InCred Equities - E2E Network

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	1,640	3,177	5,281	7,421
Operating EBITDA (Rsm)	967	2,091	3,825	5,570
Net Profit (Rsm)	475	760	1,471	2,025
Core EPS (Rs)	23.8	38.1	73.7	101.4
Core EPS Growth	116.6%	59.6%	93.5%	37.7%
FD Core P/E (x)	106.66	66.83	34.53	25.07
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	39.09	19.41	11.50	8.27
P/FCFE (x)	(39.29)	163.12	(250.64)	37.48
Net Gearing	(80.8%)	(61.1%)	(37.5%)	(23.3%)
P/BV (x)	3.19	3.04	2.80	2.52
ROE	5.7%	4.7%	8.4%	10.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	1,640	3,177	5,281	7,421
Gross Profit	1,335	2,653	4,558	6,489
Operating EBITDA	967	2,091	3,825	5,570
Depreciation And Amortisation	(601)	(1,590)	(2,169)	(2,900)
Operating EBIT	366	501	1,657	2,671
Financial Income/(Expense)	(132)	(31)	(233)	(496)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	394	546	542	532
Profit Before Tax (pre-EI)	628	1,016	1,965	2,707
Exceptional Items
Pre-tax Profit	628	1,016	1,965	2,707
Taxation	(153)	(256)	(495)	(681)
Exceptional Income - post-tax
Profit After Tax	475	760	1,471	2,025
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	475	760	1,471	2,025
Recurring Net Profit	475	760	1,471	2,025
Fully Diluted Recurring Net Profit	475	760	1,471	2,025

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	967	2,091	3,825	5,570
Cash Flow from Invt. & Assoc.
Change In Working Capital	(149)	(24)	(33)	(34)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(196)	(515)	(309)	(36)
Other Operating Cashflow	421	546	542	532
Net Interest (Paid)/Received	(132)	(31)	(233)	(496)
Tax Paid	(26)	(256)	(495)	(681)
Cashflow From Operations	885	1,811	3,297	4,855
Capex	(1,259)	(5,000)	(7,000)	(7,000)
Disposals Of FAs/subsidiaries	1
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(8,569)	546	542	532
Cash Flow From Investing	(9,828)	(4,454)	(6,458)	(6,468)
Debt Raised/(repaid)	(915)	3,500	3,500	3,500
Proceeds From Issue Of Shares	14,728
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(311)	(31)	(233)	(496)
Cash Flow From Financing	13,502	3,469	3,267	3,004
Total Cash Generated	4,559	826	106	1,391
Free Cashflow To Equity	(1,289)	311	(203)	1,355
Free Cashflow To Firm	(8,811)	(2,611)	(2,927)	(1,116)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	13,604	14,431	14,537	15,928
Total Debtors	97	189	314	441
Inventories
Total Other Current Assets	1,784	1,784	1,784	1,784
Total Current Assets	15,486	16,404	16,635	18,153
Fixed Assets	3,744	7,154	11,985	16,086
Total Investments	17	17	17	17
Intangible Assets	6,511	6,511	6,511	6,511
Total Other Non-Current Assets	50	50	50	50
Total Non-current Assets	10,321	13,731	18,563	22,663
Short-term Debt	230	230	230	230
Current Portion of Long-Term Debt
Total Creditors	71	139	231	324
Other Current Liabilities	8,833	8,833	8,833	8,833
Total Current Liabilities	9,134	9,202	9,294	9,387
Total Long-term Debt	61	3,561	7,061	10,561
Hybrid Debt - Debt Component	438	438	438	438
Total Other Non-Current Liabilities
Total Non-current Liabilities	499	3,999	7,499	10,999
Total Provisions	246	246	246	246
Total Liabilities	9,880	13,447	17,039	20,632
Shareholders Equity	15,928	16,688	18,158	20,184
Minority Interests
Total Equity	15,928	16,688	18,158	20,184

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	73.6%	93.8%	66.2%	40.5%
Operating EBITDA Growth	101.6%	116.3%	83.0%	45.6%
Operating EBITDA Margin	59.0%	65.8%	72.4%	75.1%
Net Cash Per Share (Rs)	644.77	510.87	340.89	235.28
BVPS (Rs)	797.67	835.72	909.38	1,010.81
Gross Interest Cover	2.77	16.03	7.10	5.38
Effective Tax Rate	24.4%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	13.71	16.45	17.38	18.58
Inventory Days
Accounts Payables Days	78.93	73.30	93.30	108.72
ROIC (%)	13.3%	11.4%	18.5%	17.3%
ROCE (%)	2.9%	2.0%	5.2%	6.9%
Return On Average Assets	4.1%	2.8%	5.0%	6.3%

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