InCred Equities - Berger Paints India Limited

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	115,447	124,987	136,929	151,373
Operating EBITDA (Rsm)	18,561	19,571	21,730	24,070
Net Profit (Rsm)	11,804	12,435	13,980	15,717
Core EPS (Rs)	10.1	10.7	12.0	13.5
Core EPS Growth	1.1%	5.3%	12.4%	12.4%
FD Core P/E (x)	57.43	54.52	48.49	43.13
DPS (Rs)	3.7	4.0	4.5	5.1
Dividend Yield	0.75%	0.80%	0.90%	1.01%
EV/EBITDA (x)	36.44	34.49	31.00	27.67
P/FCFE (x)	153.95	107.22	95.60	48.74
Net Gearing	(2.7%)	(4.3%)	(5.7%)	(13.8%)
P/BV (x)	11.02	9.86	8.82	7.89
ROE	20.5%	19.1%	19.2%	19.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	115,447	124,987	136,929	151,373
Gross Profit	47,828	52,719	58,248	64,541
Operating EBITDA	18,561	19,571	21,730	24,070
Depreciation And Amortisation	(3,542)	(3,837)	(4,081)	(4,266)
Operating EBIT	15,019	15,734	17,649	19,804
Financial Income/(Expense)	315	451	509	652
Pretax Income/(Loss) from Assoc.	351	200	250	250
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	15,685	16,385	18,408	20,706
Exceptional Items
Pre-tax Profit	15,685	16,385	18,408	20,706
Taxation	(3,857)	(3,950)	(4,428)	(4,989)
Exceptional Income - post-tax
Profit After Tax	11,828	12,435	13,980	15,717
Minority Interests	(24)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	11,804	12,435	13,980	15,717
Recurring Net Profit	11,804	12,435	13,980	15,717
Fully Diluted Recurring Net Profit	11,804	12,435	13,980	15,717

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	18,561	19,571	21,730	24,070
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,030)	(7,250)	(8,220)	(3,325)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(633)	(658)	(730)	(730)
Tax Paid	(3,857)	(3,950)	(4,428)	(4,989)
Cashflow From Operations	11,042	7,713	8,352	15,026
Capex	(4,177)	(2,500)	(2,500)	(2,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,629)	1,109	1,239	1,382
Cash Flow From Investing	(5,806)	(1,391)	(1,261)	(1,118)
Debt Raised/(repaid)	(832)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(5,062)	(5,404)	(6,086)	(6,852)
Preferred Dividends
Other Financing Cashflow	1,364	394	444	444
Cash Flow From Financing	(4,530)	(5,010)	(5,641)	(6,408)
Total Cash Generated	706	1,313	1,450	7,500
Free Cashflow To Equity	4,404	6,322	7,091	13,908
Free Cashflow To Firm	5,869	6,981	7,821	14,638

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	8,342	9,654	11,104	18,604
Total Debtors	15,357	17,870	22,317	24,294
Inventories	23,661	28,546	33,895	37,680
Total Other Current Assets	3,775	3,775	3,775	3,775
Total Current Assets	51,134	59,845	71,091	84,352
Fixed Assets	34,459	33,121	31,540	29,774
Total Investments	2,016	2,016	2,016	2,016
Intangible Assets	3,231	3,231	3,231	3,231
Total Other Non-Current Assets	473	488	567	626
Total Non-current Assets	40,179	38,857	37,355	35,648
Short-term Debt	2,515	2,515	2,515	2,515
Current Portion of Long-Term Debt
Total Creditors	21,445	21,608	23,263	25,758
Other Current Liabilities
Total Current Liabilities	23,960	24,123	25,778	28,273
Total Long-term Debt	4,188	4,188	4,188	4,188
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	4,188	4,188	4,188	4,188
Total Provisions	1,500	1,500	1,500	1,500
Total Liabilities	29,647	29,810	31,466	33,960
Shareholders Equity	61,541	68,766	76,855	85,914
Minority Interests	126	126	126	126
Total Equity	61,667	68,892	76,980	86,040

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	3.1%	8.3%	9.6%	10.5%
Operating EBITDA Growth	(0.3%)	5.4%	11.0%	10.8%
Operating EBITDA Margin	16.1%	15.7%	15.9%	15.9%
Net Cash Per Share (Rs)	1.41	2.53	3.78	10.21
BVPS (Rs)	52.79	58.99	65.92	73.70
Gross Interest Cover	23.74	23.90	24.17	27.13
Effective Tax Rate	24.6%	24.1%	24.1%	24.1%
Net Dividend Payout Ratio	42.9%	43.5%	43.5%	43.6%
Accounts Receivables Days	44.86	48.52	53.56	56.20
Inventory Days	122.69	131.84	144.83	150.43
Accounts Payables Days	114.04	108.72	104.08	103.03
ROIC (%)	25.2%	24.0%	24.5%	26.9%
ROCE (%)	23.5%	22.2%	22.4%	22.7%
Return On Average Assets	13.2%	12.6%	13.0%	13.2%

(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