InCred Equities - Elin Electronics

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	10,418	11,978	14,011	16,608
Operating EBITDA (Rsm)	406	517	813	1,079
Net Profit (Rsm)	140	224	444	630
Core EPS (Rs)	2.8	4.5	8.9	12.7
Core EPS Growth	(47.9%)	60.8%	98.0%	41.8%
FD Core P/E (x)	73.30	45.58	23.02	16.24
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	24.98	18.41	11.80	8.93
P/FCFE (x)	10.10	15.10	9.95	7.72
Net Gearing	(1.6%)	(13.8%)	(11.2%)	(9.4%)
P/BV (x)	2.03	1.95	1.79	1.62
ROE	2.8%	4.4%	8.1%	10.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	10,418	11,978	14,011	16,608
Gross Profit	2,712	3,097	3,685	4,318
Operating EBITDA	406	517	813	1,079
Depreciation And Amortisation	(218)	(235)	(246)	(266)
Operating EBIT	188	282	566	813
Financial Income/(Expense)	(81)	(82)	(64)	(62)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	91	110	90	89
Profit Before Tax (pre-EI)	198	310	592	840
Exceptional Items
Pre-tax Profit	198	310	592	840
Taxation	(58)	(86)	(148)	(210)
Exceptional Income - post-tax
Profit After Tax	140	224	444	630
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	140	224	444	630
Recurring Net Profit	140	224	444	630
Fully Diluted Recurring Net Profit	140	224	444	630

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	406	517	813	1,079
Cash Flow from Invt. & Assoc.
Change In Working Capital	46	(157)	(232)	(299)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	218	235	246	266
Other Operating Cashflow	2	(28)	(26)	(27)
Net Interest (Paid)/Received	(81)	(82)	(64)	(62)
Tax Paid	(37)	(86)	(148)	(210)
Cashflow From Operations	555	398	589	748
Capex	427	274	433	571
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	695
Cash Flow From Investing	1,121	274	433	571
Debt Raised/(repaid)	(664)	6	6	6
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(48)
Preferred Dividends
Other Financing Cashflow	(81)	(82)	(64)	(62)
Cash Flow From Financing	(793)	(76)	(58)	(56)
Total Cash Generated	884	596	963	1,263
Free Cashflow To Equity	1,013	678	1,028	1,325
Free Cashflow To Firm	1,758	753	1,086	1,381

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	197	843	765	728
Total Debtors	1,994	2,134	2,497	2,821
Inventories	1,105	1,338	1,415	1,684
Total Other Current Assets	797	1,130	1,242	1,402
Total Current Assets	4,094	5,446	5,918	6,635
Fixed Assets	1,672	1,837	2,091	2,425
Total Investments	72	79	87	95
Intangible Assets	10	10	10	10
Total Other Non-Current Assets	31	31	31	31
Total Non-current Assets	1,785	1,957	2,219	2,561
Short-term Debt	115	120	127	133
Current Portion of Long-Term Debt
Total Creditors	1,166	1,570	1,808	2,127
Other Current Liabilities	267	299	308	365
Total Current Liabilities	1,548	1,990	2,243	2,625
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	112	140	175	219
Total Liabilities	1,660	2,130	2,418	2,844
Shareholders Equity	5,031	5,255	5,700	6,330
Minority Interests
Total Equity	5,031	5,255	5,700	6,330

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(3.1%)	15.0%	17.0%	18.5%
Operating EBITDA Growth	(37.6%)	27.2%	57.3%	32.8%
Operating EBITDA Margin	3.9%	4.3%	5.8%	6.5%
Net Cash Per Share (Rs)	1.66	14.54	12.85	11.97
BVPS (Rs)	101.23	105.74	114.68	127.36
Gross Interest Cover	2.31	3.45	8.82	13.06
Effective Tax Rate	29.4%	27.6%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	69.52	62.89	60.28	58.42
Inventory Days	55.41	50.21	48.65	46.01
Accounts Payables Days	57.67	56.23	59.70	58.44
ROIC (%)	4.2%	6.7%	12.3%	15.7%
ROCE (%)	3.5%	5.4%	10.1%	13.2%
Return On Average Assets	3.3%	4.6%	6.5%	8.0%

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

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Market Data

Source: Bloomberg