InCred Equities - Gujarat Fluorochemicals Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	56,847	42,808	44,531	49,944
Operating EBITDA (Rsm)	20,472	9,548	9,638	11,974
Net Profit (Rsm)	13,231	4,350	3,958	5,292
Core EPS (Rs)	120.4	39.6	36.0	48.2
Core EPS Growth	70.8%	(67.1%)	(9.0%)	33.7%
FD Core P/E (x)	32.84	99.90	109.78	82.11
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	21.87	47.39	46.51	37.69
P/FCFE (x)	246.93	255.59	90.76	(179.16)
Net Gearing	23.9%	30.3%	21.8%	24.5%
P/BV (x)	7.87	7.32	6.86	6.33
ROE	27.1%	7.6%	6.5%	8.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	56,847	42,808	44,531	49,944
Gross Profit	41,423	28,602	27,609	30,965
Operating EBITDA	20,472	9,548	9,638	11,974
Depreciation And Amortisation	(2,361)	(2,861)	(3,413)	(3,966)
Operating EBIT	18,111	6,687	6,225	8,008
Financial Income/(Expense)	(1,168)	(1,331)	(1,529)	(1,529)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	904	595	595	595
Profit Before Tax (pre-EI)	17,848	5,951	5,291	7,075
Exceptional Items
Pre-tax Profit	17,848	5,951	5,291	7,075
Taxation	(4,617)	(1,601)	(1,333)	(1,783)
Exceptional Income - post-tax
Profit After Tax	13,231	4,350	3,958	5,292
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	13,231	4,350	3,958	5,292
Recurring Net Profit	13,231	4,350	3,958	5,292
Fully Diluted Recurring Net Profit	13,231	4,350	3,958	5,292

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	20,472	9,548	9,638	11,974
Cash Flow from Invt. & Assoc.
Change In Working Capital	(8,827)	(1,440)	7,733	(1,366)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	4,156	1,111
Other Operating Cashflow	(2,545)	325	1,191	1,191
Net Interest (Paid)/Received	(1,168)	(1,331)	(1,529)	(1,529)
Tax Paid	(4,700)	(1,949)	(1,333)	(1,783)
Cashflow From Operations	7,389	6,264	15,700	8,487
Capex	(6,750)	(9,556)	(10,913)	(10,913)
Disposals Of FAs/subsidiaries	49	146	0	0
Acq. Of Subsidiaries/investments	191	2
Other Investing Cashflow	1,745	(256)
Cash Flow From Investing	(4,764)	(9,665)	(10,912)	(10,912)
Debt Raised/(repaid)	(866)	5,101
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(439)	(220)
Preferred Dividends
Other Financing Cashflow	(1,336)	(1,406)	(595)	(595)
Cash Flow From Financing	(2,641)	3,476	(595)	(595)
Total Cash Generated	(16)	75	4,192	(3,021)
Free Cashflow To Equity	1,760	1,700	4,787	(2,425)
Free Cashflow To Firm	3,793	(2,070)	6,317	(896)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	1,612	1,985	6,177	3,156
Total Debtors	11,068	8,446	8,786	9,854
Inventories	14,854	15,713	18,717	20,992
Total Other Current Assets	8,469	7,892	7,892	7,892
Total Current Assets	36,003	34,036	41,571	41,894
Fixed Assets	41,051	51,458	58,957	65,904
Total Investments	42	42	42	42
Intangible Assets	314	511	511	511
Total Other Non-Current Assets	6,304	6,295	6,295	6,295
Total Non-current Assets	47,711	58,305	65,804	72,751
Short-term Debt	12,950	16,227	16,227	16,227
Current Portion of Long-Term Debt
Total Creditors	6,910	5,189	16,266	18,243
Other Current Liabilities	3,529	3,612	3,612	3,612
Total Current Liabilities	23,389	25,028	36,105	38,082
Total Long-term Debt	1,832	3,731	3,731	3,731
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	477	1,443	1,443	1,443
Total Non-current Liabilities	2,309	5,174	5,174	5,174
Total Provisions	2,808	2,776	2,776	2,776
Total Liabilities	28,507	32,977	44,054	46,031
Shareholders Equity	55,207	59,363	63,321	68,613
Minority Interests
Total Equity	55,207	59,363	63,321	68,613

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	43.8%	(24.7%)	4.0%	12.2%
Operating EBITDA Growth	70.9%	(53.4%)	1.0%	24.2%
Operating EBITDA Margin	36.0%	22.3%	21.6%	24.0%
Net Cash Per Share (Rs)	(119.90)	(163.62)	(125.45)	(152.95)
BVPS (Rs)	502.57	540.40	576.43	624.61
Gross Interest Cover	15.51	5.02	4.07	5.24
Effective Tax Rate	25.9%	26.9%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	60.51	83.19	70.62	68.11
Inventory Days	287.83	392.68	371.33	381.84
Accounts Payables Days	142.52	155.43	231.39	331.83
ROIC (%)	22.7%	6.8%	5.7%	7.4%
ROCE (%)	27.3%	8.7%	7.4%	9.0%
Return On Average Assets	18.5%	6.0%	5.1%	5.8%

(91) 22 4161 1562 satish.kumar@incredresearch.com

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

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Market Data

Source: Bloomberg