InCred Equities - Finolex Industries

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	43,174	45,042	48,990	53,739
Operating EBITDA (Rsm)	5,842	5,258	6,713	7,435
Net Profit (Rsm)	4,734	8,341	6,247	6,727
Core EPS (Rs)	7.7	8.4	10.1	10.9
Core EPS Growth	88.9%	10.1%	19.8%	7.7%
FD Core P/E (x)	23.35	13.26	17.70	16.44
DPS (Rs)	1.5	2.0	3.0	3.3
Dividend Yield	0.84%	1.13%	1.69%	1.83%
EV/EBITDA (x)	16.27	16.55	12.40	10.64
P/FCFE (x)	118.71	21.77	21.01	19.23
Net Gearing	(27.6%)	(33.8%)	(36.9%)	(39.9%)
P/BV (x)	1.96	1.59	1.49	1.40
ROE	9.0%	8.3%	8.7%	8.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	43,174	45,042	48,990	53,739
Gross Profit	15,802	17,288	18,964	20,802
Operating EBITDA	5,842	5,258	6,713	7,435
Depreciation And Amortisation	(1,160)	(1,189)	(1,266)	(1,348)
Operating EBIT	4,681	4,070	5,447	6,087
Financial Income/(Expense)	(365)
Pretax Income/(Loss) from Assoc.	382	382	382	382
Non-Operating Income/(Expense)	1,805	2,500	2,500	2,500
Profit Before Tax (pre-EI)	6,504	6,952	8,329	8,969
Exceptional Items		4,170
Pre-tax Profit	6,504	11,122	8,329	8,969
Taxation	(1,770)	(2,780)	(2,082)	(2,242)
Exceptional Income - post-tax
Profit After Tax	4,734	8,341	6,247	6,727
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,734	8,341	6,247	6,727
Recurring Net Profit	4,734	5,214	6,247	6,727
Fully Diluted Recurring Net Profit	4,734	5,214	6,247	6,727

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	5,842	5,258	6,713	7,435
Cash Flow from Invt. & Assoc.
Change In Working Capital	(871)	1,250	(367)	(442)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	1,441	6,670	2,500	2,500
Tax Paid	(1,770)	(2,780)	(2,082)	(2,242)
Cashflow From Operations	4,642	10,398	6,763	7,251
Capex	(932)	(1,500)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(2,189)
Other Investing Cashflow
Cash Flow From Investing	(3,121)	(1,500)	(1,500)	(1,500)
Debt Raised/(repaid)	(589)	(3,820)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(928)	(1,251)	(1,874)	(2,018)
Preferred Dividends
Other Financing Cashflow	(293)	363	382	382
Cash Flow From Financing	(1,810)	(4,708)	(1,492)	(1,636)
Total Cash Generated	(289)	4,190	3,771	4,115
Free Cashflow To Equity	931	5,078	5,263	5,751
Free Cashflow To Firm	1,885	8,898	5,263	5,751

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	19,368	23,558	27,329	31,444
Total Debtors	4,576	3,603	3,919	4,299
Inventories	7,280	7,207	7,838	8,598
Total Other Current Assets	798	1,036	1,127	1,236
Total Current Assets	32,023	35,404	40,214	45,578
Fixed Assets	10,422	10,733	10,968	11,120
Total Investments	27,204	33,417	33,417	33,417
Intangible Assets
Total Other Non-Current Assets	1,080	1,080	1,080	1,080
Total Non-current Assets	38,707	45,231	45,465	45,617
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	2,886	3,153	3,429	3,762
Other Current Liabilities	4,329	4,504	4,899	5,374
Total Current Liabilities	7,216	7,657	8,328	9,136
Total Long-term Debt	3,820
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	999	999	999	999
Total Non-current Liabilities	4,818	999	999	999
Total Provisions	2,334	2,334	2,334	2,334
Total Liabilities	14,368	10,990	11,661	12,468
Shareholders Equity	56,343	69,645	74,018	78,726
Minority Interests
Total Equity	56,343	69,645	74,018	78,726

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(1.8%)	4.3%	8.8%	9.7%
Operating EBITDA Growth	99.7%	(10.0%)	27.7%	10.8%
Operating EBITDA Margin	13.5%	11.7%	13.7%	13.8%
Net Cash Per Share (Rs)	25.15	38.10	44.20	50.85
BVPS (Rs)	91.12	112.63	119.70	127.32
Gross Interest Cover	12.84
Effective Tax Rate	27.2%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio	14.3%	18.0%	22.5%	22.5%
Accounts Receivables Days	31.92	33.14	28.02	27.91
Inventory Days	93.42	95.26	91.45	91.07
Accounts Payables Days	38.53	39.71	40.01	39.84
ROIC (%)	28.8%	24.0%	34.0%	36.7%
ROCE (%)	7.9%	6.1%	7.3%	7.7%
Return On Average Assets	10.3%	9.2%	10.0%	10.1%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg