InCred Equities - Supreme Industries

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	92,016	99,030	112,050	126,137
Operating EBITDA (Rsm)	11,997	15,201	17,480	19,930
Net Profit (Rsm)	8,653	10,390	11,975	14,064
Core EPS (Rs)	68.1	81.8	94.3	110.7
Core EPS Growth	(10.6%)	20.1%	15.3%	17.4%
FD Core P/E (x)	68.26	56.85	49.33	42.00
DPS (Rs)	26.0	28.0	30.0	32.0
Dividend Yield	0.56%	0.60%	0.65%	0.69%
EV/EBITDA (x)	48.61	38.35	32.98	28.53
P/FCFE (x)	109.17	176.37	59.53	51.15
Net Gearing	(17.1%)	(15.2%)	(24.1%)	(32.0%)
P/BV (x)	13.42	11.62	10.01	8.56
ROE	21.0%	21.9%	21.8%	22.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	92,016	99,030	112,050	126,137
Gross Profit	26,024	32,086	36,697	41,310
Operating EBITDA	11,997	15,201	17,480	19,930
Depreciation And Amortisation	(2,634)	(3,014)	(3,566)	(3,741)
Operating EBIT	9,363	12,187	13,914	16,188
Financial Income/(Expense)	178	357	553	979
Pretax Income/(Loss) from Assoc.	1,533	997	1,196	1,283
Non-Operating Income/(Expense)	39	150	100	105
Profit Before Tax (pre-EI)	11,113	13,691	15,763	18,555
Exceptional Items
Pre-tax Profit	11,113	13,691	15,763	18,555
Taxation	(2,460)	(3,300)	(3,787)	(4,491)
Exceptional Income - post-tax
Profit After Tax	8,653	10,390	11,975	14,064
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,653	10,390	11,975	14,064
Recurring Net Profit	8,653	10,390	11,975	14,064
Fully Diluted Recurring Net Profit	8,653	10,390	11,975	14,064

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	11,997	15,201	17,480	19,930
Cash Flow from Invt. & Assoc.
Change In Working Capital	(778)	(1,455)	(1,502)	(1,625)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(5)	1,504	1,849	2,367
Net Interest (Paid)/Received	64	(357)	(553)	(979)
Tax Paid	(2,375)	(3,300)	(3,787)	(4,491)
Cashflow From Operations	8,903	11,592	13,487	15,202
Capex	(4,243)	(8,200)	(3,721)	(4,243)
Disposals Of FAs/subsidiaries	25
Acq. Of Subsidiaries/investments	188	(500)	(500)	(500)
Other Investing Cashflow	538	457	658	1,089
Cash Flow From Investing	(3,493)	(8,243)	(3,563)	(3,653)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(3,049)	(3,557)	(3,812)	(4,066)
Preferred Dividends
Other Financing Cashflow	(15)	(100)	(105)	(110)
Cash Flow From Financing	(3,064)	(3,657)	(3,917)	(4,176)
Total Cash Generated	2,347	(308)	6,007	7,373
Free Cashflow To Equity	5,411	3,349	9,924	11,548
Free Cashflow To Firm	5,331	3,249	9,819	11,438

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	7,522	7,714	14,221	22,093
Total Debtors	4,924	5,969	6,754	7,603
Inventories	13,856	14,922	16,884	19,007
Total Other Current Assets	2,546	2,740	3,100	3,490
Total Current Assets	28,848	31,345	40,959	52,193
Fixed Assets	19,819	24,342	25,247	25,998
Total Investments	5,713	5,713	5,713	5,713
Intangible Assets
Total Other Non-Current Assets	2,563	3,226	2,476	2,226
Total Non-current Assets	28,094	33,280	33,435	33,937
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	9,038	9,496	10,745	12,095
Other Current Liabilities	2,322	2,713	3,070	3,456
Total Current Liabilities	11,359	12,209	13,814	15,551
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	654	654	654	654
Total Non-current Liabilities	654	654	654	654
Total Provisions	908	908	908	908
Total Liabilities	12,921	13,771	15,376	17,113
Shareholders Equity	44,021	50,854	59,018	69,016
Minority Interests
Total Equity	44,021	50,854	59,018	69,016

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	18.4%	7.6%	13.1%	12.6%
Operating EBITDA Growth	(3.4%)	26.7%	15.0%	14.0%
Operating EBITDA Margin	13.0%	15.4%	15.6%	15.8%
Net Cash Per Share (Rs)	59.21	60.72	111.95	173.93
BVPS (Rs)	346.55	400.34	464.61	543.32
Gross Interest Cover	116.74	121.87	132.51	146.83
Effective Tax Rate	22.1%	24.1%	24.0%	24.2%
Net Dividend Payout Ratio	29.7%	26.0%	24.2%	21.9%
Accounts Receivables Days	19.02	20.07	20.72	20.77
Inventory Days	73.17	78.46	77.03	77.22
Accounts Payables Days	46.95	50.53	49.02	49.14
ROIC (%)	31.3%	37.7%	35.7%	39.8%
ROCE (%)	22.8%	26.2%	26.1%	26.6%
Return On Average Assets	20.5%	21.9%	21.9%	21.9%

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

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

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Market Data

Source: Bloomberg