InCred Equities - PG Electroplast

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	27,466	43,592	54,594	65,264
Operating EBITDA (Rsm)	2,619	4,233	5,248	6,390
Net Profit (Rsm)	1,371	2,362	3,127	3,951
Core EPS (Rs)	5.3	9.1	12.0	15.2
Core EPS Growth	77.0%	72.3%	32.3%	26.4%
FD Core P/E (x)	173.98	100.98	76.30	60.38
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	92.32	57.46	46.00	37.22
P/FCFE (x)	(57.54)	192.24	72.25	45.76
Net Gearing	31.1%	36.7%	18.0%	(3.6%)
P/BV (x)	22.98	18.72	15.03	12.04
ROE	19.1%	20.4%	21.9%	22.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	27,466	43,592	54,594	65,264
Gross Profit	5,403	8,860	10,810	12,988
Operating EBITDA	2,619	4,233	5,248	6,390
Depreciation And Amortisation	(466)	(648)	(712)	(785)
Operating EBIT	2,153	3,586	4,536	5,605
Financial Income/(Expense)	(517)	(793)	(720)	(807)
Pretax Income/(Loss) from Assoc.		25	81	137
Non-Operating Income/(Expense)	130	229	164	196
Profit Before Tax (pre-EI)	1,766	3,047	4,061	5,131
Exceptional Items
Pre-tax Profit	1,766	3,047	4,061	5,131
Taxation	(395)	(684)	(934)	(1,180)
Exceptional Income - post-tax
Profit After Tax	1,371	2,362	3,127	3,951
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,371	2,362	3,127	3,951
Recurring Net Profit	1,371	2,362	3,127	3,951
Fully Diluted Recurring Net Profit	1,371	2,362	3,127	3,951

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,765	3,047	4,061	5,131
Cash Flow from Invt. & Assoc.
Change In Working Capital	(649)	(1,330)	(2,117)	(2,040)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,051	3,206	3,670	4,202
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(303)	(684)	(934)	(1,180)
Cashflow From Operations	1,863	4,238	4,680	6,113
Capex	(2,268)	(3,600)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries	10
Acq. Of Subsidiaries/investments	(1,734)	(3)	(557)	(160)
Other Investing Cashflow
Cash Flow From Investing	(3,992)	(3,603)	(2,057)	(1,660)
Debt Raised/(repaid)	(2,017)	607	679	761
Proceeds From Issue Of Shares	4,918
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(557)	(863)	(800)	(887)
Cash Flow From Financing	2,344	(256)	(121)	(126)
Total Cash Generated	215	378	2,502	4,327
Free Cashflow To Equity	(4,146)	1,241	3,302	5,213
Free Cashflow To Firm	(2,129)	634	2,622	4,452

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	1,824	982	3,483	7,810
Total Debtors	5,558	6,612	8,431	10,436
Inventories	5,434	6,185	8,397	10,026
Total Other Current Assets	1,269	2,066	2,288	2,736
Total Current Assets	14,085	15,845	22,600	31,007
Fixed Assets	8,446	10,870	11,670	12,397
Total Investments	258	262	819	979
Intangible Assets	12	12	12	12
Total Other Non-Current Assets	285	872	218	261
Total Non-current Assets	9,001	12,016	12,720	13,650
Short-term Debt	2,482	2,779	3,113	3,486
Current Portion of Long-Term Debt
Total Creditors	6,464	7,548	9,464	11,291
Other Current Liabilities	684	872	1,092	1,305
Total Current Liabilities	9,629	11,199	13,668	16,083
Total Long-term Debt	2,573	2,882	3,228	3,615
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	414	654	819	979
Total Non-current Liabilities	2,987	3,536	4,047	4,594
Total Provisions	89	392	491	587
Total Liabilities	12,705	15,127	18,206	21,264
Shareholders Equity	10,381	12,743	15,870	19,821
Minority Interests
Total Equity	10,381	12,743	15,870	19,821

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	27.2%	58.7%	25.2%	19.5%
Operating EBITDA Growth	48.8%	61.6%	24.0%	21.8%
Operating EBITDA Margin	9.5%	9.7%	9.6%	9.8%
Net Cash Per Share (Rs)	(12.41)	(17.98)	(10.98)	2.72
BVPS (Rs)	39.89	48.96	60.98	76.16
Gross Interest Cover	4.16	4.52	6.30	6.95
Effective Tax Rate	22.3%	22.5%	23.0%	23.0%
Net Dividend Payout Ratio
Accounts Receivables Days	65.84	50.65	49.96	52.42
Inventory Days	74.18	61.05	60.78	64.31
Accounts Payables Days	85.73	73.63	70.91	72.46
ROIC (%)	12.1%	15.3%	17.1%	18.5%
ROCE (%)	16.7%	21.2%	22.3%	22.8%
Return On Average Assets	9.3%	11.7%	11.7%	11.4%

(91) 02241611548 anirvan.divakera@incredresearch.com

More Reports

Market Data

Source: Bloomberg