InCred Equities - Lloyds Metals & Energy Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	65,217	80,080	181,067	233,314
Operating EBITDA (Rsm)	17,283	27,451	76,083	93,460
Net Profit (Rsm)	12,429	20,346	60,336	75,046
Core EPS (Rs)	24.6	40.3	119.4	148.5
Core EPS Growth	37.1%	63.7%	196.5%	24.4%
FD Core P/E (x)	57.49	35.12	11.84	9.52
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	41.18	25.61	8.95	7.40
P/FCFE (x)	(2,929.52)	(73.05)	158.69	(124.11)
Net Gearing	(10.2%)	(17.2%)	(22.8%)	(10.6%)
P/BV (x)	25.42	10.60	4.88	3.26
ROE	57.3%	42.6%	56.5%	41.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	65,217	80,080	181,067	233,314
Gross Profit	56,297	74,990	165,296	218,597
Operating EBITDA	17,283	27,451	76,083	93,460
Depreciation And Amortisation	(490)	(786)	(1,737)	(3,797)
Operating EBIT	16,793	26,665	74,346	89,663
Financial Income/(Expense)	(57)	(451)	(1,353)	(2,255)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	529	976	7,638	12,881
Profit Before Tax (pre-EI)	17,265	27,190	80,631	100,289
Exceptional Items
Pre-tax Profit	17,265	27,190	80,631	100,289
Taxation	(4,836)	(6,844)	(20,295)	(25,243)
Exceptional Income - post-tax
Profit After Tax	12,429	20,346	60,336	75,046
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,429	20,346	60,336	75,046
Recurring Net Profit	12,429	20,346	60,336	75,046
Fully Diluted Recurring Net Profit	12,429	20,346	60,336	75,046

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	17,283	27,451	76,083	93,460
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,538	895	6,078	3,144
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	751	4,918	8,991	15,136
Net Interest (Paid)/Received	(288)	(451)	(1,353)	(2,255)
Tax Paid	(2,273)	(6,844)	(20,295)	(25,243)
Cashflow From Operations	17,010	25,969	69,503	84,242
Capex	(17,207)	(35,751)	(65,000)	(90,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(47)
Cash Flow From Investing	(17,254)	(35,751)	(65,000)	(90,000)
Debt Raised/(repaid)
Proceeds From Issue Of Shares	2	21,180	20,600
Shares Repurchased
Dividends Paid		(2,251)	(2,021)	(2,021)
Preferred Dividends
Other Financing Cashflow	(8)	4,549	3,647	2,745
Cash Flow From Financing	(6)	23,478	22,226	724
Total Cash Generated	(250)	13,696	26,729	(5,034)
Free Cashflow To Equity	(244)	(9,782)	4,503	(5,758)
Free Cashflow To Firm	(187)	(9,331)	5,856	(3,503)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	2,871	16,567	43,296	38,262
Total Debtors	799	981	2,219	2,859
Inventories	2,311	2,838	6,416	8,267
Total Other Current Assets	5,000	5,000	5,000	5,000
Total Current Assets	10,982	25,387	56,931	54,389
Fixed Assets	24,249	59,213	122,477	208,680
Total Investments	290	290	290	290
Intangible Assets
Total Other Non-Current Assets	3,854	364	364	364
Total Non-current Assets	28,394	59,868	123,131	209,334
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	3,951	4,851	10,969	14,134
Other Current Liabilities	5,718	6,421	11,197	13,667
Total Current Liabilities	9,669	11,273	22,166	27,802
Total Long-term Debt		5,000	10,000	15,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,158	1,158	1,158	1,158
Total Non-current Liabilities	1,158	6,158	11,158	16,158
Total Provisions	439	439	439	439
Total Liabilities	11,266	17,870	33,763	44,399
Shareholders Equity	28,109	67,384	146,299	219,324
Minority Interests
Total Equity	28,109	67,384	146,299	219,324

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	92.2%	22.8%	126.1%	28.9%
Operating EBITDA Growth	113.3%	58.8%	177.2%	22.8%
Operating EBITDA Margin	26.5%	34.3%	42.0%	40.1%
Net Cash Per Share (Rs)	5.68	22.89	65.89	46.04
BVPS (Rs)	55.63	133.36	289.53	434.05
Gross Interest Cover	295.65	59.12	54.95	39.76
Effective Tax Rate	28.0%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	2.92	4.06	3.23	3.97
Inventory Days	102.47	184.61	107.08	182.08
Accounts Payables Days	96.09	315.62	183.08	311.30
ROIC (%)	47.3%	34.9%	48.6%	34.0%
ROCE (%)	76.3%	53.1%	65.0%	45.9%
Return On Average Assets	41.8%	33.2%	46.2%	34.6%

(91) 22 4161 1562 satish.kumar@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com