InCred Equities - Cyient Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	71,472	74,364	84,449	96,485
Operating EBITDA (Rsm)	13,028	11,580	13,934	17,271
Net Profit (Rsm)	7,704	6,834	8,222	10,722
Core EPS (Rs)	70.0	62.1	74.7	97.5
Core EPS Growth	40.1%	(11.3%)	20.3%	30.4%
FD Core P/E (x)	25.89	29.19	24.26	18.60
DPS (Rs)	30.0	35.0	41.1	53.6
Dividend Yield	1.67%	1.95%	2.27%	2.96%
EV/EBITDA (x)	15.07	16.74	13.78	10.84
P/FCFE (x)	85.39	33.50	31.22	18.90
Net Gearing	(13.3%)	(17.8%)	(19.9%)	(26.8%)
P/BV (x)	4.68	4.38	4.05	3.69
ROE	19.9%	15.5%	17.4%	20.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	71,472	74,364	84,449	96,485
Gross Profit	36,352	35,469	40,535	47,664
Operating EBITDA	13,028	11,580	13,934	17,271
Depreciation And Amortisation	(2,667)	(2,726)	(2,956)	(3,280)
Operating EBIT	10,361	8,854	10,978	13,990
Financial Income/(Expense)	(501)	750	185	462
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	9,860	9,605	11,163	14,452
Exceptional Items
Pre-tax Profit	9,860	9,605	11,163	14,452
Taxation	(2,156)	(2,509)	(2,679)	(3,469)
Exceptional Income - post-tax
Profit After Tax	7,704	7,096	8,484	10,984
Minority Interests		(262)	(262)	(262)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,704	6,834	8,222	10,722
Recurring Net Profit	7,704	6,834	8,222	10,722
Fully Diluted Recurring Net Profit	7,704	6,834	8,222	10,722

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	13,028	11,580	13,934	17,271
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,606)	(340)	(2,050)	(2,447)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(2,775)	(2,509)	(2,679)	(3,469)
Cashflow From Operations	7,647	8,731	9,205	11,355
Capex	(853)	(2,776)	(2,815)	(800)
Disposals Of FAs/subsidiaries	71
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,545)	1,832	1,267	1,544
Cash Flow From Investing	(5,327)	(944)	(1,549)	744
Debt Raised/(repaid)	(4,458)
Proceeds From Issue Of Shares	146
Shares Repurchased
Dividends Paid	(3,058)	(3,884)	(4,522)	(5,897)
Preferred Dividends
Other Financing Cashflow	4,708	(1,082)	(1,082)	(1,082)
Cash Flow From Financing	(2,662)	(4,966)	(5,604)	(6,979)
Total Cash Generated	(342)	2,822	2,052	5,120
Free Cashflow To Equity	2,336	5,955	6,389	10,555
Free Cashflow To Firm	2,320	7,787	7,656	12,099

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	10,593	13,153	14,943	19,801
Total Debtors	16,979	17,460	19,828	22,654
Inventories	4,676	4,890	5,553	6,344
Total Other Current Assets	3,343	3,343	3,343	3,343
Total Current Assets	35,591	38,845	43,667	52,142
Fixed Assets	7,749	7,799	7,659	5,178
Total Investments	3,598	3,598	3,598	3,598
Intangible Assets	21,089	21,089	21,089	21,089
Total Other Non-Current Assets	2,009	2,009	2,009	2,009
Total Non-current Assets	34,445	34,495	34,355	31,874
Short-term Debt	1,743	1,743	1,743	1,743
Current Portion of Long-Term Debt
Total Creditors	6,878	7,233	8,214	9,384
Other Current Liabilities	7,960	7,960	7,960	7,960
Total Current Liabilities	16,581	16,936	17,917	19,087
Total Long-term Debt	2,783	2,783	2,783	2,783
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	5,103	5,103	5,103	5,103
Total Non-current Liabilities	7,886	7,886	7,886	7,886
Total Provisions
Total Liabilities	24,467	24,822	25,803	26,973
Shareholders Equity	42,581	45,531	49,231	54,056
Minority Interests	2,988	2,988	2,988	2,988
Total Equity	45,569	48,519	52,219	57,044

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	18.8%	4.0%	13.6%	14.3%
Operating EBITDA Growth	29.9%	(11.1%)	20.3%	23.9%
Operating EBITDA Margin	18.2%	15.6%	16.5%	17.9%
Net Cash Per Share (Rs)	55.15	78.42	94.69	138.85
BVPS (Rs)	387.06	413.87	447.51	491.36
Gross Interest Cover	8.93	8.18	10.15	12.93
Effective Tax Rate	21.9%	26.1%	24.0%	24.0%
Net Dividend Payout Ratio	33.7%	41.6%	41.5%	41.6%
Accounts Receivables Days	61.00	63.21	60.65	60.48
Inventory Days	46.94	44.88	43.40	44.47
Accounts Payables Days	72.85	66.21	64.19	65.78
ROIC (%)	21.7%	16.0%	20.2%	24.6%
ROCE (%)	17.2%	12.7%	15.2%	18.0%
Return On Average Assets	15.1%	12.6%	14.6%	17.4%

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

(91) 02241611554 smit.gosrani@incredresearch.com

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Market Data

Source: Bloomberg