InCred Equities - Balkrishna Industries Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	93,747	106,770	125,632	139,816
Operating EBITDA (Rsm)	22,800	27,049	31,198	35,070
Net Profit (Rsm)	13,976	16,580	19,368	21,494
Core EPS (Rs)	72.3	85.8	100.2	111.2
Core EPS Growth	25.2%	18.6%	16.8%	11.0%
FD Core P/E (x)	38.21	32.21	27.58	24.85
DPS (Rs)	16.0	18.0	22.0	26.0
Dividend Yield	0.58%	0.65%	0.80%	0.94%
EV/EBITDA (x)	24.73	20.62	17.78	15.66
P/FCFE (x)	164.71	117.16	122.64	93.18
Net Gearing	33.7%	23.4%	17.7%	11.2%
P/BV (x)	6.03	5.25	4.57	4.01
ROE	17.0%	17.4%	17.7%	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	93,747	106,770	125,632	139,816
Gross Profit	49,003	56,588	65,329	74,103
Operating EBITDA	22,800	27,049	31,198	35,070
Depreciation And Amortisation	(6,438)	(7,458)	(8,461)	(9,893)
Operating EBIT	16,363	19,591	22,737	25,177
Financial Income/(Expense)	(1,089)	(1,200)	(1,000)	(850)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,317	3,715	4,087	4,332
Profit Before Tax (pre-EI)	18,591	22,107	25,824	28,659
Exceptional Items
Pre-tax Profit	18,591	22,107	25,824	28,659
Taxation	(4,615)	(5,527)	(6,456)	(7,165)
Exceptional Income - post-tax
Profit After Tax	13,976	16,580	19,368	21,494
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	13,976	16,580	19,368	21,494
Recurring Net Profit	13,976	16,580	19,368	21,494
Fully Diluted Recurring Net Profit	13,976	16,580	19,368	21,494

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	22,800	27,049	31,198	35,070
Cash Flow from Invt. & Assoc.
Change In Working Capital	4,381	(3,311)	(6,044)	(3,225)
(Incr)/Decr in Total Provisions	(3,677)	70	70	70
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	2,228	2,515	3,087	3,482
Tax Paid	(4,020)	(5,527)	(6,456)	(7,165)
Cashflow From Operations	21,712	20,797	21,855	28,232
Capex	(11,310)	(9,500)	(12,000)	(13,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,989)	(1,738)	(2,500)	(4,500)
Cash Flow From Investing	(16,299)	(11,238)	(14,500)	(17,500)
Debt Raised/(repaid)	(2,170)	(5,000)	(3,000)	(5,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(3,093)	(3,479)	(4,253)	(5,026)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(5,263)	(8,479)	(7,253)	(10,026)
Total Cash Generated	150	1,079	102	706
Free Cashflow To Equity	3,243	4,559	4,355	5,732
Free Cashflow To Firm	6,502	10,759	8,355	11,582

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	528	1,607	1,709	2,415
Total Debtors	15,433	13,163	16,521	18,387
Inventories	12,705	16,966	20,652	22,983
Total Other Current Assets	8,235	8,885	9,535	10,185
Total Current Assets	36,901	40,621	48,417	53,970
Fixed Assets	72,280	74,322	77,861	80,968
Total Investments	26,868	27,868	29,868	33,868
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	99,148	102,190	107,729	114,836
Short-term Debt	30,369	25,369	22,369	17,369
Current Portion of Long-Term Debt
Total Creditors	8,926	7,606	8,605	9,576
Other Current Liabilities	4,295	4,495	4,695	4,895
Total Current Liabilities	43,590	37,470	35,669	31,841
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	3,840	3,622	3,642	3,662
Total Liabilities	47,430	41,091	39,311	35,502
Shareholders Equity	88,619	101,720	116,836	133,304
Minority Interests
Total Equity	88,619	101,720	116,836	133,304

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(6.9%)	13.9%	17.7%	11.3%
Operating EBITDA Growth	15.3%	18.6%	15.3%	12.4%
Operating EBITDA Margin	24.3%	25.3%	24.8%	25.1%
Net Cash Per Share (Rs)	(154.38)	(122.93)	(106.88)	(77.36)
BVPS (Rs)	458.45	526.23	604.43	689.62
Gross Interest Cover	15.02	16.33	22.74	29.62
Effective Tax Rate	24.8%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio	22.1%	21.0%	22.0%	23.4%
Accounts Receivables Days	54.45	48.88	43.12	45.57
Inventory Days	116.77	107.91	113.85	121.18
Accounts Payables Days	56.25	60.12	49.06	50.49
ROIC (%)	13.6%	15.4%	16.8%	17.0%
ROCE (%)	14.0%	15.5%	16.7%	17.0%
Return On Average Assets	11.4%	12.5%	13.5%	13.6%

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

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg