InCred Equities - Dabur India Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	125,631	134,091	143,801	154,443
Operating EBITDA (Rsm)	23,163	24,796	27,168	29,728
Net Profit (Rsm)	17,676	18,781	20,751	22,761
Core EPS (Rs)	10.0	10.6	11.7	12.9
Core EPS Growth	(4.1%)	6.4%	10.6%	9.7%
FD Core P/E (x)	54.02	50.77	45.89	41.84
DPS (Rs)	5.4	4.8	5.1	5.4
Dividend Yield	1.02%	0.90%	0.96%	1.01%
EV/EBITDA (x)	40.66	37.78	34.20	30.96
P/FCFE (x)	129.60	181.21	99.04	75.01
Net Gearing	(15.3%)	(16.6%)	(19.5%)	(23.5%)
P/BV (x)	8.84	7.84	7.15	6.50
ROE	17.1%	16.4%	16.3%	16.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	125,631	134,091	143,801	154,443
Gross Profit	60,282	64,634	70,224	76,395
Operating EBITDA	23,163	24,796	27,168	29,728
Depreciation And Amortisation	(4,456)	(4,337)	(4,635)	(4,939)
Operating EBIT	18,707	20,458	22,533	24,788
Financial Income/(Expense)	3,866	3,470	3,818	4,100
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	22,573	23,928	26,351	28,888
Exceptional Items
Pre-tax Profit	22,573	23,928	26,351	28,888
Taxation	(5,175)	(5,477)	(5,990)	(6,517)
Exceptional Income - post-tax
Profit After Tax	17,399	18,451	20,361	22,371
Minority Interests	278	330	390	390
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	17,676	18,781	20,751	22,761
Recurring Net Profit	17,676	18,781	20,751	22,761
Fully Diluted Recurring Net Profit	17,676	18,781	20,751	22,761

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	23,163	24,796	27,168	29,728
Cash Flow from Invt. & Assoc.	278	330	390	390
Change In Working Capital	511	(15,145)	(1,122)	(1,356)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	5,501	5,150	5,418	5,700
Net Interest (Paid)/Received	(1,635)	(1,680)	(1,600)	(1,600)
Tax Paid	(5,175)	(5,477)	(5,990)	(6,517)
Cashflow From Operations	22,644	7,974	24,265	26,344
Capex	(5,776)	(8,164)	(4,500)	(3,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(5,352)	3,217	(10,000)	(10,000)
Other Investing Cashflow
Cash Flow From Investing	(11,128)	(4,947)	(14,500)	(13,500)
Debt Raised/(repaid)	(4,147)	2,236	(150)	(150)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(9,748)	(8,526)	(9,095)	(9,615)
Preferred Dividends
Other Financing Cashflow	1,496	2,568	(278)	(271)
Cash Flow From Financing	(12,399)	(3,722)	(9,523)	(10,036)
Total Cash Generated	(884)	(696)	242	2,808
Free Cashflow To Equity	7,368	5,262	9,615	12,694
Free Cashflow To Firm	13,151	4,707	11,365	14,444

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	26,656	32,507	38,249	46,558
Total Debtors	8,885	18,261	18,830	20,290
Inventories	23,001	24,409	25,442	27,413
Total Other Current Assets	8,417	6,919	8,773	9,269
Total Current Assets	66,959	82,096	91,294	103,530
Fixed Assets	37,510	36,337	35,201	33,762
Total Investments	53,803	44,038	48,538	53,038
Intangible Assets	4,051	4,053	4,053	4,053
Total Other Non-Current Assets
Total Non-current Assets	95,364	84,428	87,792	90,853
Short-term Debt	4,644	7,306	7,306	7,306
Current Portion of Long-Term Debt
Total Creditors	28,253	30,587	32,731	35,092
Other Current Liabilities	7,701
Total Current Liabilities	40,598	37,893	40,037	42,398
Total Long-term Debt	4,860	4,433	4,283	4,133
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	4,860	4,433	4,283	4,133
Total Provisions	4,763	3,737	3,928	4,138
Total Liabilities	50,220	46,063	48,248	50,669
Shareholders Equity	108,007	121,474	133,243	146,507
Minority Interests	4,096	3,985	3,595	3,205
Total Equity	112,103	125,459	136,837	149,712

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	1.3%	6.7%	7.2%	7.4%
Operating EBITDA Growth	(3.5%)	7.0%	9.6%	9.4%
Operating EBITDA Margin	18.4%	18.5%	18.9%	19.2%
Net Cash Per Share (Rs)	9.68	11.75	15.09	19.87
BVPS (Rs)	60.94	68.74	75.40	82.91
Gross Interest Cover	11.44	12.18	14.08	15.49
Effective Tax Rate	22.9%	22.9%	22.7%	22.6%
Net Dividend Payout Ratio	55.1%	45.4%	43.8%	42.2%
Accounts Receivables Days	25.96	36.95	47.07	46.23
Inventory Days	118.61	124.57	123.65	123.59
Accounts Payables Days	146.54	154.60	157.05	158.59
ROIC (%)	40.7%	34.4%	37.8%	41.5%
ROCE (%)	19.7%	19.3%	19.2%	19.4%
Return On Average Assets	8.6%	9.1%	9.6%	9.8%

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

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

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Market Data

Source: Bloomberg