InCred Equities - Deepak Nitrite Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	76,818	83,000	91,667	105,000
Operating EBITDA (Rsm)	11,233	10,509	12,306	15,044
Net Profit (Rsm)	8,109	6,839	7,405	8,349
Core EPS (Rs)	55.1	50.1	54.3	61.2
Core EPS Growth	(11.7%)	(9.1%)	8.3%	12.7%
FD Core P/E (x)	34.20	40.55	37.45	33.21
DPS (Rs)	7.0	4.9	4.9	4.9
Dividend Yield	0.41%	0.29%	0.29%	0.29%
EV/EBITDA (x)	24.36	26.34	22.71	19.72
P/FCFE (x)	272.55	(142.55)	25.52	188.68
Net Gearing	(7.6%)	(0.8%)	3.6%	28.3%
P/BV (x)	5.75	5.11	4.56	4.05
ROE	16.9%	13.3%	12.9%	12.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	76,818	83,000	91,667	105,000
Gross Profit	24,457	24,500	27,500	31,500
Operating EBITDA	11,233	10,509	12,306	15,044
Depreciation And Amortisation	(1,657)	(1,920)	(2,447)	(2,843)
Operating EBIT	9,576	8,589	9,859	12,201
Financial Income/(Expense)	(118)	(207)	(720)	(1,800)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	761	761	761	761
Profit Before Tax (pre-EI)	10,219	9,143	9,900	11,162
Exceptional Items	798
Pre-tax Profit	11,017	9,143	9,900	11,162
Taxation	(2,908)	(2,304)	(2,495)	(2,813)
Exceptional Income - post-tax
Profit After Tax	8,109	6,839	7,405	8,349
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,109	6,839	7,405	8,349
Recurring Net Profit	7,521	6,839	7,405	8,349
Fully Diluted Recurring Net Profit	7,521	6,839	7,405	8,349

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	11,233	10,509	12,306	15,044
Cash Flow from Invt. & Assoc.
Change In Working Capital	(6,049)	(1,188)	(1,665)	(2,562)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(627)
Other Operating Cashflow	1,678	414	1,440	3,600
Net Interest (Paid)/Received	(118)	(207)	(720)	(1,800)
Tax Paid	2,665	(2,304)	(2,495)	(2,813)
Cashflow From Operations	8,781	7,224	8,866	11,469
Capex	(7,424)	(10,000)	(10,000)	(25,000)
Disposals Of FAs/subsidiaries	33	0	0	0
Acq. Of Subsidiaries/investments	2,887
Other Investing Cashflow	(2,714)
Cash Flow From Investing	(7,218)	(10,000)	(10,000)	(25,000)
Debt Raised/(repaid)	(545)	831	12,000	15,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,023)	(800)	(800)	(800)
Preferred Dividends
Other Financing Cashflow	2,003
Cash Flow From Financing	435	31	11,200	14,200
Total Cash Generated	1,998	(2,745)	10,067	670
Free Cashflow To Equity	1,017	(1,945)	10,867	1,470
Free Cashflow To Firm	1,681	(2,569)	(413)	(11,730)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	5,846	3,448	12,836	10,665
Total Debtors	12,984	14,028	15,493	17,747
Inventories	7,599	8,211	9,068	10,387
Total Other Current Assets	1,987	1,987	1,987	1,987
Total Current Assets	28,416	27,674	39,384	40,786
Fixed Assets	30,662	38,742	46,295	68,452
Total Investments	27	27	27	27
Intangible Assets
Total Other Non-Current Assets	1,857	1,857	1,857	1,857
Total Non-current Assets	32,546	40,626	48,179	70,336
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	5,823	6,291	6,948	7,959
Other Current Liabilities	2,028	2,028	2,028	2,028
Total Current Liabilities	7,851	8,319	8,976	9,987
Total Long-term Debt	2,170	3,000	15,000	30,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	623	623	623	623
Total Non-current Liabilities	2,792	3,623	15,623	30,623
Total Provisions	2,093	2,093	2,093	2,093
Total Liabilities	12,735	14,034	26,691	42,702
Shareholders Equity	48,227	54,266	60,871	68,420
Minority Interests
Total Equity	48,227	54,266	60,871	68,420

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(3.6%)	8.0%	10.4%	14.5%
Operating EBITDA Growth	(12.9%)	(6.4%)	17.1%	22.2%
Operating EBITDA Margin	14.6%	12.7%	13.4%	14.3%
Net Cash Per Share (Rs)	26.96	3.28	(15.87)	(141.75)
BVPS (Rs)	353.57	397.84	446.27	501.61
Gross Interest Cover	80.95	41.54	13.69	6.78
Effective Tax Rate	26.4%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	15.7%	11.7%	10.8%	9.6%
Accounts Receivables Days	61.96	59.39	58.77	57.77
Inventory Days	57.61	49.32	49.14	48.31
Accounts Payables Days	43.36	37.79	37.65	37.01
ROIC (%)	17.9%	13.6%	13.1%	13.9%
ROCE (%)	20.1%	15.5%	14.4%	13.7%
Return On Average Assets	13.2%	10.8%	10.2%	9.8%

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

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

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Market Data

Source: Bloomberg