InCred Equities - Jubilant Ingrevia Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	41,358	41,270	45,270	49,270
Operating EBITDA (Rsm)	4,211	3,922	4,962	5,867
Net Profit (Rsm)	1,829	1,544	1,813	2,004
Core EPS (Rs)	11.5	9.7	11.4	12.6
Core EPS Growth	(40.5%)	(15.6%)	17.4%	10.5%
FD Core P/E (x)	55.43	65.66	55.91	50.59
DPS (Rs)	1.2	1.3	1.3	1.3
Dividend Yield	0.23%	0.25%	0.25%	0.25%
EV/EBITDA (x)	25.60	29.27	24.36	21.61
P/FCFE (x)	7.60	5.54	5.60	5.34
Net Gearing	23.9%	47.1%	64.8%	79.8%
P/BV (x)	3.70	3.54	3.35	3.17
ROE	6.8%	5.5%	6.2%	6.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	41,358	41,270	45,270	49,270
Gross Profit	19,932	20,222	22,182	24,142
Operating EBITDA	4,211	3,922	4,962	5,867
Depreciation And Amortisation	(1,362)	(1,500)	(1,700)	(1,900)
Operating EBIT	2,850	2,422	3,262	3,967
Financial Income/(Expense)	(527)	(758)	(1,248)	(1,738)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	354	400	410	450
Profit Before Tax (pre-EI)	2,676	2,064	2,424	2,679
Exceptional Items
Pre-tax Profit	2,676	2,064	2,424	2,679
Taxation	(847)	(520)	(611)	(675)
Exceptional Income - post-tax
Profit After Tax	1,829	1,544	1,813	2,004
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,829	1,544	1,813	2,004
Recurring Net Profit	1,829	1,544	1,813	2,004
Fully Diluted Recurring Net Profit	1,829	1,544	1,813	2,004

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	4,211	3,922	4,962	5,867
Cash Flow from Invt. & Assoc.
Change In Working Capital	59	507	(668)	(668)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	147
Other Operating Cashflow	870	1,158	1,658	2,188
Net Interest (Paid)/Received	(527)	(758)	(1,248)	(1,738)
Tax Paid	(460)	(520)	(611)	(675)
Cashflow From Operations	4,300	4,309	4,094	4,975
Capex	5,684	7,000	7,000	7,000
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	5,684	7,000	7,000	7,000
Debt Raised/(repaid)	3,363	7,000	7,000	7,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	3,363	7,000	7,000	7,000
Total Cash Generated	13,346	18,309	18,094	18,975
Free Cashflow To Equity	13,346	18,309	18,094	18,975
Free Cashflow To Firm	10,510	12,067	12,342	13,713

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	796	825	1,723	2,811
Total Debtors	5,720	5,719	6,277	6,835
Inventories	9,413	7,863	8,630	9,397
Total Other Current Assets	1,870	1,870	1,870	1,870
Total Current Assets	17,799	16,278	18,501	20,914
Fixed Assets	28,084	35,084	42,084	49,084
Total Investments	104	104	104	104
Intangible Assets	412	412	412	412
Total Other Non-Current Assets	920	920	920	920
Total Non-current Assets	29,520	36,520	43,520	50,520
Short-term Debt	3,074	3,074	3,074	3,074
Current Portion of Long-Term Debt
Total Creditors	7,667	6,740	7,397	8,055
Other Current Liabilities	2,120	2,003	2,003	2,003
Total Current Liabilities	12,861	11,817	12,474	13,132
Total Long-term Debt	4,256	11,256	18,256	25,256
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	44	81	81	81
Total Non-current Liabilities	4,300	11,337	18,337	25,337
Total Provisions	2,784	973	973	973
Total Liabilities	19,944	24,127	31,784	39,442
Shareholders Equity	27,376	28,672	30,236	31,992
Minority Interests
Total Equity	27,376	28,672	30,236	31,992

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(13.3%)	(0.2%)	9.7%	8.8%
Operating EBITDA Growth	(23.0%)	(6.9%)	26.5%	18.2%
Operating EBITDA Margin	10.2%	9.5%	11.0%	11.9%
Net Cash Per Share (Rs)	(41.02)	(84.77)	(123.08)	(160.20)
BVPS (Rs)	171.85	179.98	189.81	200.83
Gross Interest Cover	5.41	3.20	2.61	2.28
Effective Tax Rate	31.7%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	12.5%	16.1%	13.7%	12.4%
Accounts Receivables Days	47.78	50.58	48.36	48.57
Inventory Days	168.35	149.80	130.37	130.93
Accounts Payables Days	133.54	124.91	111.75	112.23
ROIC (%)	6.0%	4.9%	5.7%	5.8%
ROCE (%)	8.2%	6.0%	6.9%	7.1%
Return On Average Assets	4.9%	4.2%	4.8%	5.0%

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

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Market Data

Source: Bloomberg