InCred Equities - Gujarat Fluorochemicals Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	42,808	40,668	44,735	46,971
Operating EBITDA (Rsm)	9,548	9,389	11,711	13,084
Net Profit (Rsm)	4,350	5,310	7,085	8,289
Core EPS (Rs)	39.6	48.3	64.5	75.5
Core EPS Growth	(67.1%)	22.1%	33.4%	17.0%
FD Core P/E (x)	97.94	80.22	60.13	51.39
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	46.50	46.16	36.23	31.60
P/FCFE (x)	250.59	61.60	90.01	69.82
Net Gearing	30.3%	11.7%	(2.3%)	(15.6%)
P/BV (x)	7.18	6.59	5.94	5.32
ROE	7.6%	8.6%	10.4%	10.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	42,808	40,668	44,735	46,971
Gross Profit	28,602	26,434	29,077	30,531
Operating EBITDA	9,548	9,389	11,711	13,084
Depreciation And Amortisation	(2,861)	(2,960)	(3,202)	(3,216)
Operating EBIT	6,687	6,429	8,508	9,868
Financial Income/(Expense)	(1,331)	(830)	(536)	(286)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	595	1,500	1,500	1,500
Profit Before Tax (pre-EI)	5,951	7,099	9,472	11,082
Exceptional Items
Pre-tax Profit	5,951	7,099	9,472	11,082
Taxation	(1,601)	(1,789)	(2,387)	(2,793)
Exceptional Income - post-tax
Profit After Tax	4,350	5,310	7,085	8,289
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,350	5,310	7,085	8,289
Recurring Net Profit	4,350	5,310	7,085	8,289
Fully Diluted Recurring Net Profit	4,350	5,310	7,085	8,289

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	9,548	9,389	11,711	13,084
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,440)	10,057	(891)	(490)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,111
Other Operating Cashflow	325	2,330	2,036	1,786
Net Interest (Paid)/Received	(1,331)	(830)	(536)	(286)
Tax Paid	(1,949)	(1,789)	(2,387)	(2,793)
Cashflow From Operations	6,264	19,158	9,932	11,301
Capex	(9,556)	(5,511)	(200)	(200)
Disposals Of FAs/subsidiaries	146	0	0	0
Acq. Of Subsidiaries/investments	2
Other Investing Cashflow	(256)
Cash Flow From Investing	(9,665)	(5,511)	(200)	(200)
Debt Raised/(repaid)	5,101	(6,731)	(5,000)	(5,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(220)
Preferred Dividends
Other Financing Cashflow	(1,406)
Cash Flow From Financing	3,476	(6,731)	(5,000)	(5,000)
Total Cash Generated	75	6,916	4,733	6,102
Free Cashflow To Equity	1,700	6,916	4,733	6,102
Free Cashflow To Firm	(2,070)	14,477	10,269	11,388

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	1,985	5,645	9,843	15,658
Total Debtors	8,446	8,024	8,826	9,267
Inventories	15,713	15,744	17,318	18,184
Total Other Current Assets	7,892	7,892	7,892	7,892
Total Current Assets	34,036	37,304	43,878	51,001
Fixed Assets	51,458	54,008	51,006	47,990
Total Investments	42	42	42	42
Intangible Assets	511	257	257	257
Total Other Non-Current Assets	6,295	8,868	8,868	8,868
Total Non-current Assets	58,305	63,175	60,173	57,157
Short-term Debt	16,227	13,227	8,227	3,227
Current Portion of Long-Term Debt
Total Creditors	5,189	14,855	16,340	17,157
Other Current Liabilities	3,612	3,612	3,612	3,612
Total Current Liabilities	25,028	31,694	28,179	23,996
Total Long-term Debt	3,731
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,443	1,443	1,443	1,443
Total Non-current Liabilities	5,174	1,443	1,443	1,443
Total Provisions	2,776	2,776	2,776	2,776
Total Liabilities	32,977	35,912	32,397	28,214
Shareholders Equity	59,363	64,675	71,761	80,051
Minority Interests		(107)	(107)	(107)
Total Equity	59,363	64,568	71,654	79,944

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(24.7%)	(5.0%)	10.0%	5.0%
Operating EBITDA Growth	(53.4%)	(1.7%)	24.7%	11.7%
Operating EBITDA Margin	22.3%	23.1%	26.2%	27.9%
Net Cash Per Share (Rs)	(163.62)	(69.02)	14.71	113.17
BVPS (Rs)	540.40	588.75	653.26	728.73
Gross Interest Cover	5.02	7.75	15.86	34.46
Effective Tax Rate	26.9%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	83.19	73.91	68.74	70.30
Inventory Days	392.68	403.33	385.37	394.11
Accounts Payables Days	155.43	256.99	363.60	371.85
ROIC (%)	6.8%	5.9%	8.3%	9.9%
ROCE (%)	8.7%	7.9%	10.4%	11.7%
Return On Average Assets	6.0%	6.2%	7.3%	8.0%

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

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

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Market Data

Source: Bloomberg