InCred Equities - Raymond Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	82,147	90,195	110,156	125,651
Operating EBITDA (Rsm)	11,994	13,091	16,555	19,941
Net Profit (Rsm)	5,289	16,378	7,609	10,711
Core EPS (Rs)	95.6	252.5	114.3	160.9
Core EPS Growth	50.1%	164.3%	(54.7%)	40.8%
FD Core P/E (x)	18.66	6.03	12.97	9.21
DPS (Rs)	3.0		5.0	6.0
Dividend Yield	0.20%		0.34%	0.40%
EV/EBITDA (x)	8.43	7.82	5.54	4.24
P/FCFE (x)	63.16	14.02	74.43	11.16
Net Gearing	60.4%	57.4%	31.7%	16.4%
P/BV (x)	3.40	2.14	1.85	1.55
ROE	24.2%	44.7%	15.3%	18.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	82,147	90,195	110,156	125,651
Gross Profit	52,164	64,445	71,271	79,788
Operating EBITDA	11,994	13,091	16,555	19,941
Depreciation And Amortisation	(2,354)	(2,837)	(3,411)	(3,543)
Operating EBIT	9,641	10,254	13,143	16,397
Financial Income/(Expense)	(2,573)	(3,758)	(4,097)	(2,929)
Pretax Income/(Loss) from Assoc.	154	9,932
Non-Operating Income/(Expense)	1,223	2,661	1,824	1,833
Profit Before Tax (pre-EI)	8,445	19,089	10,870	15,302
Exceptional Items
Pre-tax Profit	8,445	19,089	10,870	15,302
Taxation	(2,004)	(2,227)	(3,261)	(4,590)
Exceptional Income - post-tax	(1,072)	(432)
Profit After Tax	5,370	16,431	7,609	10,711
Minority Interests	(80)	(53)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,289	16,378	7,609	10,711
Recurring Net Profit	6,361	16,810	7,609	10,711
Fully Diluted Recurring Net Profit	6,361	16,810	7,609	10,711

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	11,994	13,091	16,555	19,941
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,862)	(7,551)	1,589	(3,142)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(1,072)	(432)
Other Operating Cashflow	1,223	2,661	1,824	1,833
Net Interest (Paid)/Received	(487)	(1,037)	(1,824)	(1,833)
Tax Paid	(724)	(770)	(3,261)	(4,590)
Cashflow From Operations	7,072	5,962	14,882	12,208
Capex	(1,023)	(1,960)	(1,500)	(3,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(3,735)	(8,456)	1,824	1,833
Cash Flow From Investing	(4,758)	(10,416)	324	(1,667)
Debt Raised/(repaid)	(752)	11,494	(13,880)	(1,700)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(201)	(201)	(333)	(399)
Preferred Dividends
Other Financing Cashflow	(2,237)	(6,270)	(4,164)	(3,009)
Cash Flow From Financing	(3,189)	5,023	(18,377)	(5,108)
Total Cash Generated	(875)	569	(3,171)	5,433
Free Cashflow To Equity	1,562	7,040	1,326	8,841
Free Cashflow To Firm	2,801	(3,417)	17,030	12,374

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	3,258	5,256	2,085	7,518
Total Debtors	7,443	14,072	15,090	17,212
Inventories	24,966	35,142	39,233	44,752
Total Other Current Assets	7,348	10,124	12,306	14,000
Total Current Assets	43,015	64,593	68,714	83,482
Fixed Assets	19,327	32,101	30,190	30,147
Total Investments	16,391	29,682	29,682	29,682
Intangible Assets	370	3,638	3,638	3,638
Total Other Non-Current Assets
Total Non-current Assets	36,089	65,421	63,510	63,466
Short-term Debt	11,367	10,579	10,467	9,767
Current Portion of Long-Term Debt
Total Creditors	16,919	20,640	24,144	26,163
Other Current Liabilities	12,072	22,994	28,083	32,033
Total Current Liabilities	40,358	54,213	62,694	67,964
Total Long-term Debt	9,907	23,676	9,907	8,907
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	9,907	23,676	9,907	8,907
Total Provisions	(1,001)	1,572	1,860	2,083
Total Liabilities	49,264	79,461	74,461	78,954
Shareholders Equity	28,990	46,174	53,383	63,615
Minority Interests	850	4,379	4,379	4,379
Total Equity	29,840	50,553	57,763	67,994

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	33.0%	9.8%	22.1%	14.1%
Operating EBITDA Growth	68.7%	9.1%	26.5%	20.5%
Operating EBITDA Margin	14.6%	14.5%	15.0%	15.9%
Net Cash Per Share (Rs)	(270.65)	(435.62)	(274.74)	(167.59)
BVPS (Rs)	435.48	693.61	801.91	955.61
Gross Interest Cover	3.75	2.73	3.21	5.60
Effective Tax Rate	23.7%	11.7%	30.0%	30.0%
Net Dividend Payout Ratio	3.1%		4.4%	3.7%
Accounts Receivables Days	35.93	43.53	48.31	46.92
Inventory Days	274.38	425.99	349.07	334.20
Accounts Payables Days	207.49	266.19	210.18	200.18
ROIC (%)	24.0%	15.1%	19.1%	22.3%
ROCE (%)	21.3%	15.3%	16.1%	19.8%
Return On Average Assets	11.3%	18.8%	8.0%	9.1%

(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