InCred Equities - Amber Enterprises

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	67,292	88,829	104,815	121,436
Operating EBITDA (Rsm)	4,918	7,739	8,767	10,504
Net Profit (Rsm)	1,373	3,103	4,507	5,792
Core EPS (Rs)	40.7	92.1	133.8	171.9
Core EPS Growth	(12.7%)	126.0%	45.2%	28.5%
FD Core P/E (x)	151.39	66.97	46.12	35.89
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	43.88	27.86	24.35	20.16
P/FCFE (x)	5,781.29	67.78	48.48	52.57
Net Gearing	35.1%	29.7%	17.7%	9.8%
P/BV (x)	10.07	8.75	7.36	6.11
ROE	6.9%	14.0%	17.3%	18.6%
% 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	88,829	104,815	121,436
Gross Profit	12,293	16,922	18,867	22,101
Operating EBITDA	4,918	7,739	8,767	10,504
Depreciation And Amortisation	(1,865)	(2,424)	(1,882)	(2,016)
Operating EBIT	3,053	5,315	6,885	8,488
Financial Income/(Expense)	(1,670)	(1,929)	(1,472)	(1,371)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	553	808	717	739
Profit Before Tax (pre-EI)	1,937	4,194	6,131	7,856
Exceptional Items
Pre-tax Profit	1,937	4,194	6,131	7,856
Taxation	(519)	(1,008)	(1,533)	(1,964)
Exceptional Income - post-tax
Profit After Tax	1,418	3,186	4,598	5,892
Minority Interests	(45)	(83)	(91)	(100)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,373	3,103	4,507	5,792
Recurring Net Profit	1,373	3,103	4,507	5,792
Fully Diluted Recurring Net Profit	1,373	3,103	4,507	5,792

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,937	4,194	6,131	7,856
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,032	(274)	(360)	(2,377)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,865	2,424	1,882	2,016
Other Operating Cashflow	(108)
Net Interest (Paid)/Received	1,384	1,121	755	632
Tax Paid	(461)	(1,008)	(1,533)	(1,964)
Cashflow From Operations	9,648	6,456	6,875	6,163
Capex	(3,977)	(1,701)	(1,088)	(689)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(6,225)	(522)	(598)	(680)
Cash Flow From Investing	(10,202)	(2,222)	(1,686)	(1,369)
Debt Raised/(repaid)	589	(1,168)	(901)	(841)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(1,806)	(2,199)	(1,700)	(1,561)
Cash Flow From Financing	(1,216)	(3,367)	(2,601)	(2,401)
Total Cash Generated	(1,770)	867	2,588	2,393
Free Cashflow To Equity	36	3,067	4,288	3,954
Free Cashflow To Firm	(2,223)	2,305	3,717	3,424

(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	23,120	27,281	31,607
Inventories	8,408	14,602	17,804	22,624
Total Other Current Assets	2,541	2,793	3,070	3,374
Total Current Assets	33,555	46,475	55,325	65,657
Fixed Assets	21,163	23,030	24,301	25,192
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	34,600	36,286	37,655
Short-term Debt	7,657	7,157	6,857	6,557
Current Portion of Long-Term Debt
Total Creditors	21,671	35,067	42,150	48,987
Other Current Liabilities	3,430	3,539	3,609	3,704
Total Current Liabilities	32,758	45,763	52,616	59,248
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	1,754	1,859	1,972
Total Liabilities	44,770	56,809	62,838	68,747
Shareholders Equity	20,644	23,747	28,254	34,046
Minority Interests	518	518	518	518
Total Equity	21,162	24,265	28,772	34,564

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(2.9%)	32.0%	18.0%	15.9%
Operating EBITDA Growth	17.7%	57.4%	13.3%	19.8%
Operating EBITDA Margin	7.3%	8.7%	8.4%	8.7%
Net Cash Per Share (Rs)	(220.20)	(213.83)	(151.18)	(100.05)
BVPS (Rs)	612.68	704.79	838.56	1,010.46
Gross Interest Cover	1.83	2.76	4.68	6.19
Effective Tax Rate	26.8%	24.0%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	90.38	79.74	87.76	88.50
Inventory Days	64.11	58.40	68.81	74.28
Accounts Payables Days	148.36	144.00	163.96	167.44
ROIC (%)	7.0%	11.2%	13.6%	15.2%
ROCE (%)	8.6%	14.0%	16.9%	18.8%
Return On Average Assets	4.2%	6.3%	6.6%	7.1%

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

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg