InCred Equities - KEC International Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	199,142	224,353	249,724	282,385
Operating EBITDA (Rsm)	12,145	16,435	19,153	23,048
Net Profit (Rsm)	3,468	7,701	9,994	13,180
Core EPS (Rs)	13.5	30.0	38.9	51.3
Core EPS Growth	97.0%	122.1%	29.8%	31.9%
FD Core P/E (x)	73.77	33.22	25.60	19.41
DPS (Rs)	3.0	6.6	8.6	11.3
Dividend Yield	0.30%	0.66%	0.86%	1.13%
EV/EBITDA (x)	23.98	17.82	15.33	12.80
P/FCFE (x)	36.75	35.45	35.01	31.76
Net Gearing	86.4%	78.8%	69.1%	60.3%
P/BV (x)	6.25	5.45	4.67	3.93
ROE	8.8%	17.5%	19.6%	22.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	199,142	224,353	249,724	282,385
Gross Profit	43,294	51,825	57,486	64,949
Operating EBITDA	12,145	16,435	19,153	23,048
Depreciation And Amortisation	(1,854)	(1,894)	(2,127)	(2,291)
Operating EBIT	10,292	14,541	17,026	20,757
Financial Income/(Expense)	(6,551)	(5,873)	(5,310)	(5,415)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	524	869	669	624
Profit Before Tax (pre-EI)	4,265	9,537	12,384	15,966
Exceptional Items
Pre-tax Profit	4,265	9,537	12,384	15,966
Taxation	(797)	(1,836)	(2,390)	(2,786)
Exceptional Income - post-tax
Profit After Tax	3,468	7,701	9,994	13,180
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,468	7,701	9,994	13,180
Recurring Net Profit	3,468	7,701	9,994	13,180
Fully Diluted Recurring Net Profit	3,468	7,701	9,994	13,180

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	12,145	16,435	19,153	23,048
Cash Flow from Invt. & Assoc.
Change In Working Capital	(7,902)	(6,281)	(6,740)	(10,195)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,389	464	375	282
Net Interest (Paid)/Received
Tax Paid	(2,521)	(1,836)	(2,390)	(2,786)
Cashflow From Operations	3,111	8,782	10,397	10,349
Capex	(2,336)	(2,517)	(2,613)	(2,613)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	105	(955)	(2,479)	(1,785)
Cash Flow From Investing	(2,231)	(3,472)	(5,092)	(4,398)
Debt Raised/(repaid)	6,080	1,906	2,001	2,102
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(772)	(1,694)	(2,199)	(2,900)
Preferred Dividends
Other Financing Cashflow	(6,949)	(5,810)	(5,107)	(5,153)
Cash Flow From Financing	(1,641)	(5,598)	(5,305)	(5,952)
Total Cash Generated	(761)	(288)	0	0
Free Cashflow To Equity	6,960	7,216	7,306	8,053
Free Cashflow To Firm	881	5,310	5,305	5,952

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	2,733	3,037	4,206	4,889
Total Debtors	41,366	46,100	51,997	58,798
Inventories	12,133	13,523	15,736	17,794
Total Other Current Assets	105,346	116,172	127,256	145,448
Total Current Assets	161,579	178,831	199,195	226,929
Fixed Assets	13,701	14,226	14,712	15,035
Total Investments		22	25	28
Intangible Assets
Total Other Non-Current Assets	12,314	13,461	16,232	18,355
Total Non-current Assets	28,736	30,431	33,691	36,139
Short-term Debt	35,595	37,374	39,243	41,205
Current Portion of Long-Term Debt
Total Creditors	92,070	97,732	108,784	123,012
Other Current Liabilities	16,482	21,513	23,946	27,078
Total Current Liabilities	144,146	156,620	171,973	191,295
Total Long-term Debt	2,529	2,655	2,788	2,927
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,731	1,795	1,998	2,259
Total Non-current Liabilities	4,260	4,450	4,786	5,186
Total Provisions
Total Liabilities	148,406	161,069	176,758	196,481
Shareholders Equity	40,957	46,964	54,759	65,040
Minority Interests
Total Equity	40,957	46,964	54,759	65,040

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	15.2%	12.7%	11.3%	13.1%
Operating EBITDA Growth	46.4%	35.3%	16.5%	20.3%
Operating EBITDA Margin	6.1%	7.3%	7.7%	8.2%
Net Cash Per Share (Rs)	(137.65)	(143.88)	(147.12)	(152.64)
BVPS (Rs)	159.30	182.67	212.99	252.97
Gross Interest Cover	1.57	2.48	3.21	3.83
Effective Tax Rate	18.7%	19.3%	19.3%	17.5%
Net Dividend Payout Ratio	22.3%	22.0%	22.0%	22.0%
Accounts Receivables Days	101.11	71.15	71.69	71.60
Inventory Days	27.52	27.14	27.78	28.14
Accounts Payables Days	206.04	200.77	196.06	194.55
ROIC (%)	11.7%	13.4%	14.2%	15.5%
ROCE (%)	13.8%	17.5%	18.5%	20.2%
Return On Average Assets	4.7%	6.0%	6.3%	6.9%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg