InCred Equities - JK Lakshmi Cement

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	67,885	60,681	67,730	75,844
Operating EBITDA (Rsm)	10,522	8,181	11,198	13,664
Net Profit (Rsm)	4,635	2,648	4,381	5,690
Core EPS (Rs)	39.4	22.5	37.2	48.3
Core EPS Growth	29.2%	(42.9%)	65.5%	29.9%
FD Core P/E (x)	20.15	35.28	21.32	16.41
DPS (Rs)	6.5	2.2	3.7	4.8
Dividend Yield	0.82%	0.28%	0.47%	0.61%
EV/EBITDA (x)	10.36	13.90	10.36	8.82
P/FCFE (x)	36.73	37.41	17.19	30.96
Net Gearing	41.3%	51.7%	52.5%	56.3%
P/BV (x)	2.93	2.73	2.45	2.16
ROE	15.5%	8.0%	12.1%	14.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	67,885	60,681	67,730	75,844
Gross Profit	67,885	60,681	67,730	75,844
Operating EBITDA	10,522	8,181	11,198	13,664
Depreciation And Amortisation	(2,460)	(3,013)	(3,525)	(3,983)
Operating EBIT	8,062	5,168	7,672	9,681
Financial Income/(Expense)	(1,504)	(1,850)	(2,035)	(2,300)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	681	477	501	526
Profit Before Tax (pre-EI)	7,239	3,795	6,138	7,906
Exceptional Items	3
Pre-tax Profit	7,242	3,795	6,138	7,906
Taxation	(2,446)	(987)	(1,596)	(2,056)
Exceptional Income - post-tax
Profit After Tax	4,795	2,808	4,542	5,851
Minority Interests	(161)	(161)	(161)	(161)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,635	2,648	4,381	5,690
Recurring Net Profit	4,633	2,648	4,381	5,690
Fully Diluted Recurring Net Profit	4,633	2,648	4,381	5,690

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	10,522	8,181	11,198	13,664
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,261)	(1,350)	165	481
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	681	477	501	526
Other Operating Cashflow	3,001	3,001	3,001	3,001
Net Interest (Paid)/Received	(1,504)	(1,850)	(2,035)	(2,300)
Tax Paid	(2,446)	(987)	(1,596)	(2,056)
Cashflow From Operations	8,992	7,472	11,233	13,316
Capex	(10,060)	(9,500)	(10,500)	(14,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,261	725	0	0
Cash Flow From Investing	(8,800)	(8,776)	(10,500)	(14,500)
Debt Raised/(repaid)	2,351	3,800	4,700	4,200
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(765)	(265)	(438)	(569)
Preferred Dividends
Other Financing Cashflow	(1,942)	(3,161)	(2,661)	(2,661)
Cash Flow From Financing	(356)	374	1,600	969
Total Cash Generated	(164)	(929)	2,334	(214)
Free Cashflow To Equity	2,543	2,497	5,433	3,016
Free Cashflow To Firm	1,696	547	2,769	1,116

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	6,397	5,468	7,801	7,587
Total Debtors	443	831	928	1,039
Inventories	9,912	8,978	9,649	10,597
Total Other Current Assets	1,660	1,881	1,964	2,124
Total Current Assets	18,412	17,157	20,343	21,347
Fixed Assets	50,757	55,744	62,219	72,236
Total Investments	345	345	345	345
Intangible Assets	4,557	3,832	3,832	3,832
Total Other Non-Current Assets	2,430	3,930	4,430	4,930
Total Non-current Assets	58,088	63,851	70,826	81,343
Short-term Debt	4,610	5,410	6,610	7,810
Current Portion of Long-Term Debt
Total Creditors	5,560	4,377	5,281	5,805
Other Current Liabilities	10,201	9,709	9,821	10,997
Total Current Liabilities	20,370	19,496	21,712	24,613
Total Long-term Debt	15,639	18,639	22,139	25,139
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	6,921	6,921	7,421	7,921
Total Non-current Liabilities	22,560	25,560	29,560	33,060
Total Provisions
Total Liabilities	42,930	45,055	51,272	57,672
Shareholders Equity	31,867	34,249	38,193	43,314
Minority Interests	1,704	1,704	1,704	1,704
Total Equity	33,570	35,953	39,896	45,018

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.2%	(10.6%)	11.6%	12.0%
Operating EBITDA Growth	25.4%	(22.2%)	36.9%	22.0%
Operating EBITDA Margin	15.5%	13.5%	16.5%	18.0%
Net Cash Per Share (Rs)	(117.69)	(157.87)	(177.97)	(215.48)
BVPS (Rs)	270.74	290.99	324.49	368.00
Gross Interest Cover	5.36	2.79	3.77	4.21
Effective Tax Rate	33.8%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio	16.5%	10.0%	10.0%	10.0%
Accounts Receivables Days	2.95	3.83	4.74	4.73
Inventory Days	49.27	56.81	50.19	48.72
Accounts Payables Days	36.33	34.54	31.18	32.54
ROIC (%)	14.9%	8.5%	11.3%	12.4%
ROCE (%)	16.0%	9.1%	11.9%	13.2%
Return On Average Assets	8.9%	5.9%	7.6%	8.4%

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

(91) 22 4161 1561 rohan.kalle@incredresearch.com

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Market Data

Source: Bloomberg