InCred Equities - Radico Khaitan Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	49,033	55,350	63,453	71,775
Operating EBITDA (Rsm)	6,737	9,649	12,399	14,195
Net Profit (Rsm)	3,452	5,556	7,584	8,913
Core EPS (Rs)	25.8	41.6	56.7	66.7
Core EPS Growth	35.0%	60.9%	36.5%	17.5%
FD Core P/E (x)	111.17	69.08	50.60	43.06
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	57.82	39.96	30.57	26.15
P/FCFE (x)	447.94	79.21	53.07	45.19
Net Gearing	21.3%	5.7%	(11.9%)	(25.8%)
P/BV (x)	14.26	11.82	9.58	7.84
ROE	13.6%	18.7%	20.9%	20.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	49,033	55,350	63,453	71,775
Gross Profit	20,826	24,308	28,706	32,498
Operating EBITDA	6,737	9,649	12,399	14,195
Depreciation And Amortisation	(1,402)	(1,514)	(1,522)	(1,522)
Operating EBIT	5,335	8,135	10,877	12,673
Financial Income/(Expense)	(689)	(628)	(628)	(628)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	4,646	7,507	10,249	12,045
Exceptional Items
Pre-tax Profit	4,646	7,507	10,249	12,045
Taxation	(1,194)	(1,952)	(2,665)	(3,132)
Exceptional Income - post-tax
Profit After Tax	3,452	5,556	7,584	8,913
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,452	5,556	7,584	8,913
Recurring Net Profit	3,452	5,556	7,584	8,913
Fully Diluted Recurring Net Profit	3,452	5,556	7,584	8,913

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	6,737	9,649	12,399	14,195
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,845)	(2,922)	(2,503)	(2,571)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	66
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(1,194)	(1,952)	(2,665)	(3,132)
Cashflow From Operations	2,763	4,775	7,231	8,492
Capex	(2,203)	70	0	0
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(2,203)	70	0	0
Debt Raised/(repaid)	296
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(1,084)	(1,013)	(694)	(694)
Cash Flow From Financing	(788)	(1,013)	(694)	(694)
Total Cash Generated	(227)	3,832	6,537	7,798
Free Cashflow To Equity	857	4,845	7,231	8,492
Free Cashflow To Firm	561	4,845	7,231	8,492

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	570	4,468	11,071	18,935
Total Debtors	11,821	14,513	16,638	18,820
Inventories	10,768	12,600	14,444	16,339
Total Other Current Assets	2,436	1,075	1,156	1,239
Total Current Assets	25,595	32,656	43,309	55,333
Fixed Assets	17,830	16,317	14,795	13,273
Total Investments	1,354	1,354	1,354	1,354
Intangible Assets	70
Total Other Non-Current Assets	1,270	83	95	108
Total Non-current Assets	20,524	17,754	16,244	14,735
Short-term Debt	4,767	4,767	4,767	4,767
Current Portion of Long-Term Debt
Total Creditors	11,354	10,377	11,896	13,457
Other Current Liabilities
Total Current Liabilities	16,121	15,144	16,663	18,224
Total Long-term Debt	1,543	1,543	1,543	1,543
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	319
Total Non-current Liabilities	1,862	1,543	1,543	1,543
Total Provisions	1,225	1,256	1,296	1,337
Total Liabilities	19,208	17,944	19,502	21,103
Shareholders Equity	26,910	32,466	40,050	48,964
Minority Interests
Total Equity	26,910	32,466	40,050	48,964

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	19.1%	12.9%	14.6%	13.1%
Operating EBITDA Growth	33.9%	43.2%	28.5%	14.5%
Operating EBITDA Margin	13.7%	17.4%	19.5%	19.8%
Net Cash Per Share (Rs)	(42.95)	(13.78)	35.62	94.43
BVPS (Rs)	201.35	242.83	299.67	366.22
Gross Interest Cover	6.81	11.72	15.67	18.26
Effective Tax Rate	25.7%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio
Accounts Receivables Days	80.40	86.83	89.59	90.16
Inventory Days	120.12	137.38	142.04	143.03
Accounts Payables Days	37.54	46.88	54.59	54.97
ROIC (%)	18.3%	24.8%	31.8%	36.0%
ROCE (%)	16.7%	22.2%	25.1%	24.6%
Return On Average Assets	9.6%	12.8%	14.9%	14.7%

(91) 22 4161 1550 nitin.awasthi@incredresearch.com