InCred Equities - IKIO Lighting

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	3,588	4,379	5,163	6,376
Operating EBITDA (Rsm)	775	926	959	1,154
Net Profit (Rsm)	500	605	560	700
Core EPS (Rs)	7.7	7.8	7.2	9.1
Core EPS Growth	(61.9%)	1.7%	(7.4%)	25.0%
FD Core P/E (x)	31.58	31.05	33.53	26.83
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	21.94	18.97	20.49	16.59
P/FCFE (x)	130.60	(5.35)	18.88	22.66
Net Gearing	84.7%	(21.8%)	14.5%	5.7%
P/BV (x)	11.11	3.40	3.18	2.92
ROE	39.9%	17.4%	9.8%	11.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	3,588	4,379	5,163	6,376
Gross Profit	1,285	1,794	1,962	2,436
Operating EBITDA	775	926	959	1,154
Depreciation And Amortisation	(58)	(120)	(144)	(175)
Operating EBIT	717	806	815	979
Financial Income/(Expense)	(90)	(116)	(115)	(132)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	32	153	68	112
Profit Before Tax (pre-EI)	658	844	767	959
Exceptional Items
Pre-tax Profit	658	844	767	959
Taxation	(158)	(239)	(207)	(259)
Exceptional Income - post-tax
Profit After Tax	500	605	560	700
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	500	605	560	700
Recurring Net Profit	500	605	560	700
Fully Diluted Recurring Net Profit	500	605	560	700

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	697	822	843	1,022
Cash Flow from Invt. & Assoc.
Change In Working Capital	(25)	(688)	577	(311)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	85	111	115	132
Tax Paid	(190)	(297)	(207)	(259)
Cashflow From Operations	568	(52)	1,329	584
Capex	(194)	(837)	(1,600)	(70)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(305)	(1,650)	276	112
Cash Flow From Investing	(499)	(2,487)	(1,325)	42
Debt Raised/(repaid)	14	(695)	991	203
Proceeds From Issue Of Shares		3,500
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(92)	(148)	(174)	(200)
Cash Flow From Financing	(77)	2,657	817	3
Total Cash Generated	(8)	118	821	629
Free Cashflow To Equity	84	(3,234)	995	829
Free Cashflow To Firm	(16)	(2,650)	(112)	495

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	23	1,910	962	1,591
Total Debtors	727	969	849	1,048
Inventories	1,206	1,352	1,316	1,565
Total Other Current Assets	227	359	292	358
Total Current Assets	2,184	4,589	3,419	4,563
Fixed Assets	582	1,276	2,561	2,260
Total Investments	7	215	7	7
Intangible Assets	6	6	6	6
Total Other Non-Current Assets	331	491	590	507
Total Non-current Assets	926	1,988	3,164	2,780
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	241	214	395	540
Other Current Liabilities	193	118	279	338
Total Current Liabilities	434	331	674	878
Total Long-term Debt	1,147	452	1,443	1,646
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	80	252	379	311
Total Non-current Liabilities	1,228	703	1,822	1,956
Total Provisions	27	14	27	27
Total Liabilities	1,688	1,049	2,523	2,861
Shareholders Equity	1,422	5,528	5,912	6,438
Minority Interests
Total Equity	1,422	5,528	5,912	6,438

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	8.1%	22.0%	17.9%	23.5%
Operating EBITDA Growth	0.2%	19.6%	3.5%	20.4%
Operating EBITDA Margin	21.6%	21.2%	18.6%	18.1%
Net Cash Per Share (Rs)	(18.53)	15.62	(11.12)	(4.72)
BVPS (Rs)	21.87	71.53	76.50	83.30
Gross Interest Cover	7.93	6.98	7.06	7.43
Effective Tax Rate	24.0%	28.4%	27.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	65.40	70.67	64.24	54.29
Inventory Days	182.61	180.63	152.05	133.43
Accounts Payables Days	37.47	32.08	34.68	43.28
ROIC (%)	20.3%	14.6%	12.3%	15.0%
ROCE (%)	29.3%	18.2%	11.7%	12.1%
Return On Average Assets	19.7%	14.3%	9.8%	11.5%

(91) 22 4161 1565 ishan.verma@incredresearch.com