InCred Equities - Kaynes Technology

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	18,046	29,226	43,627	58,741
Operating EBITDA (Rsm)	2,542	4,173	6,429	8,704
Net Profit (Rsm)	1,834	3,047	4,366	5,861
Core EPS (Rs)	28.7	47.7	68.3	91.7
Core EPS Growth	92.7%	66.1%	43.3%	34.3%
FD Core P/E (x)	201.29	121.18	84.56	62.99
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	140.46	86.31	56.54	41.96
P/FCFE (x)	(29.18)	(334.65)	(187.36)	(1,011.31)
Net Gearing	(49.0%)	(32.4%)	(17.7%)	(10.5%)
P/BV (x)	14.85	13.22	11.44	9.68
ROE	13.0%	11.5%	14.5%	16.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	18,046	29,226	43,627	58,741
Gross Profit	4,747	7,808	11,692	15,801
Operating EBITDA	2,542	4,173	6,429	8,704
Depreciation And Amortisation	(251)	(363)	(759)	(1,039)
Operating EBIT	2,290	3,810	5,670	7,665
Financial Income/(Expense)	(533)	(946)	(445)	(400)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	559	1,300	452	371
Profit Before Tax (pre-EI)	2,317	4,164	5,677	7,636
Exceptional Items
Pre-tax Profit	2,317	4,164	5,677	7,636
Taxation	(483)	(1,117)	(1,311)	(1,775)
Exceptional Income - post-tax
Profit After Tax	1,834	3,047	4,366	5,861
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,834	3,047	4,366	5,861
Recurring Net Profit	1,834	3,047	4,366	5,861
Fully Diluted Recurring Net Profit	1,834	3,047	4,366	5,861

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	2,317	4,164	5,677	7,636
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,534)	(2,166)	(4,241)	(4,367)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	251	363	759	1,039
Other Operating Cashflow	134
Net Interest (Paid)/Received	14	946	445	400
Tax Paid	(483)	(1,117)	(1,311)	(1,775)
Cashflow From Operations	700	2,189	1,329	2,934
Capex	(3,826)	(4,000)	(4,000)	(4,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(10,461)
Other Investing Cashflow	(765)	738	731	731
Cash Flow From Investing	(15,052)	(3,262)	(3,269)	(3,269)
Debt Raised/(repaid)	1,702	(31)	(30)	(30)
Proceeds From Issue Of Shares	13,436
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(905)	(946)	(445)	(400)
Cash Flow From Financing	14,232	(977)	(475)	(430)
Total Cash Generated	(120)	(2,049)	(2,415)	(765)
Free Cashflow To Equity	(12,651)	(1,103)	(1,970)	(365)
Free Cashflow To Firm	(14,367)	(2,019)	(2,385)	(735)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	15,256	12,085	8,718	6,971
Total Debtors	3,556	5,759	8,596	11,574
Inventories	5,483	7,207	10,877	14,645
Total Other Current Assets	1,572	2,546	3,801	5,118
Total Current Assets	25,867	27,597	31,992	38,308
Fixed Assets	3,806	7,327	10,568	13,528
Total Investments	1,318	1,449	1,594	1,754
Intangible Assets	437	408	383	360
Total Other Non-Current Assets	1,224	1,347	1,482	1,630
Total Non-current Assets	6,785	10,531	14,026	17,271
Short-term Debt	2,949	2,920	2,890	2,862
Current Portion of Long-Term Debt
Total Creditors	3,610	5,847	8,728	11,751
Other Current Liabilities	788	1,277	1,905	2,566
Total Current Liabilities	7,347	10,043	13,524	17,178
Total Long-term Debt	112	110	109	108
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	234	229	224	220
Total Non-current Liabilities	345	339	334	328
Total Provisions	74	96	122	151
Total Liabilities	7,767	10,478	13,979	17,658
Shareholders Equity	24,869	27,915	32,281	38,142
Minority Interests	16	16	16	16
Total Equity	24,885	27,931	32,297	38,158

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	60.3%	62.0%	49.3%	34.6%
Operating EBITDA Growth	51.0%	64.2%	54.1%	35.4%
Operating EBITDA Margin	14.1%	14.3%	14.7%	14.8%
Net Cash Per Share (Rs)	190.79	141.67	89.47	62.60
BVPS (Rs)	389.07	436.74	505.04	596.74
Gross Interest Cover	4.30	4.03	12.74	19.14
Effective Tax Rate	20.8%	26.8%	23.1%	23.2%
Net Dividend Payout Ratio
Accounts Receivables Days	58.92	58.16	60.05	62.67
Inventory Days	131.94	108.13	103.34	108.47
Accounts Payables Days	80.12	80.58	83.29	87.04
ROIC (%)	14.7%	16.3%	16.9%	17.6%
ROCE (%)	14.0%	12.9%	17.1%	20.1%
Return On Average Assets	9.5%	10.6%	11.2%	12.1%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg