InCred Equities - Emami Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	35,781	38,653	41,818	45,826
Operating EBITDA (Rsm)	9,495	10,639	11,603	12,787
Net Profit (Rsm)	7,235	9,224	10,097	11,182
Core EPS (Rs)	16.6	19.3	21.3	23.8
Core EPS Growth	14.6%	16.3%	10.4%	11.7%
FD Core P/E (x)	39.01	30.44	27.80	25.11
DPS (Rs)	8.0	11.0	11.0	11.0
Dividend Yield	1.24%	1.71%	1.71%	1.71%
EV/EBITDA (x)	29.45	25.98	23.72	21.48
P/FCFE (x)	41.37	57.86	62.08	73.88
Net Gearing	(10.9%)	(15.4%)	(16.8%)	(15.7%)
P/BV (x)	11.47	9.68	8.20	6.91
ROE	30.7%	31.6%	29.4%	27.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	35,781	38,653	41,818	45,826
Gross Profit	24,176	26,444	28,945	32,086
Operating EBITDA	9,495	10,639	11,603	12,787
Depreciation And Amortisation	(1,918)	(1,060)	(1,117)	(1,175)
Operating EBIT	7,577	9,579	10,486	11,613
Financial Income/(Expense)	368	322	367	422
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	8,004	9,060	10,014	11,195
Exceptional Items
Pre-tax Profit	7,945	9,900	10,854	12,035
Taxation	(667)	(577)	(657)	(753)
Exceptional Income - post-tax
Profit After Tax	7,279	9,324	10,197	11,282
Minority Interests	(43)	(100)	(100)	(100)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,235	9,224	10,097	11,182
Recurring Net Profit	7,289	8,433	9,308	10,395
Fully Diluted Recurring Net Profit	7,289	8,433	9,308	10,395

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	9,495	10,639	11,603	12,787
Cash Flow from Invt. & Assoc.
Change In Working Capital	(373)	(4,163)	(5,452)	(3,317)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	468	445	490	546
Net Interest (Paid)/Received	(100)	(123)	(123)	(123)
Tax Paid	(667)	(577)	(657)	(753)
Cashflow From Operations	8,824	6,221	5,862	9,140
Capex	(554)	(1,240)	(1,340)	(1,340)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(1,482)			(4,000)
Other Investing Cashflow
Cash Flow From Investing	(2,036)	(1,240)	(1,340)	(5,340)
Debt Raised/(repaid)	34	(129)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(3,492)	(4,802)	(4,802)	(4,802)
Preferred Dividends
Other Financing Cashflow	(3,164)	1,643	1,576	1,656
Cash Flow From Financing	(6,622)	(3,288)	(3,226)	(3,146)
Total Cash Generated	166	1,693	1,297	654
Free Cashflow To Equity	6,822	4,852	4,522	3,800
Free Cashflow To Firm	6,888	5,104	4,645	3,923

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	3,624	5,317	6,614	7,268
Total Debtors	4,942	6,295	8,046	9,468
Inventories	3,234	5,901	7,405	9,177
Total Other Current Assets	2,601	3,748	6,006	6,574
Total Current Assets	14,401	21,261	28,071	32,486
Fixed Assets	11,212	10,552	9,935	9,260
Total Investments	2,805	2,805	2,805	6,805
Intangible Assets
Total Other Non-Current Assets	4,379	3,677	2,911	2,065
Total Non-current Assets	18,396	17,033	15,651	18,130
Short-term Debt	785	656	656	656
Current Portion of Long-Term Debt
Total Creditors	4,546	4,757	4,819	5,263
Other Current Liabilities	1,370	1,348	1,348	1,348
Total Current Liabilities	6,701	6,761	6,823	7,267
Total Long-term Debt	154	154	154	154
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	154	154	154	154
Total Provisions	1,365	2,179	2,179	2,179
Total Liabilities	8,220	9,095	9,157	9,601
Shareholders Equity	24,466	28,988	34,254	40,604
Minority Interests	111	211	311	411
Total Equity	24,577	29,199	34,565	41,015

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.1%	8.0%	8.2%	9.6%
Operating EBITDA Growth	10.1%	12.0%	9.1%	10.2%
Operating EBITDA Margin	26.5%	27.5%	27.7%	27.9%
Net Cash Per Share (Rs)	6.15	10.32	13.29	14.79
BVPS (Rs)	56.05	66.41	78.47	93.02
Gross Interest Cover	76.52	71.03	78.40	87.56
Effective Tax Rate	8.4%	5.8%	6.0%	6.3%
Net Dividend Payout Ratio	47.9%	57.3%	51.9%	46.4%
Accounts Receivables Days	46.35	53.06	62.59	69.75
Inventory Days	102.44	136.54	188.64	220.24
Accounts Payables Days	135.51	139.06	135.76	133.91
ROIC (%)	37.3%	36.3%	34.3%	36.0%
ROCE (%)	30.9%	29.1%	29.0%	28.4%
Return On Average Assets	21.8%	23.0%	21.9%	21.2%

(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