InCred Equities - Deepak Nitrite Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	79,721	75,755	76,682	82,608
Operating EBITDA (Rsm)	12,894	12,219	12,366	13,121
Net Profit (Rsm)	8,520	7,839	7,602	8,088
Core EPS (Rs)	62.5	57.5	55.7	59.3
Core EPS Growth	(20.1%)	(8.0%)	(3.0%)	6.4%
FD Core P/E (x)	42.77	46.48	47.93	45.05
DPS (Rs)	4.9	4.9	4.9	4.9
Dividend Yield	0.22%	0.22%	0.22%	0.22%
EV/EBITDA (x)	27.98	30.12	29.79	28.07
P/FCFE (x)	461.58	199.63	1,828.98	537.00
Net Gearing	(8.9%)	7.6%	7.4%	6.4%
P/BV (x)	8.91	7.60	6.61	5.81
ROE	22.9%	17.6%	14.8%	13.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	79,721	75,755	76,682	82,608
Gross Profit	26,246	22,726	24,538	27,261
Operating EBITDA	12,894	12,219	12,366	13,121
Depreciation And Amortisation	(1,663)	(1,896)	(2,038)	(2,144)
Operating EBIT	11,231	10,323	10,328	10,977
Financial Income/(Expense)	(248)	(319)	(640)	(640)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	476	476	476	476
Profit Before Tax (pre-EI)	11,459	10,480	10,163	10,812
Exceptional Items
Pre-tax Profit	11,459	10,480	10,163	10,812
Taxation	(2,939)	(2,641)	(2,561)	(2,725)
Exceptional Income - post-tax
Profit After Tax	8,520	7,839	7,602	8,088
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,520	7,839	7,602	8,088
Recurring Net Profit	8,520	7,839	7,602	8,088
Fully Diluted Recurring Net Profit	8,520	7,839	7,602	8,088

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	12,894	12,219	12,366	13,121
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,418)	757	(1,106)	(1,218)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense		(7,466)
Other Operating Cashflow	248	319	640	640
Net Interest (Paid)/Received	(248)	(319)	(640)	(640)
Tax Paid	(2,939)	(2,641)	(2,561)	(2,725)
Cashflow From Operations	6,537	2,870	8,699	9,178
Capex	(3,286)	(8,500)	(8,500)	(8,500)
Disposals Of FAs/subsidiaries	0	0	0	0
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(3,286)	(8,500)	(8,500)	(8,500)
Debt Raised/(repaid)	(2,462)	7,455
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(800)	(800)	(800)	(800)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(3,262)	6,655	(800)	(800)
Total Cash Generated	(11)	1,025	(601)	(121)
Free Cashflow To Equity	789	1,825	199	679
Free Cashflow To Firm	3,499	(5,311)	839	1,319

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	4,168	4,344	3,940	4,015
Total Debtors	13,095	12,453	12,605	13,579
Inventories	8,931	8,486	9,454	10,185
Total Other Current Assets	1,197	1,197	1,197	1,197
Total Current Assets	27,391	26,480	27,196	28,975
Fixed Assets	22,425	36,730	43,192	49,548
Total Investments	25	25	25	25
Intangible Assets
Total Other Non-Current Assets	1,448	1,448	1,448	1,448
Total Non-current Assets	23,897	38,203	44,665	51,021
Short-term Debt	115	7,000	7,000	7,000
Current Portion of Long-Term Debt
Total Creditors	6,618	6,288	6,303	6,790
Other Current Liabilities	1,205	1,205	1,205	1,205
Total Current Liabilities	7,938	14,494	14,508	14,995
Total Long-term Debt	430	1,000	1,000	1,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	154	154	154	154
Total Non-current Liabilities	584	1,154	1,154	1,154
Total Provisions	1,866	1,096	1,096	1,096
Total Liabilities	10,388	16,744	16,758	17,245
Shareholders Equity	40,900	47,939	55,103	62,751
Minority Interests
Total Equity	40,900	47,939	55,103	62,751

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	17.2%	(5.0%)	1.2%	7.7%
Operating EBITDA Growth	(19.6%)	(5.2%)	1.2%	6.1%
Operating EBITDA Margin	16.2%	16.1%	16.1%	15.9%
Net Cash Per Share (Rs)	26.56	(26.80)	(29.76)	(29.22)
BVPS (Rs)	299.85	351.46	403.98	460.05
Gross Interest Cover	45.32	32.39	16.14	17.15
Effective Tax Rate	25.6%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	9.4%	10.2%	10.5%	9.9%
Accounts Receivables Days	55.83	61.55	59.64	57.85
Inventory Days	50.43	59.94	62.79	64.76
Accounts Payables Days	40.05	44.42	44.07	43.17
ROIC (%)	25.2%	19.7%	14.6%	13.6%
ROCE (%)	27.9%	20.7%	17.1%	16.2%
Return On Average Assets	18.2%	13.9%	11.8%	11.3%

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

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

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Market Data

Source: Bloomberg