InCred Equities - JK Lakshmi Cement

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	67,885	71,445	78,966	88,078
Operating EBITDA (Rsm)	10,522	11,789	14,047	15,877
Net Profit (Rsm)	4,635	5,605	6,785	7,633
Core EPS (Rs)	39.4	47.6	57.6	64.8
Core EPS Growth	29.2%	21.0%	21.0%	12.5%
FD Core P/E (x)	19.03	15.74	13.00	11.56
DPS (Rs)	6.5	4.8	5.8	6.5
Dividend Yield	0.87%	0.64%	0.77%	0.87%
EV/EBITDA (x)	9.86	9.32	8.19	7.53
P/FCFE (x)	34.69	42.62	22.19	21.91
Net Gearing	41.3%	51.8%	56.1%	57.5%
P/BV (x)	2.77	2.39	2.05	1.77
ROE	15.5%	16.3%	17.0%	16.4%
% 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	71,445	78,966	88,078
Gross Profit	67,885	71,445	78,966	88,078
Operating EBITDA	10,522	11,789	14,047	15,877
Depreciation And Amortisation	(2,460)	(3,001)	(3,511)	(3,967)
Operating EBIT	8,062	8,788	10,537	11,910
Financial Income/(Expense)	(1,504)	(1,685)	(1,853)	(2,094)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	681	688	702	716
Profit Before Tax (pre-EI)	7,239	7,792	9,385	10,531
Exceptional Items	3
Pre-tax Profit	7,242	7,792	9,385	10,531
Taxation	(2,446)	(2,026)	(2,440)	(2,738)
Exceptional Income - post-tax
Profit After Tax	4,795	5,766	6,945	7,793
Minority Interests	(161)	(161)	(161)	(161)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,635	5,605	6,785	7,633
Recurring Net Profit	4,633	5,605	6,785	7,633
Fully Diluted Recurring Net Profit	4,633	5,605	6,785	7,633

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	10,522	11,789	14,047	15,877
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,261)	1,578	(181)	566
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	681	688	702	716
Other Operating Cashflow	3,001	3,001	3,001	3,001
Net Interest (Paid)/Received	(1,504)	(1,685)	(1,853)	(2,094)
Tax Paid	(2,446)	(2,026)	(2,440)	(2,738)
Cashflow From Operations	8,992	13,345	13,275	15,327
Capex	(10,060)	(15,500)	(14,000)	(16,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,261	(276)	(500)
Cash Flow From Investing	(8,800)	(15,776)	(14,500)	(16,000)
Debt Raised/(repaid)	2,351	4,500	5,200	4,700
Proceeds From Issue Of Shares		0		0
Shares Repurchased
Dividends Paid	(765)	(561)	(678)	(763)
Preferred Dividends
Other Financing Cashflow	(1,942)	(3,161)	(3,161)	(3,161)
Cash Flow From Financing	(356)	778	1,360	775
Total Cash Generated	(164)	(1,652)	135	102
Free Cashflow To Equity	2,543	2,070	3,975	4,027
Free Cashflow To Firm	1,696	(745)	629	1,421

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	6,397	4,745	4,880	4,982
Total Debtors	443	587	649	724
Inventories	9,912	9,591	9,952	11,100
Total Other Current Assets	1,660	1,643	1,895	2,114
Total Current Assets	18,412	16,567	17,376	18,921
Fixed Assets	50,757	62,756	72,246	83,279
Total Investments	345	345	345	345
Intangible Assets	4,557	4,832	5,332	5,332
Total Other Non-Current Assets	2,430	2,930	3,930	4,930
Total Non-current Assets	58,088	70,863	81,853	93,886
Short-term Debt	4,610	5,610	6,810	8,010
Current Portion of Long-Term Debt
Total Creditors	5,560	5,714	6,188	6,875
Other Current Liabilities	10,201	11,431	11,450	12,771
Total Current Liabilities	20,370	22,755	24,448	27,656
Total Long-term Debt	15,639	19,139	23,139	26,639
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	6,921	6,921	6,921	6,921
Total Non-current Liabilities	22,560	26,060	30,060	33,560
Total Provisions
Total Liabilities	42,930	48,815	54,508	61,216
Shareholders Equity	31,867	36,911	43,017	49,887
Minority Interests	1,704	1,704	1,704	1,704
Total Equity	33,570	38,615	44,721	51,590

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.2%	5.2%	10.5%	11.5%
Operating EBITDA Growth	25.4%	12.0%	19.2%	13.0%
Operating EBITDA Margin	15.5%	16.5%	17.8%	18.0%
Net Cash Per Share (Rs)	(117.69)	(169.96)	(212.99)	(252.05)
BVPS (Rs)	270.74	313.60	365.48	423.85
Gross Interest Cover	5.36	5.22	5.69	5.69
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	2.63	2.86	2.84
Inventory Days	49.27	49.82	45.17	43.62
Accounts Payables Days	36.33	34.49	33.46	33.02
ROIC (%)	14.9%	13.5%	13.8%	13.6%
ROCE (%)	16.0%	15.0%	15.3%	14.8%
Return On Average Assets	8.9%	9.1%	9.4%	9.3%

(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