InCred Equities - MTAR Technologies Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	5,808	7,724	11,586	18,480
Operating EBITDA (Rsm)	1,127	1,694	2,855	4,546
Net Profit (Rsm)	561	963	1,810	3,059
Core EPS (Rs)	18.2	31.3	58.8	99.3
Core EPS Growth	(45.7%)	71.6%	88.0%	69.0%
FD Core P/E (x)	95.69	55.78	29.67	17.55
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	48.89	32.67	19.46	12.24
P/FCFE (x)	108.90	681.25	481.94	207.24
Net Gearing	20.7%	21.4%	19.6%	15.4%
P/BV (x)	7.94	6.95	5.63	4.26
ROE	8.7%	13.3%	21.0%	27.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	5,808	7,724	11,586	18,480
Gross Profit	2,784	4,016	5,909	9,425
Operating EBITDA	1,127	1,694	2,855	4,546
Depreciation And Amortisation	(232)	(264)	(284)	(299)
Operating EBIT	895	1,431	2,571	4,247
Financial Income/(Expense)	(223)	(204)	(215)	(225)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	58	57	57	57
Profit Before Tax (pre-EI)	730	1,284	2,413	4,079
Exceptional Items
Pre-tax Profit	730	1,284	2,413	4,079
Taxation	(169)	(321)	(603)	(1,020)
Exceptional Income - post-tax
Profit After Tax	561	963	1,810	3,059
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	561	963	1,810	3,059
Recurring Net Profit	561	963	1,810	3,059
Fully Diluted Recurring Net Profit	561	963	1,810	3,059

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,185	1,751	2,912	4,603
Cash Flow from Invt. & Assoc.
Change In Working Capital	(372)	(846)	(2,021)	(3,238)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(18)
Other Operating Cashflow
Net Interest (Paid)/Received	(9)	57	57	57
Tax Paid	(213)	(321)	(603)	(1,020)
Cashflow From Operations	574	641	345	402
Capex	(942)	(750)	(400)	(300)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	385	57	57	57
Cash Flow From Investing	(556)	(693)	(343)	(243)
Debt Raised/(repaid)	476	131	110	100
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(223)	(204)	(215)	(225)
Cash Flow From Financing	253	(73)	(105)	(125)
Total Cash Generated	270	(125)	(104)	34
Free Cashflow To Equity	493	79	111	259
Free Cashflow To Firm	17	(52)	1	159

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	508	383	280	314
Total Debtors	1,466	2,222	3,238	5,114
Inventories	3,476	3,809	5,396	7,797
Total Other Current Assets	198	234	308	440
Total Current Assets	5,648	6,648	9,221	13,664
Fixed Assets	4,127	4,235	4,251	4,252
Total Investments	0
Intangible Assets	7	7	7	7
Total Other Non-Current Assets	294	529	529	529
Total Non-current Assets	4,428	4,771	4,787	4,788
Short-term Debt	939	940	950	950
Current Portion of Long-Term Debt
Total Creditors	714	889	1,333	2,126
Other Current Liabilities	425	529	741	1,119
Total Current Liabilities	2,078	2,358	3,024	4,195
Total Long-term Debt	970	1,100	1,200	1,300
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	970	1,100	1,200	1,300
Total Provisions	265	107	57	57
Total Liabilities	3,313	3,565	4,281	5,552
Shareholders Equity	6,763	7,726	9,536	12,596
Minority Interests
Total Equity	6,763	7,726	9,536	12,596

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	1.2%	33.0%	50.0%	59.5%
Operating EBITDA Growth	(26.8%)	50.3%	68.5%	59.2%
Operating EBITDA Margin	19.4%	21.9%	24.6%	24.6%
Net Cash Per Share (Rs)	(45.48)	(53.79)	(60.73)	(62.87)
BVPS (Rs)	219.59	250.86	309.62	408.96
Gross Interest Cover	4.01	7.01	11.96	18.88
Effective Tax Rate	23.2%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	111.56	87.14	86.00	82.47
Inventory Days	443.11	358.62	295.92	265.90
Accounts Payables Days	174.82	78.90	71.43	69.73
ROIC (%)	7.9%	11.1%	16.5%	21.3%
ROCE (%)	10.7%	15.3%	23.9%	32.0%
Return On Average Assets	7.1%	10.4%	15.5%	19.9%

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

(91) 02241611548 anirvan.divakera@incredresearch.com