InCred Equities - Ethos Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	9,990	12,498	16,311	21,586
Operating EBITDA (Rsm)	1,517	1,925	2,512	3,454
Net Profit (Rsm)	833	917	1,209	1,663
Core EPS (Rs)	34.0	37.4	49.4	67.9
Core EPS Growth	31.7%	10.0%	31.9%	37.6%
FD Core P/E (x)	72.88	66.23	50.23	36.50
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	37.77	29.80	22.60	16.11
P/FCFE (x)	(60.10)	105.64	66.53	74.30
Net Gearing	(38.5%)	(34.4%)	(36.0%)	(40.2%)
P/BV (x)	6.87	6.22	5.54	4.81
ROE	11.0%	9.9%	11.7%	14.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	9,990	12,498	16,311	21,586
Gross Profit	3,006	3,924	5,040	6,800
Operating EBITDA	1,517	1,925	2,512	3,454
Depreciation And Amortisation	(487)	(663)	(802)	(1,046)
Operating EBIT	1,030	1,262	1,710	2,407
Financial Income/(Expense)	(41)	(196)	(254)	(345)
Pretax Income/(Loss) from Assoc.	7	7	7	7
Non-Operating Income/(Expense)	117	170	175	185
Profit Before Tax (pre-EI)	1,113	1,242	1,638	2,254
Exceptional Items
Pre-tax Profit	1,113	1,242	1,638	2,254
Taxation	(280)	(325)	(429)	(590)
Exceptional Income - post-tax
Profit After Tax	833	917	1,209	1,663
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	833	917	1,209	1,663
Recurring Net Profit	833	917	1,209	1,663
Fully Diluted Recurring Net Profit	833	917	1,209	1,663

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,517	1,925	2,512	3,454
Cash Flow from Invt. & Assoc.
Change In Working Capital	(936)	(954)	(1,192)	(2,003)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	28	(20)	(72)	(154)
Net Interest (Paid)/Received	(23)	196	254	345
Tax Paid	(279)	(325)	(429)	(590)
Cashflow From Operations	308	822	1,073	1,052
Capex	(394)	(350)	(306)	(326)
Disposals Of FAs/subsidiaries	79
Acq. Of Subsidiaries/investments	(1,031)
Other Investing Cashflow	119	102	146	90
Cash Flow From Investing	(1,228)	(247)	(160)	(235)
Debt Raised/(repaid)	(67)
Proceeds From Issue Of Shares	1,750
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(24)	(9)	(10)	(11)
Cash Flow From Financing	1,659	(9)	(10)	(11)
Total Cash Generated	739	566	903	806
Free Cashflow To Equity	(987)	575	913	817
Free Cashflow To Firm	(1,080)	276	513	381

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	3,468	3,356	3,944	5,076
Total Debtors	156	195	254	336
Inventories	4,396	5,412	6,766	9,020
Total Other Current Assets	649	812	1,060	1,403
Total Current Assets	8,669	9,774	12,025	15,836
Fixed Assets	927	1,024	1,000	892
Total Investments	240	240	240	240
Intangible Assets
Total Other Non-Current Assets	1,753	2,315	2,684	2,982
Total Non-current Assets	2,921	3,579	3,923	4,114
Short-term Debt	46
Current Portion of Long-Term Debt
Total Creditors	983	1,230	1,605	2,125
Other Current Liabilities	425	532	694	919
Total Current Liabilities	1,454	1,762	2,300	3,044
Total Long-term Debt	19
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,411	2,024	2,447	2,845
Total Non-current Liabilities	1,430	2,024	2,447	2,845
Total Provisions
Total Liabilities	2,884	3,786	4,747	5,889
Shareholders Equity	8,840	9,756	10,965	12,628
Minority Interests
Total Equity	8,840	9,756	10,965	12,628

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	26.7%	25.1%	30.5%	32.3%
Operating EBITDA Growth	32.6%	26.9%	30.5%	37.5%
Operating EBITDA Margin	15.2%	15.4%	15.4%	16.0%
Net Cash Per Share (Rs)	139.02	137.07	161.12	207.37
BVPS (Rs)	361.09	398.53	447.91	515.84
Gross Interest Cover	6.43	4.22	4.28	5.53
Effective Tax Rate	25.2%	26.2%	26.2%	26.2%
Net Dividend Payout Ratio
Accounts Receivables Days	3.97	5.12	5.02	4.99
Inventory Days	203.71	208.78	197.20	194.85
Accounts Payables Days	50.94	47.12	45.91	46.04
ROIC (%)	19.7%	19.5%	21.4%	25.4%
ROCE (%)	15.0%	14.6%	17.9%	21.2%
Return On Average Assets	11.3%	11.5%	12.9%	14.5%

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

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

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg