InCred Equities - Supreme Industries

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	101,343	104,463	120,930	135,655
Operating EBITDA (Rsm)	15,473	14,317	15,933	18,126
Net Profit (Rsm)	10,697	9,609	10,910	12,736
Core EPS (Rs)	84.2	75.6	85.9	100.2
Core EPS Growth	23.6%	(10.2%)	13.5%	16.7%
FD Core P/E (x)	51.61	57.46	50.60	43.35
DPS (Rs)	30.0	34.0	40.8	49.0
Dividend Yield	0.69%	0.78%	0.94%	1.13%
EV/EBITDA (x)	34.91	37.88	34.39	29.88
P/FCFE (x)	59.71	316.53	(1,162.90)	43.61
Net Gearing	(23.5%)	(17.3%)	(6.7%)	(15.4%)
P/BV (x)	10.81	9.75	8.86	8.02
ROE	22.5%	17.8%	18.3%	19.4%
% 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	104,463	120,930	135,655
Gross Profit	32,759	32,998	38,200	43,735
Operating EBITDA	15,473	14,317	15,933	18,126
Depreciation And Amortisation	(2,984)	(3,586)	(3,989)	(4,472)
Operating EBIT	12,490	10,730	11,944	13,654
Financial Income/(Expense)	347	359	840	1,339
Pretax Income/(Loss) from Assoc.	1,069	1,201	1,373	1,560
Non-Operating Income/(Expense)	149	100	105	110
Profit Before Tax (pre-EI)	14,054	12,390	14,262	16,663
Exceptional Items
Pre-tax Profit	14,054	12,390	14,262	16,663
Taxation	(3,357)	(2,782)	(3,351)	(3,927)
Exceptional Income - post-tax
Profit After Tax	10,697	9,609	10,910	12,736
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	10,697	9,609	10,910	12,736
Recurring Net Profit	10,697	9,609	10,910	12,736
Fully Diluted Recurring Net Profit	10,697	9,609	10,910	12,736

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	15,473	14,317	15,933	18,126
Cash Flow from Invt. & Assoc.
Change In Working Capital	967	(1,119)	(4,374)	(1,546)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,069	1,201	1,373	1,560
Other Operating Cashflow
Net Interest (Paid)/Received	496	459	945	1,449
Tax Paid	(3,357)	(2,782)	(3,351)	(3,927)
Cashflow From Operations	14,648	12,076	10,525	15,662
Capex	(4,911)	(9,768)	(11,000)	(3,001)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(608)	(815)
Other Investing Cashflow
Cash Flow From Investing	(5,519)	(10,583)	(11,000)	(3,001)
Debt Raised/(repaid)	118	251
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(3,812)	(4,320)	(5,184)	(6,220)
Preferred Dividends
Other Financing Cashflow	(1,024)	227
Cash Flow From Financing	(4,718)	(3,841)	(5,184)	(6,220)
Total Cash Generated	4,412	(2,348)	(5,658)	6,441
Free Cashflow To Equity	9,247	1,744	(475)	12,661
Free Cashflow To Firm	9,291	1,612	(315)	12,822

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	12,000	9,815	4,157	10,598
Total Debtors	5,114	5,401	6,651	7,461
Inventories	13,586	13,337	18,140	20,348
Total Other Current Assets	2,261	2,764	3,058	3,426
Total Current Assets	32,962	31,317	32,006	41,833
Fixed Assets	22,327	25,591	32,602	31,131
Total Investments	6,254	6,906	6,906	6,906
Intangible Assets
Total Other Non-Current Assets	3,876	7,865	7,865	7,865
Total Non-current Assets	32,457	40,362	47,373	45,902
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	11,121	8,934	12,093	13,565
Other Current Liabilities	1,530	4,209	3,023	3,391
Total Current Liabilities	12,651	13,143	15,116	16,957
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	720	1,056	1,056	1,056
Total Non-current Liabilities	720	1,056	1,056	1,056
Total Provisions	960	875	875	875
Total Liabilities	14,330	15,074	17,047	18,888
Shareholders Equity	51,088	56,604	62,331	68,847
Minority Interests
Total Equity	51,088	56,604	62,331	68,847

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	10.1%	3.1%	15.8%	12.2%
Operating EBITDA Growth	29.0%	(7.5%)	11.3%	13.8%
Operating EBITDA Margin	15.3%	13.7%	13.2%	13.4%
Net Cash Per Share (Rs)	94.45	77.25	32.72	83.41
BVPS (Rs)	402.11	445.53	490.60	541.89
Gross Interest Cover	77.48	90.17	74.65	84.81
Effective Tax Rate	23.9%	22.4%	23.5%	23.6%
Net Dividend Payout Ratio	27.1%	34.9%	36.3%	37.3%
Accounts Receivables Days	18.08	18.37	18.19	18.99
Inventory Days	73.02	68.75	69.43	76.41
Accounts Payables Days	53.64	51.21	46.39	50.94
ROIC (%)	38.6%	31.1%	28.6%	25.7%
ROCE (%)	26.8%	20.5%	21.5%	22.8%
Return On Average Assets	22.4%	17.6%	17.8%	18.3%

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

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

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Market Data

Source: Bloomberg