InCred Equities - Ami Organics Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	7,175	9,784	11,252	12,377
Operating EBITDA (Rsm)	1,285	2,274	2,774	3,116
Net Profit (Rsm)	487	1,502	1,834	2,066
Core EPS (Rs)	16.5	36.6	44.7	50.4
Core EPS Growth	(18.6%)	121.6%	22.1%	12.7%
FD Core P/E (x)	208.13	67.49	55.29	49.06
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	80.24	43.59	35.39	31.07
P/FCFE (x)	4,404.51	(40.29)	84.31	64.34
Net Gearing	23.9%	(18.6%)	(23.3%)	(28.9%)
P/BV (x)	15.04	8.06	7.16	6.34
ROE	10.7%	15.6%	13.7%	13.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	7,175	9,784	11,252	12,377
Gross Profit	3,058	4,501	5,176	5,693
Operating EBITDA	1,285	2,274	2,774	3,116
Depreciation And Amortisation	(161)	(279)	(336)	(368)
Operating EBIT	1,124	1,995	2,438	2,749
Financial Income/(Expense)	(59)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	75	14	14	14
Profit Before Tax (pre-EI)	1,140	2,008	2,451	2,762
Exceptional Items	(321)
Pre-tax Profit	819	2,008	2,451	2,762
Taxation	(332)	(506)	(618)	(696)
Exceptional Income - post-tax
Profit After Tax	487	1,502	1,834	2,066
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	487	1,502	1,834	2,066
Recurring Net Profit	678	1,502	1,834	2,066
Fully Diluted Recurring Net Profit	678	1,502	1,834	2,066

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,285	2,274	2,774	3,116
Cash Flow from Invt. & Assoc.
Change In Working Capital	(217)	(831)	(467)	(358)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(246)	14	14	14
Net Interest (Paid)/Received	(59)
Tax Paid	(332)	(506)	(618)	(696)
Cashflow From Operations	430	950	1,702	2,076
Capex	(2,538)	(1,300)	(500)	(500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(2,538)	(1,300)	(500)	(500)
Debt Raised/(repaid)	2,130	(2,166)
Proceeds From Issue Of Shares		4,597
Shares Repurchased
Dividends Paid	(200)	(250)	(250)	(250)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	1,930	2,181	(250)	(250)
Total Cash Generated	(177)	1,831	952	1,326
Free Cashflow To Equity	23	(2,516)	1,202	1,576
Free Cashflow To Firm	(2,048)	(350)	1,202	1,576

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	533	2,364	3,317	4,642
Total Debtors	2,064	2,814	3,236	3,560
Inventories	1,567	2,137	2,458	2,704
Total Other Current Assets	794	794	794	794
Total Current Assets	4,958	8,110	9,805	11,700
Fixed Assets	4,483	5,504	5,668	5,800
Total Investments	2	2	2	2
Intangible Assets
Total Other Non-Current Assets	1,516	1,516	1,516	1,516
Total Non-current Assets	6,001	7,022	7,186	7,318
Short-term Debt	1,030
Current Portion of Long-Term Debt
Total Creditors	1,346	1,836	2,111	2,322
Other Current Liabilities	476	476	476	476
Total Current Liabilities	2,852	2,311	2,587	2,798
Total Long-term Debt	1,136
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	1,136
Total Provisions	143	143	143	143
Total Liabilities	4,131	2,455	2,730	2,941
Shareholders Equity	6,740	12,580	14,163	15,980
Minority Interests	88	97	97	97
Total Equity	6,828	12,677	14,261	16,077

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	16.3%	36.4%	15.0%	10.0%
Operating EBITDA Growth	4.8%	77.0%	22.0%	12.4%
Operating EBITDA Margin	17.9%	23.2%	24.7%	25.2%
Net Cash Per Share (Rs)	(39.84)	57.66	80.89	113.22
BVPS (Rs)	164.39	306.82	345.45	389.75
Gross Interest Cover	18.93
Effective Tax Rate	40.5%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	111.06	90.98	98.13	100.21
Inventory Days	122.31	127.97	138.03	140.95
Accounts Payables Days	122.64	109.90	118.54	121.05
ROIC (%)	12.2%	17.3%	17.4%	18.5%
ROCE (%)	14.8%	18.2%	17.9%	18.0%
Return On Average Assets	9.1%	11.5%	11.4%	11.5%

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

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

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Market Data

Source: Bloomberg