InCred Equities - Clean Science and Technology

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	7,915	9,430	10,090	10,796
Operating EBITDA (Rsm)	3,321	3,834	4,051	4,241
Net Profit (Rsm)	2,440	2,579	2,879	3,164
Core EPS (Rs)	23.0	24.3	27.1	29.8
Core EPS Growth	(17.3%)	5.7%	11.6%	9.9%
FD Core P/E (x)	52.94	50.09	44.88	40.83
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	37.96	32.17	29.74	27.66
P/FCFE (x)	252.24	47.66	45.08	40.85
Net Gearing	(26.0%)	(40.0%)	(49.8%)	(57.5%)
P/BV (x)	10.74	8.84	7.39	6.25
ROE	22.1%	19.4%	17.9%	16.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	7,915	9,430	10,090	10,796
Gross Profit	5,144	6,035	6,458	6,910
Operating EBITDA	3,321	3,834	4,051	4,241
Depreciation And Amortisation	(459)	(699)	(710)	(730)
Operating EBIT	2,861	3,135	3,341	3,511
Financial Income/(Expense)	(9)	(1)	(1)	(1)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	413	314	509	720
Profit Before Tax (pre-EI)	3,265	3,448	3,849	4,230
Exceptional Items
Pre-tax Profit	3,265	3,448	3,849	4,230
Taxation	(825)	(869)	(970)	(1,066)
Exceptional Income - post-tax
Profit After Tax	2,440	2,579	2,879	3,164
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,440	2,579	2,879	3,164
Recurring Net Profit	2,440	2,579	2,879	3,164
Fully Diluted Recurring Net Profit	2,440	2,579	2,879	3,164

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	3,321	3,834	4,051	4,241
Cash Flow from Invt. & Assoc.
Change In Working Capital	(295)	32	(123)	(132)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(313)
Other Operating Cashflow	422	314	509	720
Net Interest (Paid)/Received	(9)	(1)	(1)	(1)
Tax Paid	(755)	(869)	(970)	(1,066)
Cashflow From Operations	2,371	3,311	3,466	3,763
Capex	(2,323)	(600)	(600)	(600)
Disposals Of FAs/subsidiaries	56
Acq. Of Subsidiaries/investments
Other Investing Cashflow	408
Cash Flow From Investing	(1,859)	(600)	(600)	(600)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(531)
Preferred Dividends
Other Financing Cashflow	(1)
Cash Flow From Financing	(532)
Total Cash Generated	(20)	2,711	2,866	3,163
Free Cashflow To Equity	512	2,711	2,866	3,163
Free Cashflow To Firm	521	2,712	2,867	3,164

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	3,130	5,841	8,707	11,870
Total Debtors	1,637	1,473	1,576	1,686
Inventories	1,237	1,085	1,161	1,242
Total Other Current Assets	593	593	593	593
Total Current Assets	6,596	8,991	12,036	15,390
Fixed Assets	6,927	6,828	6,718	6,588
Total Investments	370	370	370	370
Intangible Assets
Total Other Non-Current Assets	69	69	69	69
Total Non-current Assets	7,366	7,267	7,157	7,027
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	1,085	801	857	917
Other Current Liabilities	516	516	516	516
Total Current Liabilities	1,600	1,316	1,372	1,432
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	23	23	23	23
Total Non-current Liabilities	23	23	23	23
Total Provisions	308	308	308	308
Total Liabilities	1,931	1,647	1,704	1,764
Shareholders Equity	12,032	14,611	17,490	20,654
Minority Interests
Total Equity	12,032	14,611	17,490	20,654

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(15.4%)	19.1%	7.0%	7.0%
Operating EBITDA Growth	(17.4%)	15.5%	5.6%	4.7%
Operating EBITDA Margin	42.0%	40.7%	40.1%	39.3%
Net Cash Per Share (Rs)	29.45	54.95	81.91	111.66
BVPS (Rs)	113.19	137.45	164.53	194.30
Gross Interest Cover	309.01	3,522.70	3,753.56	3,945.06
Effective Tax Rate	25.3%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	71.46	60.19	55.14	55.14
Inventory Days	153.11	124.81	112.85	112.85
Accounts Payables Days	124.47	101.36	83.29	83.29
ROIC (%)	31.9%	26.5%	28.6%	30.0%
ROCE (%)	25.2%	23.0%	20.4%	18.1%
Return On Average Assets	19.2%	17.1%	16.2%	15.2%

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

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

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Market Data

Source: Bloomberg