InCred Equities - Dabur India Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	124,040	128,053	138,238	151,215
Operating EBITDA (Rsm)	24,002	24,886	27,704	31,012
Net Profit (Rsm)	18,427	18,648	20,781	23,444
Core EPS (Rs)	10.4	10.5	11.8	13.3
Core EPS Growth	7.8%	1.3%	11.6%	12.8%
FD Core P/E (x)	48.87	48.22	43.21	38.30
DPS (Rs)	5.4	4.8	5.2	5.7
Dividend Yield	1.07%	0.94%	1.02%	1.13%
EV/EBITDA (x)	37.30	35.58	31.70	28.11
P/FCFE (x)	69.09	121.00	76.91	81.56
Net Gearing	(9.4%)	(15.7%)	(18.8%)	(21.5%)
P/BV (x)	9.13	8.11	7.33	6.61
ROE	19.6%	17.8%	17.8%	18.2%
% 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	128,053	138,238	151,215
Gross Profit	59,571	62,071	67,847	75,099
Operating EBITDA	24,002	24,886	27,704	31,012
Depreciation And Amortisation	(3,992)	(3,880)	(4,433)	(4,746)
Operating EBIT	20,010	21,006	23,270	26,266
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	23,896	26,594	29,942
Exceptional Items
Pre-tax Profit	23,593	23,896	26,594	29,942
Taxation	(5,474)	(5,548)	(6,143)	(6,887)
Exceptional Income - post-tax
Profit After Tax	18,118	18,348	20,451	23,054
Minority Interests	309	300	330	390
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	18,427	18,648	20,781	23,444
Recurring Net Profit	18,427	18,648	20,781	23,444
Fully Diluted Recurring Net Profit	18,427	18,648	20,781	23,444

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	24,002	24,886	27,704	31,012
Cash Flow from Invt. & Assoc.	309	300	330	390
Change In Working Capital	2,072	(5,457)	(2,138)	(2,529)
(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)	(5,548)	(6,143)	(6,887)
Cashflow From Operations	24,491	17,071	23,077	25,661
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)	(8,459)	(9,204)	(10,177)
Preferred Dividends
Other Financing Cashflow	28	1,708	(227)	(280)
Cash Flow From Financing	(7,717)	(5,907)	(9,331)	(10,607)
Total Cash Generated	3,403	682	2,247	554
Free Cashflow To Equity	13,033	7,432	11,677	11,011
Free Cashflow To Firm	12,362	8,439	13,257	12,761

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	23,330	32,587	38,333	44,387
Total Debtors	8,987	13,791	16,278	19,273
Inventories	19,470	20,087	21,761	23,836
Total Other Current Assets	6,539	2,157	2,289	2,488
Total Current Assets	58,325	68,622	78,662	89,983
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	26,555	28,532	31,037
Other Current Liabilities	6,056
Total Current Liabilities	36,861	33,861	35,838	38,343
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	3,393	3,572	3,805
Total Liabilities	48,196	44,442	46,698	49,286
Shareholders Equity	98,663	110,794	122,475	135,852
Minority Interests	4,368	4,315	3,985	3,595
Total Equity	103,031	115,109	126,460	139,447

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	7.6%	3.2%	8.0%	9.4%
Operating EBITDA Growth	10.9%	3.7%	11.3%	11.9%
Operating EBITDA Margin	19.4%	19.4%	20.0%	20.5%
Net Cash Per Share (Rs)	5.46	10.24	13.43	16.94
BVPS (Rs)	55.68	62.70	69.31	76.88
Gross Interest Cover	16.11	11.35	13.85	16.42
Effective Tax Rate	23.2%	23.2%	23.1%	23.0%
Net Dividend Payout Ratio	52.4%	45.4%	44.3%	43.4%
Accounts Receivables Days	25.71	32.46	39.70	42.91
Inventory Days	112.42	109.41	108.50	109.32
Accounts Payables Days	130.45	140.43	142.82	142.83
ROIC (%)	44.5%	42.4%	45.7%	50.1%
ROCE (%)	21.8%	20.5%	20.5%	21.0%
Return On Average Assets	10.1%	10.1%	10.6%	11.0%

(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