InCred Equities - Emami Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	35,781	38,330	41,429	45,370
Operating EBITDA (Rsm)	9,495	10,483	11,441	12,631
Net Profit (Rsm)	7,235	9,042	9,902	10,984
Core EPS (Rs)	16.6	18.9	20.9	23.4
Core EPS Growth	14.6%	13.8%	10.4%	11.9%
FD Core P/E (x)	35.60	28.34	25.88	23.33
DPS (Rs)	8.0	11.0	11.0	11.0
Dividend Yield	1.36%	1.87%	1.87%	1.87%
EV/EBITDA (x)	26.86	24.04	21.96	19.86
P/FCFE (x)	37.76	53.92	62.06	69.65
Net Gearing	(10.9%)	(15.1%)	(15.3%)	(14.2%)
P/BV (x)	10.47	8.89	7.56	6.40
ROE	30.7%	31.0%	29.1%	27.6%
% 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	38,330	41,429	45,370
Gross Profit	24,176	26,434	28,904	32,016
Operating EBITDA	9,495	10,483	11,441	12,631
Depreciation And Amortisation	(1,918)	(1,060)	(1,117)	(1,175)
Operating EBIT	7,577	9,423	10,324	11,457
Financial Income/(Expense)	368	322	367	422
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	8,004	8,905	9,852	11,039
Exceptional Items
Pre-tax Profit	7,945	9,745	10,692	11,879
Taxation	(667)	(603)	(690)	(795)
Exceptional Income - post-tax
Profit After Tax	7,279	9,142	10,002	11,084
Minority Interests	(43)	(100)	(100)	(100)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,235	9,042	9,902	10,984
Recurring Net Profit	7,289	8,254	9,116	10,200
Fully Diluted Recurring Net Profit	7,289	8,254	9,116	10,200

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	9,495	10,483	11,441	12,631
Cash Flow from Invt. & Assoc.
Change In Working Capital	(373)	(4,081)	(5,651)	(3,240)
(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)	(603)	(690)	(795)
Cashflow From Operations	8,824	6,121	5,468	9,019
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)	1,610	1,538	1,614
Cash Flow From Financing	(6,622)	(3,321)	(3,263)	(3,188)
Total Cash Generated	166	1,560	865	491
Free Cashflow To Equity	6,822	4,752	4,128	3,679
Free Cashflow To Firm	6,888	5,004	4,251	3,802

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	3,624	5,184	6,050	6,541
Total Debtors	4,942	6,573	8,474	9,903
Inventories	3,234	5,869	7,452	9,171
Total Other Current Assets	2,601	3,584	5,734	6,269
Total Current Assets	14,401	21,210	27,710	31,884
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	3,710	2,981	2,177
Total Non-current Assets	18,396	17,066	15,721	18,242
Short-term Debt	785	656	656	656
Current Portion of Long-Term Debt
Total Creditors	4,546	4,921	4,905	5,348
Other Current Liabilities	1,370	1,348	1,348	1,348
Total Current Liabilities	6,701	6,926	6,909	7,352
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	9,259	9,243	9,686
Shareholders Equity	24,466	28,806	33,877	40,029
Minority Interests	111	211	311	411
Total Equity	24,577	29,017	34,188	40,440

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.1%	7.1%	8.1%	9.5%
Operating EBITDA Growth	10.1%	10.4%	9.1%	10.4%
Operating EBITDA Margin	26.5%	27.4%	27.6%	27.8%
Net Cash Per Share (Rs)	6.15	10.02	12.00	13.13
BVPS (Rs)	56.05	65.99	77.61	91.71
Gross Interest Cover	76.52	69.76	77.09	86.29
Effective Tax Rate	8.4%	6.2%	6.5%	6.7%
Net Dividend Payout Ratio	47.9%	58.5%	53.0%	47.3%
Accounts Receivables Days	46.35	54.83	66.28	73.92
Inventory Days	102.44	139.65	194.09	227.17
Accounts Payables Days	135.51	145.24	143.17	140.11
ROIC (%)	37.3%	35.7%	33.5%	35.3%
ROCE (%)	30.9%	30.9%	31.3%	31.4%
Return On Average Assets	21.8%	22.5%	21.5%	21.0%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

More Reports

Market Data

Source: Bloomberg