InCred Equities - Kajaria Ceramics

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	43,819	47,804	56,411	65,464
Operating EBITDA (Rsm)	5,920	7,720	9,392	11,260
Net Profit (Rsm)	3,446	4,681	5,779	7,205
Core EPS (Rs)	22.0	29.4	36.3	45.2
Core EPS Growth	(7.1%)	33.5%	23.5%	24.7%
FD Core P/E (x)	53.86	39.65	32.11	25.76
DPS (Rs)	9.0	12.0	15.0	20.0
Dividend Yield	0.77%	1.03%	1.29%	1.72%
EV/EBITDA (x)	31.17	23.96	19.63	16.21
P/FCFE (x)	119.65	60.86	72.01	22.46
Net Gearing	(7.7%)	(5.5%)	(7.3%)	(12.2%)
P/BV (x)	7.98	7.13	6.31	5.55
ROE	15.8%	19.0%	20.8%	22.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	43,819	47,804	56,411	65,464
Gross Profit	25,749	26,890	31,731	36,823
Operating EBITDA	5,920	7,720	9,392	11,260
Depreciation And Amortisation	(1,329)	(1,513)	(1,742)	(1,931)
Operating EBIT	4,592	6,207	7,651	9,328
Financial Income/(Expense)	47	(38)	(4)	154
Pretax Income/(Loss) from Assoc.		(5)	92	166
Non-Operating Income/(Expense)	66	150	50	53
Profit Before Tax (pre-EI)	4,705	6,315	7,789	9,700
Exceptional Items	(79)
Pre-tax Profit	4,625	6,315	7,789	9,700
Taxation	(1,163)	(1,544)	(1,910)	(2,387)
Exceptional Income - post-tax
Profit After Tax	3,463	4,771	5,878	7,314
Minority Interests	(17)	(90)	(99)	(109)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,446	4,681	5,779	7,205
Recurring Net Profit	3,505	4,681	5,779	7,205
Fully Diluted Recurring Net Profit	3,505	4,681	5,779	7,205

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	5,920	7,720	9,392	11,260
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,851)	(72)	(1,233)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	171	107	138
Net Interest (Paid)/Received	(20)	38	4
Tax Paid	(1,265)	(1,544)	(1,910)
Cashflow From Operations	2,955	6,250	6,391	11,260
Capex	(2,317)	(3,770)	(3,263)	(2,776)
Disposals Of FAs/subsidiaries	235
Acq. Of Subsidiaries/investments	(20)	1,100	(500)	(500)
Other Investing Cashflow	270	220	199	280
Cash Flow From Investing	(1,832)	(2,450)	(3,563)	(2,996)
Debt Raised/(repaid)	427	(750)	(250)
Proceeds From Issue Of Shares	12
Shares Repurchased
Dividends Paid	(1,433)	(1,910)	(2,388)	(3,184)
Preferred Dividends
Other Financing Cashflow	(166)	(258)	(203)	(126)
Cash Flow From Financing	(1,159)	(2,918)	(2,841)	(3,310)
Total Cash Generated	(36)	882	(14)	4,954
Free Cashflow To Equity	1,551	3,050	2,577	8,264
Free Cashflow To Firm	900	3,542	2,624	8,264

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	3,938	2,819	3,306	5,295
Total Debtors	6,012	7,203	8,500	9,864
Inventories	5,647	6,287	7,418	8,609
Total Other Current Assets	514	561	662	768
Total Current Assets	16,110	16,870	19,886	24,536
Fixed Assets	14,088	16,662	18,583	19,427
Total Investments	19	919	919	919
Intangible Assets	327	327	327	327
Total Other Non-Current Assets	2,349	2,032	1,632	1,632
Total Non-current Assets	16,783	19,940	21,461	22,305
Short-term Debt	1,575	898	731	731
Current Portion of Long-Term Debt
Total Creditors	3,104	3,929	4,637	5,381
Other Current Liabilities	2,293	3,274	3,864	4,484
Total Current Liabilities	6,972	8,101	9,231	10,595
Total Long-term Debt	518	445	362	362
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	621	621	621	621
Total Non-current Liabilities	1,139	1,066	983	983
Total Provisions	738	738	738	738
Total Liabilities	8,849	9,906	10,953	12,317
Shareholders Equity	23,268	26,038	29,429	33,450
Minority Interests	776	866	965	1,074
Total Equity	24,044	26,904	30,395	34,524

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	18.3%	9.1%	18.0%	16.0%
Operating EBITDA Growth	(3.1%)	30.4%	21.7%	19.9%
Operating EBITDA Margin	13.5%	16.2%	16.7%	17.2%
Net Cash Per Share (Rs)	11.59	9.27	13.90	26.39
BVPS (Rs)	146.14	163.52	184.82	210.07
Gross Interest Cover	20.57	24.10	37.68	74.23
Effective Tax Rate	25.1%	24.5%	24.5%	24.6%
Net Dividend Payout Ratio	30.6%	30.7%	31.1%	33.2%
Accounts Receivables Days	46.42	50.45	50.80	51.20
Inventory Days	104.08	104.13	101.34	102.13
Accounts Payables Days	61.45	61.37	63.34	63.83
ROIC (%)	22.7%	26.4%	29.6%	32.6%
ROCE (%)	19.2%	23.0%	25.6%	28.0%
Return On Average Assets	14.8%	18.2%	19.9%	21.7%

(91) 22 4161 1598 abbas.punjani@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg