InCred Equities - Amber Enterprises

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	67,292	95,680	115,853	133,386
Operating EBITDA (Rsm)	4,918	8,169	9,701	11,548
Net Profit (Rsm)	1,373	3,168	4,713	6,031
Core EPS (Rs)	40.7	94.0	139.9	179.0
Core EPS Growth	(12.7%)	130.7%	48.8%	28.0%
FD Core P/E (x)	171.69	74.42	50.02	39.09
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	49.54	29.80	24.88	20.75
P/FCFE (x)	6,556.42	55.60	42.90	44.55
Net Gearing	35.1%	29.6%	17.5%	9.6%
P/BV (x)	11.42	9.90	8.26	6.82
ROE	6.9%	14.3%	18.0%	19.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	67,292	95,680	115,853	133,386
Gross Profit	12,293	18,012	20,854	24,276
Operating EBITDA	4,918	8,169	9,701	11,548
Depreciation And Amortisation	(1,865)	(2,297)	(2,509)	(2,688)
Operating EBIT	3,053	5,872	7,192	8,860
Financial Income/(Expense)	(1,670)	(2,089)	(1,472)	(1,371)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	553	724	860	886
Profit Before Tax (pre-EI)	1,937	4,507	6,581	8,376
Exceptional Items
Pre-tax Profit	1,937	4,507	6,581	8,376
Taxation	(519)	(1,167)	(1,678)	(2,136)
Exceptional Income - post-tax
Profit After Tax	1,418	3,340	4,903	6,240
Minority Interests	(45)	(173)	(190)	(209)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,373	3,168	4,713	6,031
Recurring Net Profit	1,373	3,168	4,713	6,031
Fully Diluted Recurring Net Profit	1,373	3,168	4,713	6,031

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,937	4,507	6,581	8,376
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,032	(370)	(569)	(2,583)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,865	2,297	2,509	2,688
Other Operating Cashflow	(108)
Net Interest (Paid)/Received	1,384	1,365	611	485
Tax Paid	(461)	(1,167)	(1,678)	(2,136)
Cashflow From Operations	9,648	6,632	7,454	6,829
Capex	(3,977)	(703)	(461)	(18)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(6,225)	(522)	(598)	(680)
Cash Flow From Investing	(10,202)	(1,225)	(1,059)	(697)
Debt Raised/(repaid)	589	(1,168)	(901)	(841)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(1,806)	(2,359)	(1,700)	(1,561)
Cash Flow From Financing	(1,216)	(3,527)	(2,601)	(2,401)
Total Cash Generated	(1,770)	1,880	3,795	3,730
Free Cashflow To Equity	36	4,239	5,495	5,291
Free Cashflow To Firm	(2,223)	3,318	4,924	4,761

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	6,913	5,960	7,170	8,052
Total Debtors	15,693	24,903	30,154	34,717
Inventories	8,408	15,728	19,679	24,850
Total Other Current Assets	2,541	2,793	3,070	3,374
Total Current Assets	33,555	49,384	60,073	70,994
Fixed Assets	21,163	22,033	22,677	22,896
Total Investments	1,109	998	898	808
Intangible Assets	7,997	8,370	8,780	9,230
Total Other Non-Current Assets	2,108	2,202	2,307	2,424
Total Non-current Assets	32,377	33,602	34,661	35,358
Short-term Debt	7,657	7,157	6,857	6,557
Current Portion of Long-Term Debt
Total Creditors	21,671	37,876	46,589	53,808
Other Current Liabilities	3,430	3,539	3,609	3,704
Total Current Liabilities	32,758	48,572	57,054	64,069
Total Long-term Debt	6,675	6,008	5,407	4,866
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	3,660	3,284	2,956	2,660
Total Non-current Liabilities	10,335	9,292	8,363	7,527
Total Provisions	1,677	1,758	1,864	1,977
Total Liabilities	44,770	59,622	67,281	73,572
Shareholders Equity	20,644	23,811	28,524	34,555
Minority Interests	518	518	518	518
Total Equity	21,162	24,329	29,042	35,073

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(2.9%)	42.2%	21.1%	15.1%
Operating EBITDA Growth	17.7%	66.1%	18.8%	19.0%
Operating EBITDA Margin	7.3%	8.5%	8.4%	8.7%
Net Cash Per Share (Rs)	(220.20)	(213.83)	(151.18)	(100.05)
BVPS (Rs)	612.68	706.69	846.56	1,025.55
Gross Interest Cover	1.83	2.81	4.89	6.46
Effective Tax Rate	26.8%	25.9%	25.5%	25.5%
Net Dividend Payout Ratio
Accounts Receivables Days	90.38	77.43	86.73	88.76
Inventory Days	64.11	56.71	68.02	74.48
Accounts Payables Days	148.36	139.92	162.26	167.93
ROIC (%)	7.0%	12.7%	14.8%	16.6%
ROCE (%)	8.6%	15.5%	17.6%	19.5%
Return On Average Assets	4.2%	6.6%	6.8%	7.2%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg