InCred Equities - Endurance Technologies Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	102,209	120,236	140,791	159,952
Operating EBITDA (Rsm)	13,080	16,093	19,681	21,949
Net Profit (Rsm)	6,805	9,071	11,799	13,460
Core EPS (Rs)	47.3	64.5	83.9	95.7
Core EPS Growth	37.2%	36.3%	30.1%	14.1%
FD Core P/E (x)	48.72	36.54	28.10	24.63
DPS (Rs)	9.0	12.0	14.0	15.0
Dividend Yield	0.43%	0.56%	0.64%	0.68%
EV/EBITDA (x)	25.53	20.22	16.34	14.39
P/FCFE (x)	41.34	114.44	68.69	47.37
Net Gearing	4.7%	(10.8%)	(14.8%)	(20.0%)
P/BV (x)	6.66	5.82	4.97	4.26
ROE	14.2%	17.0%	19.1%	18.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	102,209	120,236	140,791	159,952
Gross Profit	41,703	50,259	57,724	65,261
Operating EBITDA	13,080	16,093	19,681	21,949
Depreciation And Amortisation	(4,740)	(5,261)	(5,682)	(6,137)
Operating EBIT	8,340	10,831	13,998	15,812
Financial Income/(Expense)	(427)	(400)	(250)	(100)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	856	1,199	1,378	1,544
Profit Before Tax (pre-EI)	8,769	11,630	15,127	17,256
Exceptional Items	200
Pre-tax Profit	8,969	11,630	15,127	17,256
Taxation	(2,165)	(2,559)	(3,328)	(3,796)
Exceptional Income - post-tax
Profit After Tax	6,805	9,071	11,799	13,460
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	6,805	9,071	11,799	13,460
Recurring Net Profit	6,653	9,071	11,799	13,460
Fully Diluted Recurring Net Profit	6,653	9,071	11,799	13,460

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	13,080	16,093	19,681	21,949
Cash Flow from Invt. & Assoc.
Change In Working Capital	267	(2,275)	(2,452)	(1,365)
(Incr)/Decr in Total Provisions	315	725	251	285
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	430	799	1,128	1,444
Tax Paid	(2,165)	(2,559)	(3,328)	(3,796)
Cashflow From Operations	11,927	12,783	15,280	18,517
Capex	(4,407)	(4,608)	(5,147)	(6,182)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(2,065)	(4,278)	(4,306)	(4,337)
Cash Flow From Investing	(6,472)	(8,886)	(9,453)	(10,519)
Debt Raised/(repaid)	2,565	(1,000)	(1,000)	(1,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,425)	(1,847)	(2,128)	(2,269)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	1,139	(2,847)	(3,128)	(3,269)
Total Cash Generated	6,594	1,050	2,698	4,729
Free Cashflow To Equity	8,020	2,897	4,827	6,998
Free Cashflow To Firm	5,882	4,297	6,077	8,098

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	5,047	12,542	15,240	19,968
Total Debtors	12,624	14,824	17,358	19,720
Inventories	8,722	11,200	12,729	14,461
Total Other Current Assets	5,861	5,963	6,470	7,006
Total Current Assets	32,253	44,529	51,796	61,157
Fixed Assets	27,527	27,266	27,083	27,447
Total Investments	7,926	11,926	15,926	19,926
Intangible Assets	3,923	3,531	3,178	2,860
Total Other Non-Current Assets	638	638	638	638
Total Non-current Assets	40,014	43,361	46,825	50,871
Short-term Debt	7,398	6,398	5,398	4,398
Current Portion of Long-Term Debt
Total Creditors	16,045	18,447	20,058	22,788
Other Current Liabilities	4,649	5,114	5,472	5,855
Total Current Liabilities	28,092	29,959	30,928	33,041
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	846	931	1,024	1,126
Total Liabilities	28,938	30,890	31,952	34,167
Shareholders Equity	49,774	56,999	66,669	77,860
Minority Interests
Total Equity	49,774	56,999	66,669	77,860

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	16.1%	17.6%	17.1%	13.6%
Operating EBITDA Growth	26.2%	23.0%	22.3%	11.5%
Operating EBITDA Margin	12.8%	13.4%	14.0%	13.7%
Net Cash Per Share (Rs)	(16.71)	43.68	69.97	110.69
BVPS (Rs)	353.86	405.22	473.96	553.52
Gross Interest Cover	19.55	27.08	55.99	158.12
Effective Tax Rate	24.1%	22.0%	22.0%	22.0%
Net Dividend Payout Ratio	21.6%	20.4%	18.0%	16.9%
Accounts Receivables Days	43.29	41.66	41.72	42.30
Inventory Days	51.06	51.96	52.57	52.40
Accounts Payables Days	91.40	89.95	84.60	82.58
ROIC (%)	16.1%	21.9%	27.4%	29.4%
ROCE (%)	15.7%	18.0%	20.7%	20.5%
Return On Average Assets	10.0%	11.7%	12.9%	12.9%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg