InCred Equities - Balrampur Chini Mills Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	54,154	55,045	55,045	70,245
Operating EBITDA (Rsm)	7,042	8,261	8,255	17,064
Net Profit (Rsm)	3,408	4,108	3,936	9,755
Core EPS (Rs)	16.9	20.4	19.5	48.3
Core EPS Growth	(20.9%)	20.6%	(4.2%)	147.8%
FD Core P/E (x)	36.21	30.04	31.35	12.65
DPS (Rs)	0.8	1.0
Dividend Yield	0.14%	0.17%	0.16%	0.40%
EV/EBITDA (x)	21.25	19.48	19.60	9.45
P/FCFE (x)	21.65	39.05	1,341.71	75.54
Net Gearing	69.1%	89.6%	84.2%	69.0%
P/BV (x)	3.25	2.95	2.71	2.25
ROE	9.5%	10.3%	9.0%	19.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	54,154	55,045	55,045	70,245
Gross Profit	15,573	18,719	18,714	30,411
Operating EBITDA	7,042	8,261	8,255	17,064
Depreciation And Amortisation	(1,725)	(1,729)	(1,754)	(2,405)
Operating EBIT	5,316	6,532	6,501	14,659
Financial Income/(Expense)	(616)	(904)	(1,109)	(1,297)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	4,700	5,628	5,392	13,362
Exceptional Items
Pre-tax Profit	4,700	5,628	5,392	13,362
Taxation	(1,293)	(1,519)	(1,456)	(3,608)
Exceptional Income - post-tax
Profit After Tax	3,408	4,108	3,936	9,755
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,408	4,108	3,936	9,755
Recurring Net Profit	3,408	4,108	3,936	9,755
Fully Diluted Recurring Net Profit	3,408	4,108	3,936	9,755

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	7,042	8,261	8,255	17,064
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,483)	1,032		(8,329)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(616)	(904)	(1,109)	(1,297)
Tax Paid	(1,725)	(1,729)	(1,754)	(2,405)
Cashflow From Operations	2,217	6,660	5,392	5,034
Capex	(2,695)	(15,000)	(6,000)	(3,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(2,695)	(15,000)	(6,000)	(3,000)
Debt Raised/(repaid)	6,177	11,500	700	(400)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(170)	(205)	(197)	(488)
Preferred Dividends
Other Financing Cashflow	701			0
Cash Flow From Financing	6,707	11,295	503	(888)
Total Cash Generated	6,230	2,954	(105)	1,146
Free Cashflow To Equity	5,699	3,160	92	1,634
Free Cashflow To Firm	457	(7,220)	726	3,564

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	28	250	62	187
Total Debtors	1,432	1,478	1,478	1,886
Inventories	31,194	30,162	30,162	38,491
Total Other Current Assets	3,426	3,895	4,022	4,157
Total Current Assets	36,080	35,785	35,724	44,721
Fixed Assets	26,458	26,729	25,975	45,569
Total Investments	4,321	4,494	4,674	4,861
Intangible Assets
Total Other Non-Current Assets	5,556	18,954	24,064	5,620
Total Non-current Assets	36,334	50,177	54,713	56,050
Short-term Debt	21,370	17,870	17,570	15,670
Current Portion of Long-Term Debt
Total Creditors	4,594	4,556	4,556	5,814
Other Current Liabilities	2,402	550	550	702
Total Current Liabilities	28,366	22,976	22,676	22,187
Total Long-term Debt	4,890	19,890	20,890	22,390
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	4,890	19,890	20,890	22,390
Total Provisions	1,204	1,239	1,274	1,331
Total Liabilities	34,460	44,106	44,840	45,908
Shareholders Equity	37,954	41,857	45,596	54,863
Minority Interests
Total Equity	37,954	41,857	45,596	54,863

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	(3.2%)	1.6%		27.6%
Operating EBITDA Growth	(10.4%)	17.3%	(0.1%)	106.7%
Operating EBITDA Margin	13.0%	15.0%	15.0%	24.3%
Net Cash Per Share (Rs)	(130.02)	(185.92)	(190.33)	(187.72)
BVPS (Rs)	188.12	207.47	226.00	271.94
Gross Interest Cover	5.69	5.83	4.87	9.58
Effective Tax Rate	27.5%	27.0%	27.0%	27.0%
Net Dividend Payout Ratio	3.6%	3.6%	3.6%	3.6%
Accounts Receivables Days	9.05	9.65	9.80	8.74
Inventory Days	283.37	308.25	303.02	314.53
Accounts Payables Days	26.27	32.66	37.48	38.90
ROIC (%)	9.8%	10.7%	8.5%	18.2%
ROCE (%)	8.7%	8.9%	7.8%	16.3%
Return On Average Assets	7.6%	8.2%	7.4%	15.3%

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

More Reports

Market Data

Source: Bloomberg