InCred Equities - Ami Organics Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	6,167	6,784	7,462	8,209
Operating EBITDA (Rsm)	1,226	1,178	1,227	1,290
Net Profit (Rsm)	833	788	822	867
Core EPS (Rs)	23.1	21.9	22.8	24.1
Core EPS Growth	15.8%	(5.4%)	4.3%	5.5%
FD Core P/E (x)	87.55	92.59	88.73	84.08
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	59.03	60.67	57.89	54.66
P/FCFE (x)	195.21	102.74	105.22	101.35
Net Gearing	(9.3%)	(23.0%)	(27.4%)	(31.4%)
P/BV (x)	12.28	11.34	10.42	9.57
ROE	15.0%	12.7%	12.2%	11.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	6,167	6,784	7,462	8,209
Gross Profit	2,858	2,985	3,209	3,448
Operating EBITDA	1,226	1,178	1,227	1,290
Depreciation And Amortisation	(123)	(139)	(142)	(145)
Operating EBIT	1,103	1,039	1,085	1,146
Financial Income/(Expense)	(24)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	43	14	14	14
Profit Before Tax (pre-EI)	1,122	1,053	1,099	1,159
Exceptional Items
Pre-tax Profit	1,122	1,053	1,099	1,159
Taxation	(289)	(265)	(277)	(292)
Exceptional Income - post-tax
Profit After Tax	833	788	822	867
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	833	788	822	867
Recurring Net Profit	833	788	822	867
Fully Diluted Recurring Net Profit	833	788	822	867

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	1,226	1,178	1,227	1,290
Cash Flow from Invt. & Assoc.
Change In Working Capital	(443)	(130)	(220)	(242)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	43	14	14	14
Net Interest (Paid)/Received	(24)
Tax Paid	(245)	(265)	(277)	(292)
Cashflow From Operations	557	796	743	770
Capex	(657)	(50)	(50)	(50)
Disposals Of FAs/subsidiaries	(181)
Acq. Of Subsidiaries/investments
Other Investing Cashflow	632
Cash Flow From Investing	(205)	(50)	(50)	(50)
Debt Raised/(repaid)	21	(36)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(109)	(250)	(250)	(250)
Preferred Dividends
Other Financing Cashflow	(56)
Cash Flow From Financing	(144)	(286)	(250)	(250)
Total Cash Generated	208	460	443	470
Free Cashflow To Equity	374	710	693	720
Free Cashflow To Firm	377	746	693	720

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	587	1,477	1,920	2,389
Total Debtors	2,303	2,135	2,349	2,584
Inventories	1,192	1,463	1,609	1,770
Total Other Current Assets	620	620	620	620
Total Current Assets	4,701	5,694	6,497	7,363
Fixed Assets	2,473	2,384	2,293	2,198
Total Investments	17	17	17	17
Intangible Assets
Total Other Non-Current Assets	479
Total Non-current Assets	2,969	2,401	2,309	2,215
Short-term Debt	30
Current Portion of Long-Term Debt
Total Creditors	1,420	1,394	1,533	1,687
Other Current Liabilities	178	178	178	178
Total Current Liabilities	1,628	1,572	1,712	1,865
Total Long-term Debt	6
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	6
Total Provisions	95	95	95	95
Total Liabilities	1,730	1,667	1,807	1,960
Shareholders Equity	5,940	6,428	7,000	7,617
Minority Interests
Total Equity	5,940	6,428	7,000	7,617

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	18.6%	10.0%	10.0%	10.0%
Operating EBITDA Growth	16.6%	(3.9%)	4.2%	5.2%
Operating EBITDA Margin	19.9%	17.4%	16.4%	15.7%
Net Cash Per Share (Rs)	15.30	41.02	53.32	66.36
BVPS (Rs)	164.99	178.55	194.44	211.58
Gross Interest Cover	45.71
Effective Tax Rate	25.7%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	116.58	119.38	109.65	109.65
Inventory Days	127.59	127.53	131.82	129.55
Accounts Payables Days	143.65	135.20	125.60	123.43
ROIC (%)	19.3%	14.2%	16.1%	16.6%
ROCE (%)	19.5%	16.5%	16.0%	15.5%
Return On Average Assets	12.0%	10.0%	9.7%	9.4%

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

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

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Market Data

Source: Bloomberg