InCred Equities - Balkrishna Industries Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	106,148	119,347	141,553	167,056
Operating EBITDA (Rsm)	26,525	27,886	32,062	37,393
Net Profit (Rsm)	16,284	16,678	18,867	22,089
Core EPS (Rs)	84.2	86.3	97.6	114.3
Core EPS Growth	16.5%	2.4%	13.1%	17.1%
FD Core P/E (x)	29.59	28.89	25.54	21.81
DPS (Rs)	16.0	18.0	20.0	24.0
Dividend Yield	0.64%	0.72%	0.80%	0.96%
EV/EBITDA (x)	19.35	18.26	15.99	13.64
P/FCFE (x)	150.96	103.05	46.91	51.23
Net Gearing	30.3%	23.3%	23.4%	18.8%
P/BV (x)	4.64	4.12	3.65	3.22
ROE	16.9%	15.1%	15.1%	15.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	106,148	119,347	141,553	167,056
Gross Profit	55,517	60,270	70,493	82,693
Operating EBITDA	26,525	27,886	32,062	37,393
Depreciation And Amortisation	(6,735)	(7,877)	(9,333)	(10,558)
Operating EBIT	19,790	20,009	22,729	26,834
Financial Income/(Expense)	(1,252)	(1,100)	(1,200)	(1,300)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,026	3,328	3,628	3,918
Profit Before Tax (pre-EI)	21,563	22,237	25,156	29,452
Exceptional Items
Pre-tax Profit	21,563	22,237	25,156	29,452
Taxation	(5,279)	(5,559)	(6,289)	(7,363)
Exceptional Income - post-tax
Profit After Tax	16,284	16,678	18,867	22,089
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	16,284	16,678	18,867	22,089
Recurring Net Profit	16,284	16,678	18,867	22,089
Fully Diluted Recurring Net Profit	16,284	16,678	18,867	22,089

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	26,525	27,886	32,062	37,393
Cash Flow from Invt. & Assoc.
Change In Working Capital	(6,600)	(1,654)	(5,498)	(7,312)
(Incr)/Decr in Total Provisions	870	70	70	70
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	1,773	2,228	2,428	2,618
Tax Paid	(4,728)	(5,559)	(6,289)	(7,363)
Cashflow From Operations	17,840	22,971	22,772	25,405
Capex	(13,440)	(11,481)	(20,000)	(15,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(2,980)	(3,814)	(2,500)	(3,000)
Cash Flow From Investing	(16,420)	(15,295)	(22,500)	(18,000)
Debt Raised/(repaid)	1,771	(3,000)	10,000	2,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(3,093)	(3,479)	(3,866)	(4,639)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(1,322)	(6,479)	6,134	(2,639)
Total Cash Generated	99	1,197	6,406	4,766
Free Cashflow To Equity	3,192	4,676	10,272	9,405
Free Cashflow To Firm	2,673	8,776	1,472	8,705

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	626	1,822	8,229	12,995
Total Debtors	16,109	17,003	21,330	27,461
Inventories	17,159	20,273	25,208	31,123
Total Other Current Assets	10,069	10,719	11,369	12,019
Total Current Assets	43,962	49,817	66,136	83,598
Fixed Assets	75,466	82,590	93,256	97,698
Total Investments	32,649	34,649	36,649	39,149
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	108,115	117,238	129,905	136,847
Short-term Debt	32,140	29,140	39,140	41,140
Current Portion of Long-Term Debt
Total Creditors	7,455	9,809	13,574	18,307
Other Current Liabilities	7,111	7,311	7,511	7,711
Total Current Liabilities	46,706	46,260	60,224	67,158
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	5,053	3,758	3,778	3,798
Total Liabilities	51,758	50,018	64,003	70,956
Shareholders Equity	103,838	117,037	132,038	149,488
Minority Interests
Total Equity	103,838	117,037	132,038	149,488

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	13.2%	12.4%	18.6%	18.0%
Operating EBITDA Growth	16.3%	5.1%	15.0%	16.6%
Operating EBITDA Margin	25.0%	23.4%	22.7%	22.4%
Net Cash Per Share (Rs)	(163.03)	(141.32)	(159.91)	(145.60)
BVPS (Rs)	537.19	605.47	683.07	773.35
Gross Interest Cover	15.81	18.19	18.94	20.64
Effective Tax Rate	24.5%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio	19.0%	20.9%	20.5%	21.0%
Accounts Receivables Days	54.23	50.63	49.42	53.30
Inventory Days	107.64	115.63	116.81	121.86
Accounts Payables Days	59.04	53.33	60.05	68.97
ROIC (%)	15.7%	14.4%	15.0%	15.5%
ROCE (%)	15.0%	13.8%	14.0%	14.6%
Return On Average Assets	12.0%	11.0%	10.9%	11.1%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 22 4161 1552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg