InCred Equities - Dabur India Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	124,040	126,827	136,890	149,715
Operating EBITDA (Rsm)	24,002	24,443	27,216	30,474
Net Profit (Rsm)	18,427	18,316	20,416	23,041
Core EPS (Rs)	10.4	10.4	11.6	13.0
Core EPS Growth	7.8%	(0.5%)	11.6%	12.9%
FD Core P/E (x)	47.67	47.90	42.91	38.02
DPS (Rs)	5.4	4.7	5.1	5.6
Dividend Yield	1.10%	0.94%	1.02%	1.13%
EV/EBITDA (x)	36.38	35.33	31.47	27.89
P/FCFE (x)	67.40	121.58	77.24	82.31
Net Gearing	(9.4%)	(15.7%)	(18.7%)	(21.4%)
P/BV (x)	8.90	7.92	7.17	6.47
ROE	19.6%	17.5%	17.5%	17.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	124,040	126,827	136,890	149,715
Gross Profit	59,571	61,499	67,210	74,381
Operating EBITDA	24,002	24,443	27,216	30,474
Depreciation And Amortisation	(3,992)	(3,880)	(4,433)	(4,746)
Operating EBIT	20,010	20,563	22,782	25,729
Financial Income/(Expense)	3,582	2,890	3,324	3,675
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	23,593	23,453	26,106	29,404
Exceptional Items
Pre-tax Profit	23,593	23,453	26,106	29,404
Taxation	(5,474)	(5,437)	(6,021)	(6,753)
Exceptional Income - post-tax
Profit After Tax	18,118	18,016	20,086	22,651
Minority Interests	309	300	330	390
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	18,427	18,316	20,416	23,041
Recurring Net Profit	18,427	18,316	20,416	23,041
Fully Diluted Recurring Net Profit	18,427	18,316	20,416	23,041

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	24,002	24,443	27,216	30,474
Cash Flow from Invt. & Assoc.	309	300	330	390
Change In Working Capital	2,072	(5,341)	(2,107)	(2,493)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	4,824	4,740	5,004	5,275
Net Interest (Paid)/Received	(1,242)	(1,850)	(1,680)	(1,600)
Tax Paid	(5,474)	(5,437)	(6,021)	(6,753)
Cashflow From Operations	24,491	16,854	22,742	25,294
Capex	(6,697)	(7,698)	(4,500)	(4,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(6,674)	(2,784)	(7,000)	(10,000)
Other Investing Cashflow
Cash Flow From Investing	(13,371)	(10,482)	(11,500)	(14,500)
Debt Raised/(repaid)	1,913	843	100	(150)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(9,658)	(8,246)	(8,970)	(9,919)
Preferred Dividends
Other Financing Cashflow	28	1,708	(227)	(280)
Cash Flow From Financing	(7,717)	(5,695)	(9,096)	(10,349)
Total Cash Generated	3,403	678	2,145	444
Free Cashflow To Equity	13,033	7,216	11,342	10,644
Free Cashflow To Firm	12,362	8,222	12,922	12,394

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	23,330	32,582	38,228	44,172
Total Debtors	8,987	13,688	16,147	19,106
Inventories	19,470	19,928	21,585	23,641
Total Other Current Assets	6,539	2,119	2,248	2,442
Total Current Assets	58,325	68,318	78,208	89,361
Fixed Assets	36,190	36,008	35,075	33,829
Total Investments	52,661	46,870	50,370	54,870
Intangible Assets	4,051	4,053	4,053	4,053
Total Other Non-Current Assets
Total Non-current Assets	92,902	86,930	89,497	92,751
Short-term Debt	6,589	7,306	7,306	7,306
Current Portion of Long-Term Debt
Total Creditors	24,217	26,389	28,349	30,833
Other Current Liabilities	6,056
Total Current Liabilities	36,861	33,695	35,655	38,139
Total Long-term Debt	7,062	7,188	7,288	7,138
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	7,062	7,188	7,288	7,138
Total Provisions	4,272	3,375	3,552	3,783
Total Liabilities	48,196	44,258	46,495	49,060
Shareholders Equity	98,663	110,674	122,224	135,456
Minority Interests	4,368	4,315	3,985	3,595
Total Equity	103,031	114,989	126,208	139,051

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	7.6%	2.2%	7.9%	9.4%
Operating EBITDA Growth	10.9%	1.8%	11.3%	12.0%
Operating EBITDA Margin	19.4%	19.3%	19.9%	20.4%
Net Cash Per Share (Rs)	5.46	10.24	13.37	16.82
BVPS (Rs)	55.68	62.63	69.17	76.65
Gross Interest Cover	16.11	11.12	13.56	16.08
Effective Tax Rate	23.2%	23.2%	23.1%	23.0%
Net Dividend Payout Ratio	52.4%	45.0%	43.9%	43.0%
Accounts Receivables Days	25.71	32.63	39.78	42.97
Inventory Days	112.42	110.06	108.73	109.56
Accounts Payables Days	130.45	141.37	143.37	143.37
ROIC (%)	44.5%	41.6%	44.9%	49.3%
ROCE (%)	21.8%	20.1%	20.2%	20.7%
Return On Average Assets	10.1%	9.9%	10.4%	10.8%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg