InCred Equities - KEC International Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	218,467	242,484	280,072	318,397
Operating EBITDA (Rsm)	15,039	18,841	22,926	27,084
Net Profit (Rsm)	5,707	9,264	11,994	15,020
Core EPS (Rs)	22.0	35.5	45.7	56.8
Core EPS Growth	63.4%	61.2%	28.6%	24.4%
FD Core P/E (x)	39.78	24.68	19.19	15.43
DPS (Rs)	4.7	7.7	9.9	12.4
Dividend Yield	0.54%	0.87%	1.13%	1.42%
EV/EBITDA (x)	17.12	13.69	11.48	9.78
P/FCFE (x)	88.40	45.13	27.70	24.59
Net Gearing	56.9%	48.3%	47.0%	40.3%
P/BV (x)	4.36	3.85	3.33	2.85
ROE	12.1%	16.2%	18.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	218,467	242,484	280,072	318,397
Gross Profit	49,364	55,771	64,416	73,231
Operating EBITDA	15,039	18,841	22,926	27,084
Depreciation And Amortisation	(1,837)	(2,195)	(2,367)	(2,538)
Operating EBIT	13,202	16,646	20,559	24,545
Financial Income/(Expense)	(6,636)	(5,702)	(6,086)	(6,242)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	709	709	709	709
Profit Before Tax (pre-EI)	7,275	11,653	15,182	19,012
Exceptional Items
Pre-tax Profit	7,275	11,653	15,182	19,012
Taxation	(1,568)	(2,389)	(3,188)	(3,993)
Exceptional Income - post-tax
Profit After Tax	5,707	9,264	11,994	15,020
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,707	9,264	11,994	15,020
Recurring Net Profit	5,707	9,264	11,994	15,020
Fully Diluted Recurring Net Profit	5,707	9,264	11,994	15,020

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	15,039	18,841	22,926	27,084
Cash Flow from Invt. & Assoc.
Change In Working Capital	(15,237)	(7,076)	(9,024)	(11,538)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	2,817	364	280	318
Net Interest (Paid)/Received
Tax Paid	1,572	(2,389)	(3,188)	(3,993)
Cashflow From Operations	4,191	9,740	10,994	11,872
Capex	(1,491)	(2,381)	(2,613)	(2,614)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	813	(4,037)	(1,897)	(1,806)
Cash Flow From Investing	(679)	(6,419)	(4,510)	(4,420)
Debt Raised/(repaid)	(872)	1,851	1,943	2,040
Proceeds From Issue Of Shares	8,511
Shares Repurchased
Dividends Paid	(1,028)	(2,038)	(2,639)	(3,304)
Preferred Dividends
Other Financing Cashflow	(6,718)	(6,093)	(5,799)	(5,948)
Cash Flow From Financing	(106)	(6,281)	(6,495)	(7,212)
Total Cash Generated	3,406	(2,960)	(10)	239
Free Cashflow To Equity	2,640	5,172	8,427	9,492
Free Cashflow To Firm	3,512	3,321	6,484	7,451

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	6,559	9,568	7,892	9,875
Total Debtors	50,511	50,490	58,316	66,296
Inventories	11,405	15,280	17,648	20,063
Total Other Current Assets	125,392	123,567	144,256	163,996
Total Current Assets	193,866	198,905	228,113	260,231
Fixed Assets	14,069	14,255	14,501	14,577
Total Investments		24	28	32
Intangible Assets
Total Other Non-Current Assets	11,082	15,761	18,205	20,696
Total Non-current Assets	27,933	32,823	35,516	38,087
Short-term Debt	33,426	35,098	36,853	38,695
Current Portion of Long-Term Debt
Total Creditors	105,035	105,630	122,004	138,699
Other Current Liabilities	22,799	23,252	26,856	30,531
Total Current Liabilities	161,260	163,979	185,713	207,925
Total Long-term Debt	3,585	3,764	3,952	4,150
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,316	1,940	2,241	2,547
Total Non-current Liabilities	5,900	5,704	6,193	6,697
Total Provisions
Total Liabilities	167,161	169,683	191,905	214,622
Shareholders Equity	53,475	60,701	70,056	81,771
Minority Interests
Total Equity	53,475	60,701	70,056	81,771

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	9.7%	11.0%	15.5%	13.7%
Operating EBITDA Growth	23.8%	25.3%	21.7%	18.1%
Operating EBITDA Margin	6.9%	7.8%	8.2%	8.5%
Net Cash Per Share (Rs)	(114.39)	(110.04)	(123.64)	(123.85)
BVPS (Rs)	200.88	228.03	263.17	307.18
Gross Interest Cover	1.99	2.92	3.38	3.93
Effective Tax Rate	21.5%	20.5%	21.0%	21.0%
Net Dividend Payout Ratio	22.1%	22.0%	22.0%	22.0%
Accounts Receivables Days	76.75	76.02	70.90	71.43
Inventory Days	25.40	26.08	27.87	28.07
Accounts Payables Days	212.72	205.91	192.64	194.07
ROIC (%)	12.1%	14.1%	15.6%	16.5%
ROCE (%)	15.6%	17.5%	19.5%	20.8%
Return On Average Assets	5.2%	5.9%	6.7%	7.0%

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

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Market Data

Source: Bloomberg