InCred Equities - Camlin Fine Sciences

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	16,131	17,475	21,498	25,004
Operating EBITDA (Rsm)	739	1,750	4,310	5,298
Net Profit (Rsm)	(1,049)	(1,283)	2,373	3,220
Core EPS (Rs)	(2.9)	1.2	12.6	17.1
Core EPS Growth	(223.5%)	(141.3%)	943.4%	35.7%
FD Core P/E (x)	(47.48)	(38.81)	20.98	15.46
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	74.90	31.87	12.67	9.98
P/FCFE (x)	50.97	(19.91)	39.79	27.41
Net Gearing	65.8%	63.4%	40.9%	20.7%
P/BV (x)	5.76	5.17	4.15	3.27
ROE	(6.5%)	2.5%	22.0%	23.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	16,131	17,475	21,498	25,004
Gross Profit	6,994	8,398	11,179	13,002
Operating EBITDA	739	1,750	4,310	5,298
Depreciation And Amortisation	(786)	(698)	(724)	(754)
Operating EBIT	(47)	1,052	3,586	4,544
Financial Income/(Expense)	(603)	(979)	(488)	(314)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	156	172	75	75
Profit Before Tax (pre-EI)	(494)	245	3,173	4,305
Exceptional Items	(498)	(1,510)
Pre-tax Profit	(992)	(1,265)	3,173	4,305
Taxation	(56)	(17)	(800)	(1,085)
Exceptional Income - post-tax
Profit After Tax	(1,049)	(1,283)	2,373	3,220
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(1,049)	(1,283)	2,373	3,220
Recurring Net Profit	(551)	227	2,373	3,220
Fully Diluted Recurring Net Profit	(551)	227	2,373	3,220

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	739	1,750	4,310	5,298
Cash Flow from Invt. & Assoc.
Change In Working Capital	317	(1,632)	(1,465)	(1,277)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,171
Other Operating Cashflow	241	(1,167)	149	149
Net Interest (Paid)/Received	(603)	(979)	(488)	(314)
Tax Paid	(475)	(17)	(800)	(1,085)
Cashflow From Operations	1,390	(2,045)	1,707	2,772
Capex	(606)	(456)	(456)	(956)
Disposals Of FAs/subsidiaries	6
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(65)
Cash Flow From Investing	(665)	(456)	(456)	(956)
Debt Raised/(repaid)	252
Proceeds From Issue Of Shares	6	2,259
Shares Repurchased
Dividends Paid	(281)
Preferred Dividends
Other Financing Cashflow	(836)	(172)	(75)	(75)
Cash Flow From Financing	(860)	2,087	(75)	(75)
Total Cash Generated	(135)	(414)	1,177	1,742
Free Cashflow To Equity	977	(2,501)	1,251	1,816
Free Cashflow To Firm	1,328	(1,522)	1,739	2,130

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	935	522	1,699	3,440
Total Debtors	2,852	3,985	4,902	5,702
Inventories	5,127	4,710	5,795	6,740
Total Other Current Assets	1,093	1,093	1,093	1,093
Total Current Assets	10,007	10,310	13,489	16,975
Fixed Assets	8,023	7,781	7,512	7,714
Total Investments	79	79	79	79
Intangible Assets	596	596	596	596
Total Other Non-Current Assets	813	813	813	813
Total Non-current Assets	9,511	9,269	9,000	9,201
Short-term Debt	3,249	3,249	3,249	3,249
Current Portion of Long-Term Debt
Total Creditors	3,246	2,332	2,869	3,336
Other Current Liabilities	827	827	827	827
Total Current Liabilities	7,323	6,408	6,945	7,413
Total Long-term Debt	3,327	3,327	3,327	3,327
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	178	178	178	178
Total Non-current Liabilities	3,506	3,506	3,506	3,506
Total Provisions	119	119	119	119
Total Liabilities	10,948	10,033	10,570	11,038
Shareholders Equity	8,648	9,623	11,996	15,216
Minority Interests	(78)	(78)	(78)	(78)
Total Equity	8,570	9,545	11,918	15,138

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(4.1%)	8.3%	23.0%	16.3%
Operating EBITDA Growth	(64.0%)	136.8%	146.3%	22.9%
Operating EBITDA Margin	4.6%	10.0%	20.0%	21.2%
Net Cash Per Share (Rs)	(30.01)	(32.21)	(25.95)	(16.68)
BVPS (Rs)	46.00	51.19	63.81	80.94
Gross Interest Cover	(0.08)	1.07	7.35	14.49
Effective Tax Rate			25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	66.72	71.40	75.45	77.40
Inventory Days	215.90	197.80	185.80	190.61
Accounts Payables Days	122.45	112.15	91.97	94.35
ROIC (%)	(0.3%)	7.4%	17.0%	20.0%
ROCE (%)	(0.3%)	6.7%	20.6%	22.5%
Return On Average Assets	0.4%	6.2%	13.0%	14.2%

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

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

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Market Data

Source: Bloomberg