InCred Equities - Galaxy Surfactants Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	37,944	40,701	42,696	45,685
Operating EBITDA (Rsm)	4,622	5,298	4,640	5,081
Net Profit (Rsm)	2,791	3,152	2,585	2,840
Core EPS (Rs)	78.7	88.9	72.9	80.1
Core EPS Growth	(22.3%)	12.9%	(18.0%)	9.9%
FD Core P/E (x)	28.53	25.26	30.80	28.03
DPS (Rs)	3.6	8.4	26.5	14.0
Dividend Yield	0.16%	0.37%	1.18%	0.62%
EV/EBITDA (x)	16.99	14.44	16.60	15.06
P/FCFE (x)	(131.11)	25.90	35.27	28.93
Net Gearing	(4.9%)	(12.5%)	(9.3%)	(10.0%)
P/BV (x)	3.65	3.17	2.86	2.58
ROE	13.7%	13.4%	9.8%	9.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	37,944	40,701	42,696	45,685
Gross Profit	12,164	13,833	13,663	14,619
Operating EBITDA	4,622	5,298	4,640	5,081
Depreciation And Amortisation	(998)	(1,097)	(1,197)	(1,296)
Operating EBIT	3,624	4,200	3,443	3,784
Financial Income/(Expense)	(448)	(292)	(292)	(292)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	355	355	355	355
Profit Before Tax (pre-EI)	3,531	4,263	3,506	3,847
Exceptional Items
Pre-tax Profit	3,531	4,263	3,506	3,847
Taxation	(740)	(1,111)	(920)	(1,006)
Exceptional Income - post-tax
Profit After Tax	2,791	3,152	2,585	2,840
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,791	3,152	2,585	2,840
Recurring Net Profit	2,791	3,152	2,585	2,840
Fully Diluted Recurring Net Profit	2,791	3,152	2,585	2,840

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	4,622	5,298	4,640	5,081
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,110	477	404	554
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(8)	(49)	(49)	(49)
Net Interest (Paid)/Received	(224)	(146)	(146)	(146)
Tax Paid	(1,111)	(920)	(1,006)	(1,101)
Cashflow From Operations	4,389	4,659	3,843	4,338
Capex	(1,583)	(1,585)	(1,585)	(1,585)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(1,967)
Other Investing Cashflow	65
Cash Flow From Investing	(3,485)	(1,585)	(1,585)	(1,585)
Debt Raised/(repaid)	(1,512)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(143)
Preferred Dividends
Other Financing Cashflow	(235)	(146)	(146)	(146)
Cash Flow From Financing	(1,889)	(146)	(146)	(146)
Total Cash Generated	(985)	2,928	2,112	2,606
Free Cashflow To Equity	(607)	3,074	2,258	2,753
Free Cashflow To Firm	1,129	3,221	2,404	2,899

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	2,393	4,443	3,903	4,407
Total Debtors	5,931	6,362	6,674	7,141
Inventories	5,561	5,795	6,262	6,701
Total Other Current Assets	3,136	3,136	3,136	3,136
Total Current Assets	17,020	19,736	19,975	21,384
Fixed Assets	8,251	8,739	9,127	9,415
Total Investments
Intangible Assets	74	74	74	74
Total Other Non-Current Assets	3,802	3,802	3,802	3,802
Total Non-current Assets	12,127	12,614	13,002	13,291
Short-term Debt	860	860	860	860
Current Portion of Long-Term Debt
Total Creditors	4,461	4,650	5,024	5,376
Other Current Liabilities	652	652	652	652
Total Current Liabilities	5,973	6,161	6,536	6,887
Total Long-term Debt	457	457	457	457
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	493	493	493	493
Total Non-current Liabilities	950	950	950	950
Total Provisions	432	432	432	432
Total Liabilities	7,354	7,543	7,917	8,269
Shareholders Equity	21,793	25,090	27,822	30,808
Minority Interests
Total Equity	21,793	25,090	27,822	30,808

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(14.6%)	7.3%	4.9%	7.0%
Operating EBITDA Growth	(18.7%)	14.6%	(12.4%)	9.5%
Operating EBITDA Margin	12.2%	13.0%	10.9%	11.1%
Net Cash Per Share (Rs)	30.36	88.18	72.95	87.17
BVPS (Rs)	614.65	707.67	784.71	868.95
Gross Interest Cover	16.18	28.73	23.55	25.89
Effective Tax Rate	21.0%	26.1%	26.3%	26.2%
Net Dividend Payout Ratio	5.1%
Accounts Receivables Days	58.10	55.12	55.72	55.19
Inventory Days	85.08	77.13	75.79	76.15
Accounts Payables Days	62.04	61.88	60.81	61.10
ROIC (%)	12.5%	13.9%	11.0%	11.7%
ROCE (%)	16.0%	16.8%	12.3%	12.2%
Return On Average Assets	11.1%	11.0%	8.6%	9.0%

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

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

Market Data

Source: Bloomberg