InCred Equities - Epigral Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	25,168	25,412	27,292	33,768
Operating EBITDA (Rsm)	6,809	6,625	7,167	8,830
Net Profit (Rsm)	3,436	3,181	3,470	4,635
Core EPS (Rs)	81.1	73.7	80.4	107.4
Core EPS Growth	(4.6%)	(9.1%)	9.1%	33.6%
FD Core P/E (x)	23.99	26.40	24.21	18.12
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	13.51	13.45	12.15	9.45
P/FCFE (x)	57.83	32.52	30.06	19.07
Net Gearing	76.2%	22.9%	12.0%	(1.7%)
P/BV (x)	6.70	3.73	3.24	2.75
ROE	29.6%	18.2%	14.3%	16.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	25,168	25,412	27,292	33,768
Gross Profit	11,326	11,435	12,281	14,858
Operating EBITDA	6,809	6,625	7,167	8,830
Depreciation And Amortisation	(1,511)	(1,668)	(1,824)	(1,929)
Operating EBIT	5,298	4,957	5,343	6,901
Financial Income/(Expense)	(769)	(769)	(769)	(769)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	65	65	65	65
Profit Before Tax (pre-EI)	4,594	4,253	4,639	6,196
Exceptional Items
Pre-tax Profit	4,594	4,253	4,639	6,196
Taxation	(1,158)	(1,072)	(1,169)	(1,561)
Exceptional Income - post-tax
Profit After Tax	3,436	3,181	3,470	4,635
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,436	3,181	3,470	4,635
Recurring Net Profit	3,436	3,181	3,470	4,635
Fully Diluted Recurring Net Profit	3,436	3,181	3,470	4,635

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	6,809	6,625	7,167	8,830
Cash Flow from Invt. & Assoc.
Change In Working Capital	(384)	(35)	(269)	(928)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(11)
Other Operating Cashflow	(1,162)	835	835	835
Net Interest (Paid)/Received	(769)	(769)	(769)	(769)
Tax Paid	(505)	(1,072)	(1,169)	(1,561)
Cashflow From Operations	3,977	5,583	5,794	6,405
Capex	(3,984)	(3,000)	(3,000)	(2,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(27)
Cash Flow From Investing	(4,011)	(3,000)	(3,000)	(2,000)
Debt Raised/(repaid)	1,460
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(251)
Preferred Dividends
Other Financing Cashflow	(1,285)	(769)	(769)	(769)
Cash Flow From Financing	(76)	(769)	(769)	(769)
Total Cash Generated	(110)	1,814	2,025	3,636
Free Cashflow To Equity	1,426	2,583	2,794	4,405
Free Cashflow To Firm	735	3,353	3,564	5,175

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	68	4,488	6,513	10,149
Total Debtors	1,788	2,355	2,529	3,129
Inventories	2,630	3,464	3,721	4,603
Total Other Current Assets	534	534	534	534
Total Current Assets	5,019	10,841	13,296	18,415
Fixed Assets	22,495	27,145	28,321	28,392
Total Investments	206	206	206	206
Intangible Assets
Total Other Non-Current Assets	223	223	223	223
Total Non-current Assets	22,924	27,574	28,750	28,821
Short-term Debt	4,156	4,156	4,156	4,156
Current Portion of Long-Term Debt
Total Creditors	1,653	2,177	2,338	2,893
Other Current Liabilities	1,986	1,986	1,986	1,986
Total Current Liabilities	7,796	8,320	8,481	9,036
Total Long-term Debt	5,470	5,470	5,470	5,470
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1	1	1	1
Total Non-current Liabilities	5,471	5,471	5,471	5,471
Total Provisions	2,135	2,135	2,135	2,135
Total Liabilities	15,402	15,927	16,088	16,643
Shareholders Equity	12,541	22,488	25,958	30,593
Minority Interests
Total Equity	12,541	22,488	25,958	30,593

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	15.0%	1.0%	7.4%	23.7%
Operating EBITDA Growth	(1.2%)	(2.7%)	8.2%	23.2%
Operating EBITDA Margin	27.1%	26.1%	26.3%	26.1%
Net Cash Per Share (Rs)	(221.57)	(119.11)	(72.18)	12.09
BVPS (Rs)	290.69	521.27	601.70	709.13
Gross Interest Cover	6.89	6.44	6.94	8.97
Effective Tax Rate	25.2%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	25.02	29.75	32.65	30.58
Inventory Days	62.60	79.58	87.35	80.33
Accounts Payables Days	36.32	50.01	54.90	50.49
ROIC (%)	19.0%	15.4%	13.5%	16.6%
ROCE (%)	23.4%	17.0%	14.9%	17.3%
Return On Average Assets	15.4%	11.3%	10.1%	11.7%

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

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

Market Data

Source: Bloomberg