(4,531)	(4,713)	(4,665)	(4,619)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,451	1,552	1,575	1,599
Profit Before Tax (pre-EI)	11,791	11,127	14,309	17,700
Exceptional Items
Pre-tax Profit	11,791	11,127	14,309	17,700
Taxation	(3,837)	(3,449)	(4,436)	(5,487)
Exceptional Income - post-tax
Profit After Tax	7,954	7,678	9,873	12,213
Minority Interests	9	9	9	9
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,963	7,687	9,882	12,222
Recurring Net Profit	7,963	7,687	9,882	12,222
Fully Diluted Recurring Net Profit	7,963	7,687	9,882	12,222

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	20,598	20,300	24,133	28,262
Cash Flow from Invt. & Assoc.
Change In Working Capital	3,294	123	(29)	(894)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,451	1,552	1,575	1,599
Other Operating Cashflow	(2,707)	6,293	15,293	24,293
Net Interest (Paid)/Received	(4,531)	(4,713)	(4,665)	(4,619)
Tax Paid	1,542	(3,449)	(4,436)	(5,487)
Cashflow From Operations	19,646	20,106	31,871	43,155
Capex	(11,782)	(19,500)	(18,000)	(16,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,576)	1,252		0
Cash Flow From Investing	(16,358)	(18,248)	(18,000)	(16,000)
Debt Raised/(repaid)	(265)	2,500	1,500	1,000
Proceeds From Issue Of Shares		0	0	0
Shares Repurchased
Dividends Paid	(1,545)	(1,860)	(2,272)	(2,810)
Preferred Dividends
Other Financing Cashflow	(2,347)	(4,284)	(15,284)	(24,284)
Cash Flow From Financing	(4,157)	(3,644)	(16,056)	(26,094)
Total Cash Generated	(869)	(1,786)	(2,185)	1,061
Free Cashflow To Equity	3,023	4,359	15,371	28,155
Free Cashflow To Firm	7,819	6,571	18,536	31,773

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	9,667	7,881	5,696	6,757
Total Debtors	5,663	6,136	6,133	6,363
Inventories	11,816	12,272	13,709	15,113
Total Other Current Assets	17,019	15,914	17,118	18,871
Total Current Assets	44,165	42,203	42,655	47,104
Fixed Assets	91,381	104,868	116,134	124,592
Total Investments	2,681	3,031	3,031	3,031
Intangible Assets	6,242	4,639	4,639	4,639
Total Other Non-Current Assets	3,553	3,553	3,553	3,553
Total Non-current Assets	103,857	116,092	127,358	135,816
Short-term Debt	10,612	10,612	10,612	10,612
Current Portion of Long-Term Debt
Total Creditors	9,311	9,191	9,880	10,728
Other Current Liabilities	14,078	14,145	16,064	17,710
Total Current Liabilities	34,001	33,948	36,556	39,050
Total Long-term Debt	41,774	44,274	45,774	46,774
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	19,030	21,030	21,030	21,030
Total Non-current Liabilities	60,804	65,304	66,804	67,804
Total Provisions
Total Liabilities	94,805	99,252	103,360	106,853
Shareholders Equity	53,671	59,498	67,108	76,521
Minority Interests	(455)	(455)	(455)	(455)
Total Equity	53,216	59,043	66,653	76,066

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	18.9%	2.0%	11.7%	10.2%
Operating EBITDA Growth	56.7%	(1.4%)	18.9%	17.1%
Operating EBITDA Margin	17.8%	17.2%	18.3%	19.5%
Net Cash Per Share (Rs)	(552.86)	(608.32)	(656.02)	(655.23)
BVPS (Rs)	694.61	770.02	868.51	990.32
Gross Interest Cover	3.28	3.03	3.73	4.49
Effective Tax Rate	32.5%	31.0%	31.0%	31.0%
Net Dividend Payout Ratio	19.4%	24.2%	23.0%	23.0%
Accounts Receivables Days	16.53	18.27	17.00	15.71
Inventory Days	34.04	37.29	36.01	36.23
Accounts Payables Days	33.69	34.60	32.36	32.17
ROIC (%)	13.2%	11.5%	12.9%	14.3%
ROCE (%)	14.7%	13.0%	14.7%	16.2%
Return On Average Assets	8.9%	8.1%	8.9%	9.5%

(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