InCred Equities - Dilip Buildcon Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	106,436	117,113	109,263	120,718
Operating EBITDA (Rsm)	9,566	17,051	16,574	18,070
Net Profit (Rsm)	(14)	1,989	1,497	2,901
Core EPS (Rs)	(26.0)	13.6	10.2	19.8
Core EPS Growth	(25.1%)	(152.3%)	(24.8%)	93.8%
FD Core P/E (x)	(4,620.16)	32.00	42.53	21.94
DPS (Rs)	1.0	1.0	1.0	2.0
Dividend Yield	0.28%	0.28%	0.28%	0.55%
EV/EBITDA (x)	14.41	14.72	14.74	13.53
P/FCFE (x)	(7.09)	(15.82)	35.12	(71.19)
Net Gearing	185.5%	447.7%	418.6%	395.8%
P/BV (x)	1.59	1.52	1.47	1.39
ROE	(10.1%)	4.9%	3.5%	6.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	106,436	117,113	109,263	120,718
Gross Profit	13,335	34,559	33,029	35,952
Operating EBITDA	9,566	17,051	16,574	18,070
Depreciation And Amortisation	(3,985)	(3,844)	(4,034)	(4,224)
Operating EBIT	5,581	13,207	12,540	13,846
Financial Income/(Expense)	(9,014)	(10,465)	(10,472)	(9,852)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	680	800	800	801
Profit Before Tax (pre-EI)	(2,753)	3,543	2,867	4,796
Exceptional Items
Pre-tax Profit	(2,753)	3,543	2,867	4,796
Taxation	(1,048)	(1,553)	(1,371)	(1,895)
Exceptional Income - post-tax	3,787
Profit After Tax	(14)	1,989	1,497	2,901
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(14)	1,989	1,497	2,901
Recurring Net Profit	(3,801)	1,989	1,497	2,901
Fully Diluted Recurring Net Profit	(3,801)	1,989	1,497	2,901

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	9,566	17,051	16,574	18,070
Cash Flow from Invt. & Assoc.
Change In Working Capital	9,810	(3,841)	3,386	(4,914)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	3,787
Other Operating Cashflow
Net Interest (Paid)/Received	(8,334)	(9,665)	(9,672)	(9,051)
Tax Paid	(1,048)	(1,553)	(1,371)	(1,895)
Cashflow From Operations	13,781	1,992	8,916	2,210
Capex	5,025	(114,846)	(2,104)	(2,104)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	5,025	(114,846)	(2,104)	(2,104)
Debt Raised/(repaid)	(27,780)	108,830	(5,000)	(1,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(175)	(175)	(175)	(351)
Preferred Dividends
Other Financing Cashflow	7,582
Cash Flow From Financing	(20,374)	108,655	(5,175)	(1,351)
Total Cash Generated	(1,568)	(4,198)	1,637	(1,245)
Free Cashflow To Equity	(8,974)	(4,023)	1,812	(894)
Free Cashflow To Firm	27,820	(102,389)	17,285	9,958

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	4,260	62	1,699	454
Total Debtors	21,881	23,685	22,679	24,380
Inventories	33,683	34,651	32,024	35,570
Total Other Current Assets	48,483	57,941	54,740	59,061
Total Current Assets	108,307	116,338	111,142	119,465
Fixed Assets	43,431	154,433	152,503	150,383
Total Investments
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	43,431	154,433	152,503	150,383
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	35,877	44,266	40,819	45,473
Total Current Liabilities	35,877	44,266	40,819	45,473
Total Long-term Debt	78,500	187,331	182,331	181,331
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	78,500	187,331	182,331	181,331
Total Provisions	(2,656)	(2,656)	(2,656)	(2,656)
Total Liabilities	111,722	228,941	220,494	224,148
Shareholders Equity	40,016	41,830	43,151	45,701
Minority Interests
Total Equity	40,016	41,830	43,151	45,701

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	11.3%	10.0%	(6.7%)	10.5%
Operating EBITDA Growth	23.8%	78.2%	(2.8%)	9.0%
Operating EBITDA Margin	9.0%	14.6%	15.2%	15.0%
Net Cash Per Share (Rs)	(507.75)	(1,280.78)	(1,235.39)	(1,237.06)
BVPS (Rs)	273.68	286.08	295.12	312.56
Gross Interest Cover	0.62	1.26	1.20	1.41
Effective Tax Rate		43.9%	47.8%	39.5%
Net Dividend Payout Ratio	(6.4%)	5.0%	6.1%	7.3%
Accounts Receivables Days	76.63	71.01	77.44	71.14
Inventory Days	133.44	151.06	159.62	145.53
Accounts Payables Days
ROIC (%)	4.3%	11.8%	5.5%	6.3%
ROCE (%)	4.4%	7.7%	5.6%	6.2%
Return On Average Assets	4.0%	6.6%	5.0%	5.5%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

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Market Data

Source: Bloomberg