InCred Equities - Supreme Industries

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	101,343	114,925	132,129	151,944
Operating EBITDA (Rsm)	15,473	16,424	18,649	21,175
Net Profit (Rsm)	10,697	11,242	12,862	15,138
Core EPS (Rs)	84.2	88.5	101.2	119.2
Core EPS Growth	23.6%	5.1%	14.4%	17.7%
FD Core P/E (x)	39.85	37.92	33.14	28.16
DPS (Rs)	30.0	36.0	43.2	51.8
Dividend Yield	0.89%	1.07%	1.29%	1.55%
EV/EBITDA (x)	26.77	25.56	22.15	19.14
P/FCFE (x)	46.10	(467.28)	35.16	29.74
Net Gearing	(23.5%)	(11.3%)	(20.2%)	(28.4%)
P/BV (x)	8.34	7.38	6.55	5.79
ROE	22.5%	20.7%	20.9%	21.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	101,343	114,925	132,129	151,944
Gross Profit	32,759	37,561	43,184	49,660
Operating EBITDA	15,473	16,424	18,649	21,175
Depreciation And Amortisation	(2,984)	(3,602)	(4,068)	(4,275)
Operating EBIT	12,490	12,822	14,581	16,899
Financial Income/(Expense)	347	540	840	1,339
Pretax Income/(Loss) from Assoc.	1,069	1,280	1,373	1,560
Non-Operating Income/(Expense)	149	100	105	110
Profit Before Tax (pre-EI)	14,054	14,742	16,898	19,909
Exceptional Items
Pre-tax Profit	14,054	14,742	16,898	19,909
Taxation	(3,357)	(3,500)	(4,037)	(4,771)
Exceptional Income - post-tax
Profit After Tax	10,697	11,242	12,862	15,138
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	10,697	11,242	12,862	15,138
Recurring Net Profit	10,697	11,242	12,862	15,138
Fully Diluted Recurring Net Profit	10,697	11,242	12,862	15,138

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	15,473	16,424	18,649	21,175
Cash Flow from Invt. & Assoc.
Change In Working Capital	967	(3,756)	(1,806)	(2,081)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,069	1,280	1,373	1,560
Other Operating Cashflow
Net Interest (Paid)/Received	496	640	945	1,449
Tax Paid	(3,357)	(3,500)	(4,037)	(4,771)
Cashflow From Operations	14,648	11,088	15,124	17,333
Capex	(4,911)	(12,000)	(3,000)	(3,001)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(608)
Other Investing Cashflow
Cash Flow From Investing	(5,519)	(12,000)	(3,000)	(3,001)
Debt Raised/(repaid)	118
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(3,812)	(4,574)	(5,489)	(6,586)
Preferred Dividends
Other Financing Cashflow	(1,024)
Cash Flow From Financing	(4,718)	(4,574)	(5,489)	(6,586)
Total Cash Generated	4,412	(5,486)	6,635	7,745
Free Cashflow To Equity	9,247	(912)	12,124	14,332
Free Cashflow To Firm	9,291	(752)	12,284	14,493

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	12,000	6,514	13,149	20,895
Total Debtors	5,114	6,321	7,267	8,357
Inventories	13,586	17,239	19,819	22,792
Total Other Current Assets	2,261	2,873	3,303	3,799
Total Current Assets	32,962	32,947	43,539	55,842
Fixed Assets	22,327	30,725	29,657	28,383
Total Investments	6,254	6,254	6,254	6,254
Intangible Assets
Total Other Non-Current Assets	3,876	3,876	3,876	3,876
Total Non-current Assets	32,457	40,855	39,787	38,512
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	11,121	11,493	13,213	15,194
Other Current Liabilities	1,530	2,873	3,303	3,799
Total Current Liabilities	12,651	14,366	16,516	18,993
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	720	720	720	720
Total Non-current Liabilities	720	720	720	720
Total Provisions	960	960	960	960
Total Liabilities	14,330	16,045	18,196	20,673
Shareholders Equity	51,088	57,756	65,129	73,681
Minority Interests
Total Equity	51,088	57,756	65,129	73,681

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	10.1%	13.4%	15.0%	15.0%
Operating EBITDA Growth	29.0%	6.1%	13.5%	13.5%
Operating EBITDA Margin	15.3%	14.3%	14.1%	13.9%
Net Cash Per Share (Rs)	94.45	51.27	103.50	164.46
BVPS (Rs)	402.11	454.59	512.63	579.94
Gross Interest Cover	77.48	80.14	91.13	104.97
Effective Tax Rate	23.9%	23.7%	23.9%	24.0%
Net Dividend Payout Ratio	27.1%	31.0%	32.5%	33.1%
Accounts Receivables Days	18.08	18.16	18.77	18.77
Inventory Days	73.02	72.71	76.04	76.03
Accounts Payables Days	53.64	53.34	50.69	50.69
ROIC (%)	38.6%	37.2%	31.2%	35.6%
ROCE (%)	26.8%	24.4%	25.0%	26.1%
Return On Average Assets	22.4%	20.4%	20.4%	20.9%

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

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

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Market Data

Source: Bloomberg