InCred Equities - Endurance Technologies Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	102,209	116,837	139,313	159,486
Operating EBITDA (Rsm)	13,080	15,352	19,354	21,528
Net Profit (Rsm)	6,805	8,260	11,239	12,758
Core EPS (Rs)	47.3	58.7	79.9	90.7
Core EPS Growth	37.2%	24.1%	36.1%	13.5%
FD Core P/E (x)	39.63	32.65	23.99	21.14
DPS (Rs)	9.0	12.0	14.0	15.0
Dividend Yield	0.53%	0.68%	0.79%	0.84%
EV/EBITDA (x)	20.80	17.16	13.42	11.80
P/FCFE (x)	33.62	110.45	62.54	42.20
Net Gearing	4.7%	(10.9%)	(15.1%)	(20.5%)
P/BV (x)	5.42	4.80	4.13	3.56
ROE	14.2%	15.6%	18.5%	18.1%
% 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	116,837	139,313	159,486
Gross Profit	41,703	48,838	57,118	64,751
Operating EBITDA	13,080	15,352	19,354	21,528
Depreciation And Amortisation	(4,740)	(5,404)	(5,836)	(6,303)
Operating EBIT	8,340	9,948	13,518	15,225
Financial Income/(Expense)	(427)	(420)	(300)	(200)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	856	1,199	1,378	1,544
Profit Before Tax (pre-EI)	8,769	10,727	14,597	16,569
Exceptional Items	200
Pre-tax Profit	8,969	10,727	14,597	16,569
Taxation	(2,165)	(2,467)	(3,357)	(3,811)
Exceptional Income - post-tax
Profit After Tax	6,805	8,260	11,239	12,758
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	6,805	8,260	11,239	12,758
Recurring Net Profit	6,653	8,260	11,239	12,758
Fully Diluted Recurring Net Profit	6,653	8,260	11,239	12,758

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	13,080	15,352	19,354	21,528
Cash Flow from Invt. & Assoc.
Change In Working Capital	267	(2,061)	(2,561)	(1,437)
(Incr)/Decr in Total Provisions	315	725	251	285
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	430	779	1,078	1,344
Tax Paid	(2,165)	(2,467)	(3,357)	(3,811)
Cashflow From Operations	11,927	12,328	14,765	17,910
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	594	2,183	4,121
Free Cashflow To Equity	8,020	2,441	4,312	6,390
Free Cashflow To Firm	5,882	3,861	5,612	7,590

(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	14,405	17,176	19,663
Inventories	8,722	10,883	12,595	14,419
Total Other Current Assets	5,861	5,963	6,470	7,006
Total Current Assets	32,253	43,793	51,480	61,057
Fixed Assets	27,527	27,123	26,788	26,985
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	43,218	46,530	50,409
Short-term Debt	7,398	6,398	5,398	4,398
Current Portion of Long-Term Debt
Total Creditors	16,045	17,926	19,847	22,721
Other Current Liabilities	4,649	5,114	5,472	5,855
Total Current Liabilities	28,092	29,438	30,718	32,975
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	30,369	31,742	34,101
Shareholders Equity	49,774	56,187	65,298	75,787
Minority Interests
Total Equity	49,774	56,187	65,298	75,787

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	16.1%	14.3%	19.2%	14.5%
Operating EBITDA Growth	26.2%	17.4%	26.1%	11.2%
Operating EBITDA Margin	12.8%	13.1%	13.9%	13.5%
Net Cash Per Share (Rs)	(16.71)	43.68	69.97	110.69
BVPS (Rs)	353.86	399.44	464.22	538.79
Gross Interest Cover	19.55	23.69	45.06	76.13
Effective Tax Rate	24.1%	23.0%	23.0%	23.0%
Net Dividend Payout Ratio	21.6%	22.4%	18.9%	17.8%
Accounts Receivables Days	43.29	42.22	41.37	42.15
Inventory Days	51.06	52.62	52.13	52.04
Accounts Payables Days	91.40	91.17	83.87	82.01
ROIC (%)	16.1%	19.8%	26.3%	28.2%
ROCE (%)	15.7%	16.6%	20.3%	20.2%
Return On Average Assets	10.0%	10.8%	12.4%	12.3%

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

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg