InCred Equities - Eternal Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	202,430	313,108	408,890	507,696
Operating EBITDA (Rsm)	6,370	12,217	21,706	30,136
Net Profit (Rsm)	5,270	8,903	16,527	24,615
Core EPS (Rs)	5.9	9.8	18.2	27.1
Core EPS Growth	44.2%	65.3%	85.6%	48.9%
FD Core P/E (x)	54.13	32.74	17.64	11.84
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	34.39	17.82	9.06	5.48
P/FCFE (x)	22.93	38.13	16.73	13.06
Net Gearing	(21.8%)	(23.6%)	(28.8%)	(35.8%)
P/BV (x)	0.96	0.93	0.89	0.83
ROE	2.1%	2.9%	5.2%	7.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	202,430	313,108	408,890	507,696
Gross Profit	121,200	178,681	232,108	279,297
Operating EBITDA	6,370	12,217	21,706	30,136
Depreciation And Amortisation	(8,630)	(13,039)	(16,356)	(19,800)
Operating EBIT	(2,260)	(822)	5,350	10,336
Financial Income/(Expense)	(1,540)	(2,680)	(2,680)	(2,680)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	10,770	15,997	19,513	25,385
Profit Before Tax (pre-EI)	6,970	12,495	22,184	33,041
Exceptional Items
Pre-tax Profit	6,970	12,495	22,184	33,041
Taxation	(1,700)	(3,592)	(5,657)	(8,425)
Exceptional Income - post-tax
Profit After Tax	5,270	8,903	16,527	24,615
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,270	8,903	16,527	24,615
Recurring Net Profit	5,270	8,903	16,527	24,615
Fully Diluted Recurring Net Profit	5,270	8,903	16,527	24,615

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	6,370	12,217	21,706	30,136
Cash Flow from Invt. & Assoc.
Change In Working Capital	(10,930)	(6,299)	(3,945)	(4,714)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,950
Other Operating Cashflow	220
Net Interest (Paid)/Received	6,650	(2,680)	(2,680)	(2,680)
Tax Paid	(1,180)	(3,592)	(5,657)	(8,425)
Cashflow From Operations	3,080	(354)	9,424	14,316
Capex	9,360	8,000	8,000	8,000
Disposals Of FAs/subsidiaries	(50)
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(89,240)	(3)	3,513	9,385
Cash Flow From Investing	(79,930)	7,997	11,513	17,385
Debt Raised/(repaid)
Proceeds From Issue Of Shares	85,010
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(4,590)
Cash Flow From Financing	80,420
Total Cash Generated	3,570	7,643	20,937	31,701
Free Cashflow To Equity	12,440	7,646	17,424	22,316
Free Cashflow To Firm	(75,310)	10,323	23,617	34,381

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	86,550	94,193	115,130	146,831
Total Debtors	19,460	18,786	24,533	30,462
Inventories	1,760	5,897	7,927	10,665
Total Other Current Assets	9,240	9,240	9,240	9,240
Total Current Assets	117,010	128,117	156,830	197,198
Fixed Assets	29,340	24,301	15,945	4,145
Total Investments	109,200	109,200	109,200	109,200
Intangible Assets	66,490	66,490	66,490	66,490
Total Other Non-Current Assets	34,190	34,190	34,190	34,190
Total Non-current Assets	239,220	234,181	225,825	214,025
Short-term Debt	3,910	3,910	3,910	3,910
Current Portion of Long-Term Debt
Total Creditors	15,360	12,524	16,356	20,308
Other Current Liabilities	13,650	13,650	13,650	13,650
Total Current Liabilities	32,920	30,084	33,916	37,868
Total Long-term Debt
Hybrid Debt - Debt Component	16,540	16,540	16,540	16,540
Total Other Non-Current Liabilities	2,130	2,130	2,130	2,130
Total Non-current Liabilities	18,670	18,670	18,670	18,670
Total Provisions	1,540	1,540	1,540	1,540
Total Liabilities	53,130	50,294	54,126	58,078
Shareholders Equity	303,170	312,073	328,600	353,215
Minority Interests	(70)	(70)	(70)	(70)
Total Equity	303,100	312,003	328,530	353,145

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	67.1%	54.7%	30.6%	24.2%
Operating EBITDA Growth	1,416.7%	91.8%	77.7%	38.8%
Operating EBITDA Margin	3.1%	3.9%	5.3%	5.9%
Net Cash Per Share (Rs)	72.88	81.30	104.39	139.34
BVPS (Rs)	334.26	344.07	362.29	389.43
Gross Interest Cover	(1.47)	(0.31)	2.00	3.86
Effective Tax Rate	24.4%	28.7%	25.5%	25.5%
Net Dividend Payout Ratio
Accounts Receivables Days	24.70	22.29	19.33	19.77
Inventory Days	5.93	10.40	14.27	14.86
Accounts Payables Days	54.42	37.86	29.81	29.30
ROIC (%)	(2.5%)	(0.4%)	3.0%	6.0%
ROCE (%)	(0.6%)	(0.2%)	1.2%	2.1%
Return On Average Assets	2.2%	3.0%	5.0%	6.7%

(91) 22 4161 1543 abhishek.shindadkr@incredresearch.com