InCred Equities - KEC International Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	199,142	216,328	242,402	280,135
Operating EBITDA (Rsm)	12,145	14,901	18,743	22,920
Net Profit (Rsm)	3,468	5,661	9,297	11,992
Core EPS (Rs)	13.5	21.8	35.6	45.6
Core EPS Growth	97.0%	62.0%	63.0%	28.0%
FD Core P/E (x)	56.89	35.12	21.55	16.83
DPS (Rs)	3.0	4.7	7.7	9.9
Dividend Yield	0.39%	0.61%	1.00%	1.29%
EV/EBITDA (x)	19.16	15.19	12.23	10.23
P/FCFE (x)	28.34	(1,018.78)	26.09	23.42
Net Gearing	86.4%	50.8%	47.2%	46.3%
P/BV (x)	4.82	3.79	3.34	2.90
ROE	8.8%	11.9%	16.1%	18.2%
% 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	216,328	242,402	280,135
Gross Profit	43,294	49,010	55,752	64,431
Operating EBITDA	12,145	14,901	18,743	22,920
Depreciation And Amortisation	(1,854)	(1,825)	(2,231)	(2,402)
Operating EBIT	10,292	13,076	16,512	20,518
Financial Income/(Expense)	(6,551)	(6,652)	(6,018)	(6,415)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	524	567	1,274	1,077
Profit Before Tax (pre-EI)	4,265	6,991	11,768	15,180
Exceptional Items
Pre-tax Profit	4,265	6,991	11,768	15,180
Taxation	(797)	(1,330)	(2,471)	(3,188)
Exceptional Income - post-tax
Profit After Tax	3,468	5,661	9,297	11,992
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,468	5,661	9,297	11,992
Recurring Net Profit	3,468	5,661	9,297	11,992
Fully Diluted Recurring Net Profit	3,468	5,661	9,297	11,992

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	12,145	14,901	18,743	22,920
Cash Flow from Invt. & Assoc.
Change In Working Capital	(7,902)	(13,810)	(6,300)	(9,090)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,389	456	364	280
Net Interest (Paid)/Received
Tax Paid	(2,521)	(1,330)	(2,471)	(3,188)
Cashflow From Operations	3,111	217	10,335	10,923
Capex	(2,336)	(2,517)	(2,613)	(2,613)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	105	193	(1,868)	(1,660)
Cash Flow From Investing	(2,231)	(2,324)	(4,481)	(4,273)
Debt Raised/(repaid)	6,080	1,906	2,001	2,102
Proceeds From Issue Of Shares		8,711
Shares Repurchased
Dividends Paid	(772)	(1,260)	(2,045)	(2,638)
Preferred Dividends
Other Financing Cashflow	(6,949)	(6,652)	(5,810)	(6,113)
Cash Flow From Financing	(1,641)	2,705	(5,854)	(6,650)
Total Cash Generated	(761)	598
Free Cashflow To Equity	6,960	(201)	7,855	8,752
Free Cashflow To Firm	881	(2,107)	5,854	6,650

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	2,733	12,545	13,080	11,434
Total Debtors	41,366	44,451	50,473	58,329
Inventories	12,133	13,039	15,275	17,652
Total Other Current Assets	105,346	112,016	123,525	144,289
Total Current Assets	161,579	182,051	202,353	231,705
Fixed Assets	13,701	14,202	14,584	14,795
Total Investments		22	24	28
Intangible Assets
Total Other Non-Current Assets	12,314	12,980	15,756	18,209
Total Non-current Assets	28,736	29,925	33,086	35,753
Short-term Debt	35,595	37,374	39,243	41,205
Current Portion of Long-Term Debt
Total Creditors	92,070	94,236	105,594	122,031
Other Current Liabilities	16,482	20,744	23,244	26,862
Total Current Liabilities	144,146	152,354	168,081	190,099
Total Long-term Debt	2,529	2,655	2,788	2,927
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,731	1,731	1,939	2,241
Total Non-current Liabilities	4,260	4,386	4,727	5,168
Total Provisions
Total Liabilities	148,406	156,740	172,808	195,267
Shareholders Equity	40,957	54,051	61,302	70,656
Minority Interests
Total Equity	40,957	54,051	61,302	70,656

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	15.2%	8.6%	12.1%	15.6%
Operating EBITDA Growth	46.4%	22.7%	25.8%	22.3%
Operating EBITDA Margin	6.1%	6.9%	7.7%	8.2%
Net Cash Per Share (Rs)	(137.65)	(102.90)	(108.39)	(122.42)
BVPS (Rs)	159.30	202.36	229.51	264.53
Gross Interest Cover	1.57	1.97	2.74	3.20
Effective Tax Rate	18.7%	19.0%	21.0%	21.0%
Net Dividend Payout Ratio	22.3%	22.3%	22.0%	22.0%
Accounts Receivables Days	101.11	72.40	71.47	70.88
Inventory Days	27.52	27.46	27.68	27.86
Accounts Payables Days	206.04	203.21	195.39	192.59
ROIC (%)	11.7%	12.2%	14.2%	15.6%
ROCE (%)	13.8%	15.1%	16.7%	18.8%
Return On Average Assets	4.7%	5.3%	6.1%	6.7%

(91) 02241611548 anirvan.divakera@incredresearch.com

(91) 22 4161 1565 ishan.verma@incredresearch.com

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Market Data

Source: Bloomberg