InCred Equities - Dalmia Bharat Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	139,800	149,441	162,460	183,239
Operating EBITDA (Rsm)	24,070	31,802	37,187	44,560
Net Profit (Rsm)	6,830	11,188	13,770	17,677
Core EPS (Rs)	41.0	58.9	72.5	93.0
Core EPS Growth	(6.4%)	43.5%	23.1%	28.4%
FD Core P/E (x)	67.08	40.95	33.27	25.92
DPS (Rs)	5.0	4.7	5.8	7.4
Dividend Yield	0.21%	0.20%	0.24%	0.31%
EV/EBITDA (x)	19.36	15.66	13.73	11.18
P/FCFE (x)	92.56	(36.97)	215.58	42.68
Net Gearing	3.7%	20.8%	25.8%	18.1%
P/BV (x)	2.64	2.49	2.33	2.15
ROE	4.6%	6.3%	7.2%	8.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	139,800	149,441	162,460	183,239
Gross Profit	139,800	149,441	162,460	183,239
Operating EBITDA	24,070	31,802	37,187	44,560
Depreciation And Amortisation	(13,310)	(14,109)	(15,237)	(16,456)
Operating EBIT	10,760	17,694	21,950	28,104
Financial Income/(Expense)	(3,990)	(4,788)	(5,506)	(6,332)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,530	2,429	2,380	2,333
Profit Before Tax (pre-EI)	9,300	15,335	18,824	24,105
Exceptional Items	(1,130)
Pre-tax Profit	8,170	15,335	18,824	24,105
Taxation	(1,180)	(3,987)	(4,894)	(6,267)
Exceptional Income - post-tax
Profit After Tax	6,990	11,348	13,930	17,837
Minority Interests	(160)	(160)	(160)	(160)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	6,830	11,188	13,770	17,677
Recurring Net Profit	7,797	11,188	13,770	17,677
Fully Diluted Recurring Net Profit	7,797	11,188	13,770	17,677

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	24,070	31,802	37,187	44,560
Cash Flow from Invt. & Assoc.
Change In Working Capital	300	(2,951)	(982)	(998)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	2,530	2,429	2,380	2,333
Other Operating Cashflow	(560)	(560)	(560)	(560)
Net Interest (Paid)/Received	(3,990)	(4,788)	(5,506)	(6,332)
Tax Paid	(1,180)	(3,987)	(4,894)	(6,267)
Cashflow From Operations	21,170	21,946	27,625	32,736
Capex	(26,260)	(40,500)	(40,500)	(30,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	3,560	(13,840)	0	10,000
Cash Flow From Investing	(22,700)	(54,340)	(40,500)	(20,500)
Debt Raised/(repaid)	6,480	20,000	15,000	(1,500)
Proceeds From Issue Of Shares		0
Shares Repurchased
Dividends Paid	(950)	(895)	(1,102)	(1,414)
Preferred Dividends
Other Financing Cashflow	(5,920)	1,400	1,400	1,400
Cash Flow From Financing	(390)	20,505	15,298	(1,514)
Total Cash Generated	(1,920)	(11,889)	2,424	10,721
Free Cashflow To Equity	4,950	(12,394)	2,125	10,736
Free Cashflow To Firm	2,460	(27,606)	(7,369)	18,568

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	46,020	34,131	36,554	47,276
Total Debtors	8,890	9,212	10,237	11,547
Inventories	13,860	13,920	14,688	16,567
Total Other Current Assets	14,520	15,542	16,408	17,957
Total Current Assets	83,290	72,805	77,888	93,347
Fixed Assets	169,320	195,211	219,974	233,518
Total Investments	6,750	6,750	6,750	6,750
Intangible Assets	29,900	43,740	43,740	33,740
Total Other Non-Current Assets	13,000	13,500	14,000	14,500
Total Non-current Assets	218,970	259,201	284,464	288,508
Short-term Debt	6,530	11,530	16,530	16,530
Current Portion of Long-Term Debt
Total Creditors	15,390	14,266	14,964	16,588
Other Current Liabilities	30,310	29,888	30,867	32,983
Total Current Liabilities	52,230	55,684	62,362	66,101
Total Long-term Debt	46,050	61,050	71,050	69,550
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	28,980	29,980	30,980	31,980
Total Non-current Liabilities	75,030	91,030	102,030	101,530
Total Provisions
Total Liabilities	127,260	146,714	164,392	167,631
Shareholders Equity	173,740	184,033	196,701	212,964
Minority Interests	1,260	1,260	1,260	1,260
Total Equity	175,000	185,293	197,961	214,224

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	(4.8%)	6.9%	8.7%	12.8%
Operating EBITDA Growth	(8.8%)	32.1%	16.9%	19.8%
Operating EBITDA Margin	17.2%	21.3%	22.9%	24.3%
Net Cash Per Share (Rs)	(34.53)	(202.36)	(268.56)	(204.23)
BVPS (Rs)	914.42	968.59	1,035.27	1,120.86
Gross Interest Cover	2.70	3.70	3.99	4.44
Effective Tax Rate	14.4%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio	11.9%	8.0%	8.0%	8.0%
Accounts Receivables Days	22.52	22.11	21.85	21.70
Inventory Days	33.99	33.93	32.14	31.13
Accounts Payables Days	45.02	46.01	42.58	41.52
ROIC (%)	5.3%	7.2%	8.0%	10.1%
ROCE (%)	4.9%	7.3%	8.1%	9.6%
Return On Average Assets	4.2%	5.1%	5.6%	6.5%

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

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

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Market Data

Source: Bloomberg