InCred Equities - J K Cement Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	115,560	114,714	127,799	143,515
Operating EBITDA (Rsm)	20,598	19,225	23,517	28,393
Net Profit (Rsm)	7,963	7,084	9,473	12,218
Core EPS (Rs)	103.1	91.7	122.6	158.1
Core EPS Growth	88.0%	(11.0%)	33.7%	29.0%
FD Core P/E (x)	48.44	54.46	40.73	31.57
DPS (Rs)	20.0	18.3	23.3	30.0
Dividend Yield	0.40%	0.44%	0.56%	0.73%
EV/EBITDA (x)	20.78	22.46	18.60	15.42
P/FCFE (x)	127.61	66.34	28.96	13.98
Net Gearing	80.3%	79.2%	79.0%	69.8%
P/BV (x)	7.19	6.53	5.82	5.09
ROE	15.8%	12.6%	15.1%	17.2%
% 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	114,714	127,799	143,515
Gross Profit	115,560	114,714	127,799	143,515
Operating EBITDA	20,598	19,225	23,517	28,393
Depreciation And Amortisation	(5,726)	(5,898)	(6,606)	(7,398)
Operating EBIT	14,872	13,327	16,912	20,995
Financial Income/(Expense)	(4,531)	(4,713)	(4,901)	(5,048)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,451	1,639	1,705	1,747
Profit Before Tax (pre-EI)	11,791	10,253	13,715	17,694
Exceptional Items
Pre-tax Profit	11,791	10,253	13,715	17,694
Taxation	(3,837)	(3,178)	(4,252)	(5,485)
Exceptional Income - post-tax
Profit After Tax	7,954	7,075	9,464	12,209
Minority Interests	9	9	9	9
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,963	7,084	9,473	12,218
Recurring Net Profit	7,963	7,084	9,473	12,218
Fully Diluted Recurring Net Profit	7,963	7,084	9,473	12,218

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	20,598	19,225	23,517	28,393
Cash Flow from Invt. & Assoc.
Change In Working Capital	3,294	797	(193)	(960)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,451	1,639	1,705	1,747
Other Operating Cashflow	(2,707)	6,293	15,293	24,293
Net Interest (Paid)/Received	(4,531)	(4,713)	(4,901)	(5,048)
Tax Paid	1,542	(3,178)	(4,252)	(5,485)
Cashflow From Operations	19,646	20,063	31,169	42,940
Capex	(11,782)	(19,000)	(19,000)	(16,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,576)	1,252	(350)	(350)
Cash Flow From Investing	(16,358)	(17,748)	(19,350)	(16,350)
Debt Raised/(repaid)	(265)	3,500	1,500	1,000
Proceeds From Issue Of Shares				0
Shares Repurchased
Dividends Paid	(1,545)	(1,714)	(2,178)	(2,809)
Preferred Dividends
Other Financing Cashflow	(2,347)	(4,284)	(15,284)	(24,284)
Cash Flow From Financing	(4,157)	(2,498)	(15,962)	(26,093)
Total Cash Generated	(869)	(183)	(4,142)	497
Free Cashflow To Equity	3,023	5,815	13,319	27,590
Free Cashflow To Firm	7,819	7,028	16,720	31,638

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	9,667	9,484	5,341	5,839
Total Debtors	5,663	5,971	5,952	6,291
Inventories	11,816	11,943	13,305	14,941
Total Other Current Assets	17,019	15,486	16,614	18,657
Total Current Assets	44,165	42,884	41,213	45,728
Fixed Assets	91,381	104,483	116,877	125,478
Total Investments	2,681	3,031	3,381	3,731
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	115,706	128,450	137,402
Short-term Debt	10,612	11,112	11,112	11,112
Current Portion of Long-Term Debt
Total Creditors	9,311	8,979	9,775	10,773
Other Current Liabilities	14,078	14,110	15,592	17,652
Total Current Liabilities	34,001	34,201	36,479	39,537
Total Long-term Debt	41,774	44,774	46,274	47,274
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	19,030	21,030	21,030	21,030
Total Non-current Liabilities	60,804	65,804	67,304	68,304
Total Provisions
Total Liabilities	94,805	100,005	103,782	107,841
Shareholders Equity	53,671	59,041	66,336	75,745
Minority Interests	(455)	(455)	(455)	(455)
Total Equity	53,216	58,586	65,881	75,290

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	18.9%	(0.7%)	11.4%	12.3%
Operating EBITDA Growth	56.7%	(6.7%)	22.3%	20.7%
Operating EBITDA Margin	17.8%	16.8%	18.4%	19.8%
Net Cash Per Share (Rs)	(552.86)	(600.53)	(673.55)	(680.06)
BVPS (Rs)	694.61	764.10	858.51	980.28
Gross Interest Cover	3.28	2.83	3.45	4.16
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	18.51	17.03	15.57
Inventory Days	34.04	37.80	36.05	35.92
Accounts Payables Days	33.69	34.96	32.82	32.57
ROIC (%)	13.2%	10.8%	12.5%	14.5%
ROCE (%)	14.7%	12.1%	14.2%	16.3%
Return On Average Assets	8.9%	7.7%	8.8%	9.8%

(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