InCred Equities - JSW Infrastructure Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	37,629	44,956	54,103	59,516
Operating EBITDA (Rsm)	19,646	22,502	25,993	28,395
Net Profit (Rsm)	11,559	14,118	14,674	16,075
Core EPS (Rs)	5.6	6.7	6.9	7.6
Core EPS Growth	1.2%	19.4%	3.2%	9.5%
FD Core P/E (x)	59.07	48.36	46.53	42.47
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	35.09	30.98	27.29	24.99
P/FCFE (x)	(120.05)	(89.72)	(55.64)	(19,712.75)
Net Gearing	5.4%	12.8%	22.2%	19.4%
P/BV (x)	8.51	7.23	6.26	5.46
ROE	19.8%	16.3%	14.4%	13.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	37,629	44,956	54,103	59,516
Gross Profit	24,042	28,772	35,167	38,686
Operating EBITDA	19,646	22,502	25,993	28,395
Depreciation And Amortisation	(4,365)	(5,356)	(5,818)	(5,818)
Operating EBIT	15,281	17,146	20,175	22,577
Financial Income/(Expense)	(2,892)	(3,433)	(3,440)	(3,440)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,694	3,680	2,636	2,078
Profit Before Tax (pre-EI)	15,083	17,393	19,371	21,214
Exceptional Items	(433)	(118)
Pre-tax Profit	14,650	17,275	19,371	21,214
Taxation	(3,043)	(3,110)	(4,649)	(5,091)
Exceptional Income - post-tax
Profit After Tax	11,607	14,166	14,722	16,123
Minority Interests	(48)	(48)	(48)	(48)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	11,559	14,118	14,674	16,075
Recurring Net Profit	11,902	14,215	14,674	16,075
Fully Diluted Recurring Net Profit	11,902	14,215	14,674	16,075

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	19,646	22,502	25,993	28,395
Cash Flow from Invt. & Assoc.
Change In Working Capital	(885)	(703)	(1,310)	(775)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(433)	(118)
Other Operating Cashflow
Net Interest (Paid)/Received	(198)	247	(804)	(1,363)
Tax Paid	(3,043)	(3,110)	(4,649)	(5,091)
Cashflow From Operations	15,086	18,819	19,229	21,165
Capex	(22,315)	(26,868)	(31,500)	(21,200)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(16)	247
Cash Flow From Investing	(22,331)	(26,622)	(31,500)	(21,200)
Debt Raised/(repaid)	1,909	193
Proceeds From Issue Of Shares	28,000
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(216)	(56)	(56)	(56)
Cash Flow From Financing	29,692	137	(56)	(56)
Total Cash Generated	22,448	(7,666)	(12,327)	(91)
Free Cashflow To Equity	(5,336)	(7,610)	(12,271)	(35)
Free Cashflow To Firm	(4,353)	(4,370)	(8,831)	3,405

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	43,101	35,443	23,125	23,042
Total Debtors	6,768	8,092	9,739	10,713
Inventories	1,117	1,335	1,607	1,767
Total Other Current Assets	4,893	5,845	7,035	7,739
Total Current Assets	55,879	50,716	41,505	43,261
Fixed Assets	52,217	75,161	102,043	118,625
Total Investments	247
Intangible Assets	26,678	25,246	24,046	22,846
Total Other Non-Current Assets
Total Non-current Assets	79,142	100,407	126,089	141,471
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	7,041	8,832	10,630	11,693
Other Current Liabilities
Total Current Liabilities	7,041	8,832	10,630	11,693
Total Long-term Debt	43,807	44,000	44,000	44,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	3,778	3,778	3,778	3,778
Total Non-current Liabilities	47,585	47,778	47,778	47,778
Total Provisions	(1,916)	(1,916)	(1,916)	(1,916)
Total Liabilities	52,710	54,695	56,492	57,555
Shareholders Equity	80,264	94,382	109,055	125,131
Minority Interests	2,047	2,047	2,047	2,047
Total Equity	82,310	96,428	111,102	127,177

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	17.8%	19.5%	20.3%	10.0%
Operating EBITDA Growth	21.3%	14.5%	15.5%	9.2%
Operating EBITDA Margin	52.2%	50.1%	48.0%	47.7%
Net Cash Per Share (Rs)	(2.12)	(5.82)	(11.63)	(11.67)
BVPS (Rs)	37.88	44.54	51.46	59.05
Gross Interest Cover	5.28	4.99	5.86	6.56
Effective Tax Rate	20.8%	18.0%	24.0%	24.0%
Net Dividend Payout Ratio
Accounts Receivables Days	52.34	60.32	60.15	62.71
Inventory Days	28.73	27.65	28.35	29.56
Accounts Payables Days	135.08	179.00	187.57	195.57
ROIC (%)	23.5%	20.3%	18.9%	16.9%
ROCE (%)	14.4%	12.7%	13.5%	13.7%
Return On Average Assets	13.2%	12.4%	11.4%	11.1%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

Market Data

Source: Bloomberg