InCred Equities - Berger Paints India Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	111,989	117,571	125,228	135,922
Operating EBITDA (Rsm)	18,613	19,015	19,979	21,036
Net Profit (Rsm)	11,678	11,956	12,690	13,408
Core EPS (Rs)	10.0	10.3	10.9	11.5
Core EPS Growth	35.9%	2.4%	6.1%	5.7%
FD Core P/E (x)	50.42	49.25	46.40	43.92
DPS (Rs)	3.5	3.6	3.8	4.0
Dividend Yield	0.81%	0.82%	0.88%	0.91%
EV/EBITDA (x)	31.76	30.94	29.27	27.68
P/FCFE (x)	129.17	82.74	69.95	79.00
Net Gearing	4.0%	(0.9%)	(6.1%)	(8.7%)
P/BV (x)	10.95	9.64	8.56	7.64
ROE	23.6%	20.8%	19.5%	18.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	111,989	117,571	125,228	135,922
Gross Profit	45,529	47,790	50,064	53,566
Operating EBITDA	18,613	19,015	19,979	21,036
Depreciation And Amortisation	(3,309)	(3,521)	(3,712)	(3,890)
Operating EBIT	15,304	15,495	16,267	17,146
Financial Income/(Expense)	(146)	60	142	139
Pretax Income/(Loss) from Assoc.	410	240	200	250
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	15,569	15,795	16,609	17,534
Exceptional Items
Pre-tax Profit	15,569	15,795	16,609	17,534
Taxation	(3,870)	(3,838)	(3,918)	(4,126)
Exceptional Income - post-tax
Profit After Tax	11,699	11,956	12,690	13,408
Minority Interests	(21)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	11,678	11,956	12,690	13,408
Recurring Net Profit	11,678	11,956	12,690	13,408
Fully Diluted Recurring Net Profit	11,678	11,956	12,690	13,408

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	18,613	19,015	19,979	21,036
Cash Flow from Invt. & Assoc.
Change In Working Capital	793	(5,620)	(5,285)	(7,095)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(783)	(653)	(632)	(702)
Tax Paid	(3,870)	(3,838)	(3,918)	(4,126)
Cashflow From Operations	14,754	8,904	10,144	9,113
Capex	(5,532)	(2,500)	(2,500)	(2,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(308)	713	774	841
Cash Flow From Investing	(5,840)	(1,787)	(1,726)	(1,659)
Debt Raised/(repaid)	(4,355)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(4,769)	(4,846)	(5,153)	(5,383)
Preferred Dividends
Other Financing Cashflow	2,518	434	394	444
Cash Flow From Financing	(6,605)	(4,411)	(4,759)	(4,938)
Total Cash Generated	2,309	2,705	3,659	2,515
Free Cashflow To Equity	4,559	7,117	8,418	7,454
Free Cashflow To Firm	9,696	7,769	9,050	8,156

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	5,366	8,071	11,730	14,245
Total Debtors	13,020	14,316	18,052	21,555
Inventories	21,797	26,740	28,437	33,558
Total Other Current Assets	4,277	4,277	4,277	4,277
Total Current Assets	44,460	53,404	62,496	73,636
Fixed Assets	33,824	32,803	31,591	30,201
Total Investments	1,917	1,917	1,917	1,917
Intangible Assets	3,047	3,047	3,047	3,047
Total Other Non-Current Assets	431	319	402	472
Total Non-current Assets	39,218	38,086	36,957	35,637
Short-term Debt	3,050	3,050	3,050	3,050
Current Portion of Long-Term Debt
Total Creditors	20,809	21,316	21,547	23,147
Other Current Liabilities
Total Current Liabilities	23,859	24,366	24,597	26,197
Total Long-term Debt	4,485	4,485	4,485	4,485
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	4,485	4,485	4,485	4,485
Total Provisions	1,444	1,444	1,444	1,444
Total Liabilities	29,788	30,295	30,526	32,126
Shareholders Equity	53,790	61,095	68,826	77,046
Minority Interests	102	102	102	102
Total Equity	53,892	61,197	68,928	77,148

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	6.0%	5.0%	6.5%	8.5%
Operating EBITDA Growth	25.2%	2.2%	5.1%	5.3%
Operating EBITDA Margin	16.6%	16.2%	16.0%	15.5%
Net Cash Per Share (Rs)	(1.86)	0.46	3.60	5.76
BVPS (Rs)	46.14	52.41	59.04	66.09
Gross Interest Cover	19.56	23.74	25.73	24.42
Effective Tax Rate	24.9%	24.3%	23.6%	23.5%
Net Dividend Payout Ratio	40.8%	40.5%	40.6%	40.1%
Accounts Receivables Days	41.48	42.43	47.17	53.18
Inventory Days	123.54	126.94	133.97	137.38
Accounts Payables Days	115.93	110.17	104.07	99.04
ROIC (%)	27.5%	25.7%	25.3%	24.5%
ROCE (%)	26.0%	23.9%	22.5%	21.4%
Return On Average Assets	14.5%	13.6%	13.1%	12.7%

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

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

(91) 2241611558 saurabh.singh@incredresearch.com

More Reports

Market Data

Source: Bloomberg