InCred Equities - Deepak Fertilisers & Petrochemicals Corp. Ltd.

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	86,761	94,323	98,510	124,566
Operating EBITDA (Rsm)	12,867	19,437	22,719	31,900
Net Profit (Rsm)	4,572	10,122	11,694	17,499
Core EPS (Rs)	36.2	80.2	92.6	138.6
Core EPS Growth	(62.5%)	121.4%	15.5%	49.6%
FD Core P/E (x)	32.41	14.64	12.67	8.47
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	14.41	9.63	8.49	6.23
P/FCFE (x)	41.55	39.82	139.34	48.83
Net Gearing	67.7%	62.2%	62.3%	59.6%
P/BV (x)	2.74	2.40	2.10	1.76
ROE	8.7%	17.5%	17.7%	22.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	86,761	94,323	98,510	124,566
Gross Profit	27,780	32,941	36,386	48,610
Operating EBITDA	12,867	19,437	22,719	31,900
Depreciation And Amortisation	(3,337)	(3,722)	(4,209)	(4,959)
Operating EBIT	9,530	15,715	18,509	26,941
Financial Income/(Expense)	(4,038)	(3,126)	(3,861)	(4,792)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,228	943	985	1,246
Profit Before Tax (pre-EI)	6,720	13,532	15,634	23,395
Exceptional Items
Pre-tax Profit	6,720	13,532	15,634	23,395
Taxation	(2,147)	(3,410)	(3,940)	(5,895)
Exceptional Income - post-tax
Profit After Tax	4,572	10,122	11,694	17,499
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,572	10,122	11,694	17,499
Recurring Net Profit	4,572	10,122	11,694	17,499
Fully Diluted Recurring Net Profit	4,572	10,122	11,694	17,499

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	12,867	19,437	22,719	31,900
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,618)	(1,249)	(701)	(4,215)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(3,629)	(2,182)	(2,876)	(3,546)
Net Interest (Paid)/Received	3,832	3,126	3,861	4,792
Tax Paid	(3,134)	(3,410)	(3,940)	(5,895)
Cashflow From Operations	7,318	15,721	19,063	23,035
Capex	(8,848)	(12,000)	(18,000)	(20,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	5,096
Cash Flow From Investing	(3,752)	(12,000)	(18,000)	(20,000)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,264)	(2,429)	(2,807)	(4,200)
Preferred Dividends
Other Financing Cashflow	(2,835)	5,274	8,739	9,208
Cash Flow From Financing	(4,099)	2,845	5,933	5,009
Total Cash Generated	(533)	6,566	6,996	8,043
Free Cashflow To Equity	3,566	3,721	1,063	3,035
Free Cashflow To Firm	(472)	596	(2,797)	(1,757)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	3,609	10,176	17,172	25,215
Total Debtors	14,758	16,044	16,756	21,188
Inventories	11,924	12,410	12,560	15,356
Total Other Current Assets	8,704	8,704	8,704	8,704
Total Current Assets	38,996	47,333	55,192	70,463
Fixed Assets	67,397	75,675	89,466	104,507
Total Investments	5,753	5,753	5,753	5,753
Intangible Assets	808	808	808	808
Total Other Non-Current Assets	5,350	5,350	5,350	5,350
Total Non-current Assets	79,307	87,585	101,376	116,417
Short-term Debt	9,826	9,826	9,826	9,826
Current Portion of Long-Term Debt
Total Creditors	12,849	13,372	13,533	16,546
Other Current Liabilities	7,268	7,268	7,268	7,268
Total Current Liabilities	29,943	30,466	30,628	33,641
Total Long-term Debt	30,626	39,026	51,626	65,626
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,012	2,012	2,012	2,012
Total Non-current Liabilities	32,638	41,038	53,638	67,638
Total Provisions	1,261	1,261	1,261	1,261
Total Liabilities	63,843	72,766	85,527	102,540
Shareholders Equity	54,082	61,775	70,663	83,962
Minority Interests	378	378	378	378
Total Equity	54,460	62,153	71,041	84,340

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(23.2%)	8.7%	4.4%	26.5%
Operating EBITDA Growth	(40.6%)	51.1%	16.9%	40.4%
Operating EBITDA Margin	14.8%	20.6%	23.1%	25.6%
Net Cash Per Share (Rs)	(291.85)	(306.38)	(350.77)	(397.95)
BVPS (Rs)	428.41	489.35	559.75	665.10
Gross Interest Cover	2.36	5.03	4.79	5.62
Effective Tax Rate	32.0%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	66.60	59.60	60.76	55.59
Inventory Days	75.85	72.35	73.35	67.07
Accounts Payables Days	94.75	77.96	79.04	72.27
ROIC (%)	8.0%	12.0%	12.3%	15.3%
ROCE (%)	10.4%	15.3%	15.2%	18.4%
Return On Average Assets	6.5%	9.8%	10.0%	12.3%

(91) 2241611549 pratyush.kamal@incredresearch.com

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