InCred Equities - Kaynes Technology

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	18,046	27,435	39,526	55,553
Operating EBITDA (Rsm)	2,542	3,920	5,822	8,209
Net Profit (Rsm)	1,834	2,737	4,034	5,594
Core EPS (Rs)	28.7	42.8	63.0	87.4
Core EPS Growth	92.7%	49.2%	47.4%	38.7%
FD Core P/E (x)	175.79	117.79	79.92	57.64
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	122.06	79.85	54.21	38.69
P/FCFE (x)	(25.49)	101.13	(18,781.10)	415.16
Net Gearing	(49.0%)	(34.2%)	(21.5%)	(13.0%)
P/BV (x)	12.96	11.68	10.19	8.66
ROE	13.0%	10.4%	13.6%	16.2%
% 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	27,435	39,526	55,553
Gross Profit	4,747	7,578	10,870	15,166
Operating EBITDA	2,542	3,920	5,822	8,209
Depreciation And Amortisation	(251)	(395)	(624)	(834)
Operating EBIT	2,290	3,525	5,198	7,375
Financial Income/(Expense)	(533)	(1,010)	(1,021)	(1,050)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	559	1,121	1,062	939
Profit Before Tax (pre-EI)	2,317	3,636	5,239	7,265
Exceptional Items
Pre-tax Profit	2,317	3,636	5,239	7,265
Taxation	(483)	(899)	(1,205)	(1,671)
Exceptional Income - post-tax
Profit After Tax	1,834	2,737	4,034	5,594
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,834	2,737	4,034	5,594
Recurring Net Profit	1,834	2,737	4,034	5,594
Fully Diluted Recurring Net Profit	1,834	2,737	4,034	5,594

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	2,317	3,636	5,239	7,265
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,534)	(1,660)	(3,562)	(4,631)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	251	395	624	834
Other Operating Cashflow	134
Net Interest (Paid)/Received	14	1,010	1,021	1,050
Tax Paid	(483)	(899)	(1,205)	(1,671)
Cashflow From Operations	700	2,482	2,117	2,846
Capex	(3,826)	(3,800)	(3,500)	(3,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(10,461)
Other Investing Cashflow	(765)	738	731	731
Cash Flow From Investing	(15,052)	(3,062)	(2,769)	(2,769)
Debt Raised/(repaid)	1,702	3,767	635	699
Proceeds From Issue Of Shares	13,436
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(905)	(1,010)	(1,021)	(1,050)
Cash Flow From Financing	14,232	2,758	(386)	(350)
Total Cash Generated	(120)	2,178	(1,038)	(273)
Free Cashflow To Equity	(12,651)	3,188	(17)	777
Free Cashflow To Firm	(14,367)	(1,589)	(1,673)	(972)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	15,256	16,265	14,275	13,020
Total Debtors	3,556	5,406	7,788	10,946
Inventories	5,483	6,765	9,854	13,850
Total Other Current Assets	1,572	2,390	3,444	4,840
Total Current Assets	25,867	30,825	35,361	42,656
Fixed Assets	3,806	7,143	10,020	12,686
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	10,348	13,478	16,429
Short-term Debt	2,949	6,395	7,035	7,738
Current Portion of Long-Term Debt
Total Creditors	3,610	5,488	7,907	11,113
Other Current Liabilities	788	1,198	1,726	2,426
Total Current Liabilities	7,347	13,082	16,668	21,278
Total Long-term Debt	112	433	429	425
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	234	229	224	220
Total Non-current Liabilities	345	662	653	644
Total Provisions	74	88	118	149
Total Liabilities	7,767	13,832	17,440	22,071
Shareholders Equity	24,869	27,607	31,641	37,235
Minority Interests	16	16	16	16
Total Equity	24,885	27,623	31,657	37,251

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	60.3%	52.0%	44.1%	40.5%
Operating EBITDA Growth	51.0%	54.2%	48.5%	41.0%
Operating EBITDA Margin	14.1%	14.3%	14.7%	14.8%
Net Cash Per Share (Rs)	190.51	147.42	106.41	75.89
BVPS (Rs)	388.51	431.28	494.31	581.70
Gross Interest Cover	4.30	3.49	5.09	7.03
Effective Tax Rate	20.8%	24.7%	23.0%	23.0%
Net Dividend Payout Ratio
Accounts Receivables Days	58.92	59.61	60.92	61.54
Inventory Days	131.94	112.57	105.84	107.12
Accounts Payables Days	80.12	83.62	85.31	85.95
ROIC (%)	14.7%	15.7%	16.7%	17.9%
ROCE (%)	14.0%	11.3%	14.1%	17.4%
Return On Average Assets	9.5%	9.5%	10.7%	11.8%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg