InCred Equities - Galaxy Surfactants Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	44,452	42,532	44,446	46,668
Operating EBITDA (Rsm)	5,683	4,847	5,161	5,556
Net Profit (Rsm)	3,593	3,002	3,205	3,490
Core EPS (Rs)	101.3	84.7	90.4	98.4
Core EPS Growth	36.7%	(16.4%)	6.8%	8.9%
FD Core P/E (x)	26.17	31.32	29.34	26.94
DPS (Rs)	4.9	3.6	8.4	26.5
Dividend Yield	0.18%	0.13%	0.32%	1.00%
EV/EBITDA (x)	16.56	19.06	17.58	15.82
P/FCFE (x)	32.83	46.43	42.20	26.22
Net Gearing	0.4%	(7.2%)	(13.0%)	(21.0%)
P/BV (x)	4.84	4.20	3.67	3.23
ROE	20.4%	14.4%	13.4%	12.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	44,452	42,532	44,446	46,668
Gross Profit	13,452	12,870	13,450	14,122
Operating EBITDA	5,683	4,847	5,161	5,556
Depreciation And Amortisation	(835)	(833)	(904)	(968)
Operating EBIT	4,848	4,014	4,257	4,588
Financial Income/(Expense)	(434)	(257)	(257)	(257)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	99	125	125	125
Profit Before Tax (pre-EI)	4,513	3,882	4,125	4,456
Exceptional Items
Pre-tax Profit	4,513	3,882	4,125	4,456
Taxation	(920)	(880)	(920)	(966)
Exceptional Income - post-tax
Profit After Tax	3,593	3,002	3,205	3,490
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,593	3,002	3,205	3,490
Recurring Net Profit	3,593	3,002	3,205	3,490
Fully Diluted Recurring Net Profit	3,593	3,002	3,205	3,490

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	5,683	4,847	5,161	5,556
Cash Flow from Invt. & Assoc.
Change In Working Capital
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	32	(8)	(49)	(49)
Net Interest (Paid)/Received	(217)	(129)	(129)	(129)
Tax Paid	(842)	(893)	(963)
Cashflow From Operations	4,656	3,817	4,020	5,378
Capex	(1,552)	(1,552)	(1,552)	(1,552)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	438	438	438	438
Other Investing Cashflow	272	272	272	272
Cash Flow From Investing	(841)	(841)	(841)	(841)
Debt Raised/(repaid)	(951)	(951)	(951)	(951)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(142)	(142)	(142)	(142)
Preferred Dividends
Other Financing Cashflow	(207)	(207)	(207)	(207)
Cash Flow From Financing	(1,301)	(1,301)	(1,301)	(1,301)
Total Cash Generated	2,514	1,675	1,878	3,236
Free Cashflow To Equity	2,864	2,025	2,228	3,586
Free Cashflow To Firm	4,032	3,104	3,307	4,665

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	3,219	2,673	3,322	6,109
Total Debtors	6,470	6,191	6,469	6,793
Inventories	6,115	5,851	6,114	6,420
Total Other Current Assets	1,876	1,795	1,876	1,969
Total Current Assets	17,680	16,509	17,781	21,291
Fixed Assets	6,890	7,608	8,256	8,840
Total Investments
Intangible Assets	82	82	82	82
Total Other Non-Current Assets	5,092	6,200	7,175	7,175
Total Non-current Assets	12,063	13,890	15,513	16,097
Short-term Debt	2,309	736
Current Portion of Long-Term Debt
Total Creditors	5,423	5,189	5,423	5,694
Other Current Liabilities	525	525	525	525
Total Current Liabilities	8,257	6,449	5,947	6,218
Total Long-term Debt	989	315
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	487	487	487	487
Total Non-current Liabilities	1,476	802	487	487
Total Provisions	402	402	402	402
Total Liabilities	10,135	7,654	6,836	7,107
Shareholders Equity	19,411	22,399	25,590	29,067
Minority Interests
Total Equity	19,411	22,399	25,590	29,067

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	20.6%	(4.3%)	4.5%	5.0%
Operating EBITDA Growth	41.8%	(14.7%)	6.5%	7.7%
Operating EBITDA Margin	12.8%	11.4%	11.6%	11.9%
Net Cash Per Share (Rs)	(2.23)	45.74	93.70	172.30
BVPS (Rs)	547.48	631.76	721.77	819.82
Gross Interest Cover	22.34	31.24	33.13	35.70
Effective Tax Rate	20.4%	22.7%	22.3%	21.7%
Net Dividend Payout Ratio	4.0%	4.7%	4.4%	4.1%
Accounts Receivables Days	52.76	54.33	51.98	51.86
Inventory Days	77.90	73.62	70.45	70.28
Accounts Payables Days	62.47	65.30	62.48	62.33
ROIC (%)	17.6%	13.6%	13.3%	13.7%
ROCE (%)	22.8%	17.2%	17.2%	16.6%
Return On Average Assets	14.1%	10.6%	10.7%	10.4%

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

(91) 22 4161 1598 abbas.punjani@incredresearch.com

Market Data

Source: Bloomberg