InCred Equities - Coastal Corp Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	3,527	6,391	12,828	13,768
Operating EBITDA (Rsm)	198	727	1,573	1,695
Net Profit (Rsm)	67	411	947	1,051
Core EPS (Rs)	5.4	30.4	70.1	77.8
Core EPS Growth	(55.9%)	467.0%	130.4%	11.0%
FD Core P/E (x)	7.36	1.30	0.56	0.51
DPS (Rs)	1.0	6.1	9.8	11.3
Dividend Yield	2.52%	15.40%	24.91%	28.56%
EV/EBITDA (x)	13.96	3.48	1.41	0.82
P/FCFE (x)	(0.76)	1.48	1.20	0.78
Net Gearing	78.0%	61.5%	41.5%	17.1%
P/BV (x)	0.18	0.16	0.13	0.11
ROE	2.7%	13.3%	25.9%	23.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	3,527	6,391	12,828	13,768
Gross Profit	1,319	2,136	4,787	5,107
Operating EBITDA	198	727	1,573	1,695
Depreciation And Amortisation	(94)	(136)	(226)	(226)
Operating EBIT	105	592	1,347	1,470
Financial Income/(Expense)	3	(32)	(67)	(49)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	108	560	1,280	1,421
Exceptional Items
Pre-tax Profit	108	560	1,280	1,421
Taxation	(40)	(148)	(333)	(369)
Exceptional Income - post-tax
Profit After Tax	67	411	947	1,051
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	67	411	947	1,051
Recurring Net Profit	67	411	947	1,051
Fully Diluted Recurring Net Profit	67	411	947	1,051

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	198	727	1,573	1,695
Cash Flow from Invt. & Assoc.
Change In Working Capital	(5)	(543)	(729)	(291)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	3	(32)	(67)	(49)
Tax Paid	(40)	(148)	(333)	(369)
Cashflow From Operations	156	4	444	987
Capex	(1,851)	358	0	0
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(1,851)	358	0	0
Debt Raised/(repaid)	1,041			(300)
Proceeds From Issue Of Shares	19
Shares Repurchased
Dividends Paid	(13)	(82)	(133)	(153)
Preferred Dividends
Other Financing Cashflow	(113)	(97)	(148)	(139)
Cash Flow From Financing	934	(179)	(281)	(592)
Total Cash Generated	(761)	183	163	395
Free Cashflow To Equity	(654)	361	444	687
Free Cashflow To Firm	(1,583)	458	592	1,126

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	486	765	1,076	1,610
Total Debtors	264	490	771	838
Inventories	1,161	1,226	1,720	1,874
Total Other Current Assets	366	663	863	961
Total Current Assets	2,277	3,144	4,430	5,284
Fixed Assets	2,890	2,916	2,691	2,465
Total Investments	124	124	124	124
Intangible Assets
Total Other Non-Current Assets	634	115	115	115
Total Non-current Assets	3,648	3,155	2,929	2,704
Short-term Debt	1,479	1,479	1,479	1,479
Current Portion of Long-Term Debt
Total Creditors	146	175	416	442
Other Current Liabilities
Total Current Liabilities	1,625	1,654	1,895	1,921
Total Long-term Debt	1,281	1,281	1,281	981
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	50	50	50	50
Total Non-current Liabilities	1,331	1,331	1,331	1,031
Total Provisions	54	69	74	77
Total Liabilities	3,009	3,054	3,301	3,029
Shareholders Equity	2,916	3,245	4,059	4,958
Minority Interests
Total Equity	2,916	3,245	4,059	4,958

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	(28.2%)	81.2%	100.7%	7.3%
Operating EBITDA Growth	20.8%	266.7%	116.3%	7.8%
Operating EBITDA Margin	5.6%	11.4%	12.3%	12.3%
Net Cash Per Share (Rs)	(168.32)	(147.65)	(124.65)	(62.90)
BVPS (Rs)	215.86	240.21	300.50	367.05
Gross Interest Cover	0.93	6.12	9.10	10.57
Effective Tax Rate	37.4%	26.5%	26.0%	26.0%
Net Dividend Payout Ratio	12.5%	14.7%	10.4%	10.7%
Accounts Receivables Days	34.11	21.54	17.95	21.33
Inventory Days	186.05	102.37	66.86	75.73
Accounts Payables Days	25.17	13.76	13.42	18.08
ROIC (%)	3.1%	11.4%	25.7%	25.6%
ROCE (%)	2.2%	10.0%	20.8%	20.5%
Return On Average Assets	2.1%	9.7%	19.7%	19.2%

(91) 22 4161 1550 nitin.awasthi@incredresearch.com

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Market Data

Source: Bloomberg