InCred Equities - Cera Sanitaryware

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	18,035	18,636	21,235	24,255
Operating EBITDA (Rsm)	2,930	2,945	3,419	3,954
Net Profit (Rsm)	2,095	2,306	2,636	3,080
Core EPS (Rs)	163.9	178.2	202.6	236.8
Core EPS Growth	37.3%	8.7%	13.7%	16.9%
FD Core P/E (x)	44.29	40.23	35.20	30.12
DPS (Rs)	50.0	55.0	65.0	75.0
Dividend Yield	0.70%	0.77%	0.91%	1.05%
EV/EBITDA (x)	29.54	29.07	24.75	21.08
P/FCFE (x)	4,434.71	214.34	(680.17)	141.71
Net Gearing	(53.7%)	(54.3%)	(54.5%)	(55.4%)
P/BV (x)	7.91	6.97	6.14	5.39
ROE	19.5%	18.5%	18.5%	19.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	18,035	18,636	21,235	24,255
Gross Profit	9,789	9,998	11,467	13,183
Operating EBITDA	2,930	2,945	3,419	3,954
Depreciation And Amortisation	(326)	(370)	(409)	(420)
Operating EBIT	2,604	2,575	3,010	3,533
Financial Income/(Expense)	200	435	421	489
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	95	100	105	110
Profit Before Tax (pre-EI)	2,899	3,110	3,536	4,132
Exceptional Items	(50)	(16)
Pre-tax Profit	2,849	3,094	3,536	4,132
Taxation	(738)	(769)	(879)	(1,028)
Exceptional Income - post-tax
Profit After Tax	2,111	2,325	2,657	3,104
Minority Interests	(16)	(19)	(22)	(24)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,095	2,306	2,636	3,080
Recurring Net Profit	2,132	2,318	2,636	3,080
Fully Diluted Recurring Net Profit	2,132	2,318	2,636	3,080

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	2,930	2,945	3,419	3,954
Cash Flow from Invt. & Assoc.
Change In Working Capital	(770)	12	(345)	(400)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(219)	(520)	(526)	(599)
Net Interest (Paid)/Received	(28)	(435)	(421)	(489)
Tax Paid	(727)	(769)	(879)	(1,028)
Cashflow From Operations	1,186	1,232	1,248	1,437
Capex	(387)	(1,045)	(868)	(836)
Disposals Of FAs/subsidiaries	12
Acq. Of Subsidiaries/investments	(708)	(250)	(1,000)	(500)
Other Investing Cashflow	29	496	484	553
Cash Flow From Investing	(1,054)	(799)	(1,384)	(783)
Debt Raised/(repaid)	(111)
Proceeds From Issue Of Shares	6
Shares Repurchased
Dividends Paid	(455)	(715)	(845)	(975)
Preferred Dividends
Other Financing Cashflow	(36)	(60)	(62)	(64)
Cash Flow From Financing	(596)	(776)	(908)	(1,040)
Total Cash Generated	(464)	(343)	(1,044)	(385)
Free Cashflow To Equity	21	433	(136)	655
Free Cashflow To Firm	132	373	(199)	590

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	6,607	7,555	8,563	9,876
Total Debtors	1,892	1,940	2,211	2,525
Inventories	3,825	3,829	4,363	4,984
Total Other Current Assets	415	429	489	558
Total Current Assets	12,739	13,753	15,626	17,943
Fixed Assets	3,138	3,633	3,591	4,807
Total Investments	252	252	252	252
Intangible Assets	5	5	5	5
Total Other Non-Current Assets	632	812	1,312	512
Total Non-current Assets	4,028	4,702	5,161	5,576
Short-term Debt	212	212	212	212
Current Portion of Long-Term Debt
Total Creditors	2,069	1,787	2,036	2,326
Other Current Liabilities	1,579	1,940	2,211	2,525
Total Current Liabilities	3,860	3,939	4,459	5,063
Total Long-term Debt	42	42	42	42
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	656	656	656	656
Total Non-current Liabilities	698	698	698	698
Total Provisions	376	376	376	376
Total Liabilities	4,934	5,013	5,533	6,137
Shareholders Equity	11,726	13,317	15,107	17,212
Minority Interests	106	125	147	171
Total Equity	11,832	13,442	15,254	17,383

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	24.7%	3.3%	13.9%	14.2%
Operating EBITDA Growth	28.1%	0.5%	16.1%	15.6%
Operating EBITDA Margin	16.2%	15.8%	16.1%	16.3%
Net Cash Per Share (Rs)	488.52	561.37	638.91	739.86
BVPS (Rs)	901.62	1,023.93	1,161.57	1,323.40
Gross Interest Cover	43.05	42.71	48.33	54.88
Effective Tax Rate	25.9%	24.9%	24.9%	24.9%
Net Dividend Payout Ratio	22.6%	23.1%	24.1%	23.7%
Accounts Receivables Days	35.81	37.52	35.67	35.63
Inventory Days	149.66	161.73	153.07	154.06
Accounts Payables Days	75.33	81.48	71.43	71.90
ROIC (%)	48.6%	41.1%	43.5%	45.7%
ROCE (%)	24.5%	23.1%	23.3%	24.1%
Return On Average Assets	17.2%	15.2%	15.9%	16.4%

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Market Data

Source: Bloomberg