InCred Equities - Aether Industries Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	6,511	7,410	10,647	12,154
Operating EBITDA (Rsm)	1,862	2,075	3,301	3,889
Net Profit (Rsm)	1,304	1,364	2,227	2,550
Core EPS (Rs)	11.0	10.6	16.8	19.2
Core EPS Growth	7.9%	(3.6%)	58.3%	14.5%
FD Core P/E (x)	74.98	77.74	49.12	42.91
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	51.95	46.93	30.85	26.45
P/FCFE (x)	(19.33)	179.12	(274.80)	(3,859.69)
Net Gearing	(8.2%)	(40.5%)	(32.0%)	(24.9%)
P/BV (x)	8.25	5.11	4.62	4.16
ROE	16.0%	8.1%	9.9%	10.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	6,511	7,410	10,647	12,154
Gross Profit	3,337	3,779	5,750	6,684
Operating EBITDA	1,862	2,075	3,301	3,889
Depreciation And Amortisation	(232)	(450)	(606)	(804)
Operating EBIT	1,630	1,625	2,695	3,085
Financial Income/(Expense)	(51)	(4)	(4)	(4)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	166	222	319	365
Profit Before Tax (pre-EI)	1,745	1,843	3,010	3,445
Exceptional Items
Pre-tax Profit	1,745	1,843	3,010	3,445
Taxation	(441)	(479)	(783)	(896)
Exceptional Income - post-tax
Profit After Tax	1,304	1,364	2,227	2,550
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,304	1,364	2,227	2,550
Recurring Net Profit	1,304	1,364	2,227	2,550
Fully Diluted Recurring Net Profit	1,304	1,364	2,227	2,550

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	1,862	2,075	3,301	3,889
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,696)	720	(942)	(419)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	138	230	327	372
Net Interest (Paid)/Received	(51)	(4)	(4)	(4)
Tax Paid	(318)	(345)	(563)	(645)
Cashflow From Operations	(66)	2,676	2,119	3,194
Capex	(3,567)	(2,166)	(2,600)	(3,305)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	83	83	83	83
Cash Flow From Investing	(3,484)	(2,084)	(2,517)	(3,222)
Debt Raised/(repaid)	(1,510)
Proceeds From Issue Of Shares	7,259	7,579	9	9
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(1,357)	4	4	4
Cash Flow From Financing	4,392	7,583	13	13
Total Cash Generated	843	8,175	(385)	(15)
Free Cashflow To Equity	(5,060)	592	(398)	(28)
Free Cashflow To Firm	(3,498)	596	(394)	(24)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	1,023	8,665	7,573	6,553
Total Debtors	2,590	2,594	3,727	4,254
Inventories	2,488	1,997	1,959	1,914
Total Other Current Assets	651	366	478	535
Total Current Assets	6,752	13,621	13,737	13,256
Fixed Assets	5,705	7,700	10,250	13,505
Total Investments	2	2	2	2
Intangible Assets	1,128	1,129	1,129	1,129
Total Other Non-Current Assets	212	212	212	212
Total Non-current Assets	7,047	9,042	11,592	14,847
Short-term Debt	1	1	1	1
Current Portion of Long-Term Debt
Total Creditors	815	763	1,029	1,149
Other Current Liabilities	113	113	113	113
Total Current Liabilities	929	877	1,143	1,263
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	156	156	156	156
Total Non-current Liabilities	156	156	156	156
Total Provisions	268	216	352	403
Total Liabilities	1,353	1,248	1,651	1,822
Shareholders Equity	12,446	21,415	23,678	26,282
Minority Interests
Total Equity	12,446	21,415	23,678	26,282

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	10.3%	13.8%	43.7%	14.1%
Operating EBITDA Growth	10.8%	11.4%	59.1%	17.8%
Operating EBITDA Margin	28.6%	28.0%	31.0%	32.0%
Net Cash Per Share (Rs)	8.21	65.29	57.06	49.38
BVPS (Rs)	99.96	161.38	178.44	198.06
Gross Interest Cover	32.01	406.22	673.68	771.21
Effective Tax Rate	25.3%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio
Accounts Receivables Days	118.42	127.66	108.33	119.83
Inventory Days	236.66	225.41	147.41	129.25
Accounts Payables Days	87.05	79.30	66.74	72.65
ROIC (%)	18.1%	10.2%	15.2%	13.7%
ROCE (%)	16.7%	9.5%	11.8%	12.2%
Return On Average Assets	12.5%	7.5%	9.3%	9.6%

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

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