InCred Equities - Dalmia Bharat Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	146,910	146,139	162,477	180,642
Operating EBITDA (Rsm)	26,390	24,735	30,787	36,267
Net Profit (Rsm)	8,270	6,718	9,872	12,661
Core EPS (Rs)	43.9	35.4	52.0	66.6
Core EPS Growth	(31.9%)	(19.4%)	46.9%	28.3%
FD Core P/E (x)	41.43	51.39	34.98	27.27
DPS (Rs)	5.0	3.5	4.2	5.3
Dividend Yield	0.28%	0.19%	0.23%	0.29%
EV/EBITDA (x)	13.09	14.83	11.97	10.18
P/FCFE (x)	44.10	81.16	13.81	17.11
Net Gearing	1.1%	12.0%	12.3%	11.9%
P/BV (x)	2.11	2.03	1.93	1.81
ROE	5.2%	4.0%	5.7%	6.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	146,910	146,139	162,477	180,642
Gross Profit	146,910	146,139	162,477	180,642
Operating EBITDA	26,390	24,735	30,787	36,267
Depreciation And Amortisation	(14,980)	(13,482)	(14,561)	(15,725)
Operating EBIT	11,410	11,253	16,227	20,542
Financial Income/(Expense)	(3,860)	(4,014)	(4,617)	(5,078)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,150	2,205	2,095	2,011
Profit Before Tax (pre-EI)	10,700	9,443	13,705	17,475
Exceptional Items
Pre-tax Profit	10,700	9,443	13,705	17,475
Taxation	(2,160)	(2,455)	(3,563)	(4,543)
Exceptional Income - post-tax
Profit After Tax	8,540	6,988	10,142	12,931
Minority Interests	(270)	(270)	(270)	(270)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,270	6,718	9,872	12,661
Recurring Net Profit	8,270	6,718	9,872	12,661
Fully Diluted Recurring Net Profit	8,270	6,718	9,872	12,661

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	26,390	24,735	30,787	36,267
Cash Flow from Invt. & Assoc.
Change In Working Capital	(10,750)	(2,746)	219	(556)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	3,150	2,205	2,095	2,011
Other Operating Cashflow	13,580	13,580	13,580	13,580
Net Interest (Paid)/Received	(3,860)	(4,014)	(4,617)	(5,078)
Tax Paid	(2,160)	(2,455)	(3,563)	(4,543)
Cashflow From Operations	26,350	31,304	38,502	41,680
Capex	(27,230)	(30,500)	(28,500)	(28,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(270)	(6,050)	2,000
Cash Flow From Investing	(27,500)	(36,550)	(26,500)	(28,500)
Debt Raised/(repaid)	8,920	9,500	13,000	7,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(950)	(672)	(790)	(1,013)
Preferred Dividends
Other Financing Cashflow	(5,750)	(12,850)	(12,850)	(12,850)
Cash Flow From Financing	2,220	(4,022)	(640)	(6,863)
Total Cash Generated	1,070	(9,268)	11,362	6,317
Free Cashflow To Equity	7,770	4,254	25,002	20,180
Free Cashflow To Firm	2,710	(1,232)	16,618	18,258

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	44,540	35,272	46,634	52,951
Total Debtors	8,360	8,008	8,903	10,393
Inventories	12,180	13,213	14,690	16,332
Total Other Current Assets	13,480	13,299	15,435	17,342
Total Current Assets	78,560	69,791	85,662	97,018
Fixed Assets	152,050	168,568	182,007	194,282
Total Investments	5,900	5,900	5,900	5,900
Intangible Assets	29,220	35,270	33,270	33,270
Total Other Non-Current Assets	11,760	12,260	12,760	13,260
Total Non-current Assets	198,930	221,998	233,937	246,712
Short-term Debt	1,990	4,490	7,490	9,490
Current Portion of Long-Term Debt
Total Creditors	13,160	12,006	13,061	14,308
Other Current Liabilities	29,590	28,497	32,171	35,406
Total Current Liabilities	44,740	44,993	52,721	59,204
Total Long-term Debt	44,310	51,310	61,310	66,310
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	23,370	24,370	25,370	26,370
Total Non-current Liabilities	67,680	75,680	86,680	92,680
Total Provisions
Total Liabilities	112,420	120,673	139,401	151,884
Shareholders Equity	163,970	170,016	179,098	190,746
Minority Interests	1,100	1,100	1,100	1,100
Total Equity	165,070	171,116	180,198	191,846

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	8.4%	(0.5%)	11.2%	11.2%
Operating EBITDA Growth	13.4%	(6.3%)	24.5%	17.8%
Operating EBITDA Margin	18.0%	16.9%	18.9%	20.1%
Net Cash Per Share (Rs)	(9.26)	(108.04)	(116.66)	(120.26)
BVPS (Rs)	863.00	894.82	942.62	1,003.93
Gross Interest Cover	2.96	2.80	3.51	4.05
Effective Tax Rate	20.2%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio	11.5%	10.0%	8.0%	8.0%
Accounts Receivables Days	19.08	20.44	18.99	19.49
Inventory Days	31.48	31.71	31.34	31.34
Accounts Payables Days	37.11	37.83	34.74	34.60
ROIC (%)	6.2%	5.4%	7.3%	8.7%
ROCE (%)	5.6%	5.1%	6.8%	8.0%
Return On Average Assets	4.7%	3.9%	4.8%	5.4%

(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