InCred Equities - Jubilant Ingrevia Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	47,727	48,235	52,522	57,306
Operating EBITDA (Rsm)	5,471	4,846	5,441	6,106
Net Profit (Rsm)	3,075	2,123	2,319	2,881
Core EPS (Rs)	19.3	13.3	14.6	18.1
Core EPS Growth	(35.5%)	(31.0%)	9.2%	24.3%
FD Core P/E (x)	34.36	49.77	45.58	36.68
DPS (Rs)	1.2	1.3	1.3	1.3
Dividend Yield	0.22%	0.24%	0.24%	0.24%
EV/EBITDA (x)	19.87	23.83	21.56	18.57
P/FCFE (x)	9.51	6.00	8.77	157.50
Net Gearing	11.7%	32.6%	33.0%	19.4%
P/BV (x)	3.96	3.35	2.88	2.49
ROE	12.1%	7.3%	6.8%	7.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	47,727	48,235	52,522	57,306
Gross Profit	21,911	22,526	24,445	26,523
Operating EBITDA	5,471	4,846	5,441	6,106
Depreciation And Amortisation	(1,222)	(1,800)	(1,800)	(1,800)
Operating EBIT	4,250	3,046	3,641	4,306
Financial Income/(Expense)	(216)	(541)	(875)	(788)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	334	334	334	334
Profit Before Tax (pre-EI)	4,367	2,838	3,100	3,852
Exceptional Items
Pre-tax Profit	4,367	2,838	3,100	3,852
Taxation	(1,292)	(715)	(781)	(971)
Exceptional Income - post-tax
Profit After Tax	3,075	2,123	2,319	2,881
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,075	2,123	2,319	2,881
Recurring Net Profit	3,075	2,123	2,319	2,881
Fully Diluted Recurring Net Profit	3,075	2,123	2,319	2,881

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	5,471	4,846	5,441	6,106
Cash Flow from Invt. & Assoc.
Change In Working Capital	(452)	(2,379)	(939)	(1,049)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	58
Other Operating Cashflow	537	875	1,209	1,121
Net Interest (Paid)/Received	(216)	(541)	(875)	(788)
Tax Paid	(774)	(715)	(781)	(971)
Cashflow From Operations	4,625	2,086	4,054	4,420
Capex	4,814	8,000	6,000	751
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	4,814	8,000	6,000	751
Debt Raised/(repaid)	1,677	7,533	2,000	(4,500)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	1,677	7,533	2,000	(4,500)
Total Cash Generated	11,115	17,618	12,054	671
Free Cashflow To Equity	11,115	17,618	12,054	671
Free Cashflow To Firm	9,654	10,627	10,929	5,958

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	846	1,198	1,377	759
Total Debtors	5,109	6,571	7,158	7,813
Inventories	10,351	11,827	12,884	14,064
Total Other Current Assets	1,874	1,874	1,874	1,874
Total Current Assets	18,180	21,469	23,292	24,510
Fixed Assets	23,269	31,269	37,269	38,020
Total Investments	82	502	502	502
Intangible Assets	442	442	442	442
Total Other Non-Current Assets	615	345	345	345
Total Non-current Assets	24,409	32,559	38,559	39,309
Short-term Debt	2,467
Current Portion of Long-Term Debt
Total Creditors	8,011	7,885	8,589	9,376
Other Current Liabilities	1,317	2,003	2,003	2,003
Total Current Liabilities	11,796	9,887	10,592	11,378
Total Long-term Debt	1,500	11,500	13,500	9,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	70	81	81	81
Total Non-current Liabilities	1,570	11,581	13,581	9,081
Total Provisions	2,561	973	973	973
Total Liabilities	15,927	22,441	25,146	21,433
Shareholders Equity	26,663	31,586	36,705	42,387
Minority Interests
Total Equity	26,663	31,586	36,705	42,387

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	(3.6%)	1.1%	8.9%	9.1%
Operating EBITDA Growth	(34.2%)	(11.4%)	12.3%	12.2%
Operating EBITDA Margin	11.5%	10.0%	10.4%	10.7%
Net Cash Per Share (Rs)	(19.59)	(64.67)	(76.10)	(51.73)
BVPS (Rs)	167.37	198.28	230.42	266.08
Gross Interest Cover	19.69	5.63	4.16	5.47
Effective Tax Rate	29.6%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	7.5%	11.7%	10.7%	8.6%
Accounts Receivables Days	41.75	44.19	47.70	47.68
Inventory Days	137.59	157.44	160.62	159.76
Accounts Payables Days	113.03	112.84	107.08	106.51
ROIC (%)	10.6%	7.0%	6.4%	6.5%
ROCE (%)	14.0%	8.0%	7.8%	8.4%
Return On Average Assets	8.0%	5.2%	5.1%	5.5%

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

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

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Market Data

Source: Bloomberg