InCred Equities - Indian Oil Corp.

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	7,581,058	7,431,465	7,888,039	7,956,970
Operating EBITDA (Rsm)	359,905	541,425	607,234	568,768
Net Profit (Rsm)	139,509	253,186	288,599	251,852
Core EPS (Rs)	8.8	17.9	20.4	17.8
Core EPS Growth	(70.3%)	103.2%	14.0%	(12.7%)
FD Core P/E (x)	14.43	7.95	6.98	8.00
DPS (Rs)	2.5	2.5	2.5
Dividend Yield
EV/EBITDA (x)	9.57	6.15	5.48	5.84
P/FCFE (x)	27.35	12.48	32.70	43.69
Net Gearing	72.6%	61.4%	55.9%	51.8%
P/BV (x)	1.08	1.00	0.92	0.86
ROE	6.7%	13.0%	13.7%	11.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	7,581,058	7,431,465	7,888,039	7,956,970
Gross Profit	1,013,203	1,207,883	1,318,688	1,311,673
Operating EBITDA	359,905	541,425	607,234	568,768
Depreciation And Amortisation	(167,773)	(164,546)	(181,641)	(198,736)
Operating EBIT	192,132	376,878	425,592	370,032
Financial Income/(Expense)	(89,089)	(87,757)	(87,507)	(85,319)
Pretax Income/(Loss) from Assoc.	17,604
Non-Operating Income/(Expense)	35,137	53,074	56,074	59,074
Profit Before Tax (pre-EI)	155,785	342,195	394,159	343,787
Exceptional Items	18,380
Pre-tax Profit	174,165	342,195	394,159	343,787
Taxation	(32,746)	(86,232)	(99,307)	(86,128)
Exceptional Income - post-tax
Profit After Tax	141,419	255,963	294,852	257,659
Minority Interests	(1,910)	(2,778)	(6,253)	(5,808)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	139,509	253,186	288,599	251,852
Recurring Net Profit	124,584	253,186	288,599	251,852
Fully Diluted Recurring Net Profit	124,584	253,186	288,599	251,852

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	359,905	541,425	607,234	568,768
Cash Flow from Invt. & Assoc.
Change In Working Capital	7,091	146,702	(2,586)	4,581
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(106,141)	(176,766)	(193,067)	(177,254)
Net Interest (Paid)/Received
Tax Paid	15,745
Cashflow From Operations	276,601	511,360	411,581	396,096
Capex	(186,201)	(350,000)	(350,000)	(350,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(16,766)
Cash Flow From Investing	(202,967)	(350,000)	(350,000)	(350,000)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(116,544)	(29,136)	(100,098)	(112,764)
Preferred Dividends
Other Financing Cashflow	255,221	29,074	52,074	55,074
Cash Flow From Financing	138,677	(62)	(48,024)	(57,690)
Total Cash Generated	212,311	161,298	13,557	(11,595)
Free Cashflow To Equity	73,634	161,360	61,581	46,096
Free Cashflow To Firm	73,634	161,360	61,581	46,096

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	136,739	229,907	237,105	244,717
Total Debtors	185,510	123,059	130,226	131,301
Inventories	1,138,785	1,085,914	1,151,403	1,161,274
Total Other Current Assets	115,409	112,319	114,310	114,609
Total Current Assets	1,576,442	1,551,199	1,633,044	1,651,902
Fixed Assets	1,971,620	2,124,074	2,259,433	2,377,696
Total Investments	568,496	568,496	568,496	568,496
Intangible Assets	81,600	81,600	81,600	81,600
Total Other Non-Current Assets	870,513	903,513	936,513	969,513
Total Non-current Assets	3,492,229	3,677,682	3,846,041	3,997,305
Short-term Debt	939,362	964,362	979,362	994,362
Current Portion of Long-Term Debt
Total Creditors	605,349	561,553	589,973	596,215
Other Current Liabilities	775,499	847,585	891,227	900,812
Total Current Liabilities	2,320,211	2,373,500	2,460,561	2,491,389
Total Long-term Debt	583,344	534,344	515,344	496,344
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	48,220	48,220	48,220	48,220
Total Non-current Liabilities	631,564	582,564	563,564	544,564
Total Provisions	206,650	206,650	206,650	206,650
Total Liabilities	3,158,424	3,162,714	3,230,775	3,242,602
Shareholders Equity	1,864,873	2,018,016	2,193,906	2,346,393
Minority Interests	45,373	48,151	54,404	60,211
Total Equity	1,910,247	2,066,167	2,248,310	2,406,604

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	(2.4%)	(2.0%)	6.1%	0.9%
Operating EBITDA Growth	(52.4%)	50.4%	12.2%	(6.3%)
Operating EBITDA Margin	4.7%	7.3%	7.7%	7.1%
Net Cash Per Share (Rs)	(98.15)	(89.85)	(89.06)	(88.24)
BVPS (Rs)	132.06	142.91	155.36	166.16
Gross Interest Cover
Effective Tax Rate	18.8%	25.2%	25.2%	25.1%
Net Dividend Payout Ratio
Accounts Receivables Days	7.80	7.58	5.86	6.00
Inventory Days	65.37	65.24	62.15	63.51
Accounts Payables Days	33.34	34.22	31.99	32.58
ROIC (%)	2.3%	10.1%	10.2%	11.1%
ROCE (%)	5.5%	10.2%	11.0%	9.2%
Return On Average Assets	3.1%	6.3%	6.8%	6.2%

(91) 2241611549 pratyush.kamal@incredresearch.com

More Reports

Market Data

Source: Bloomberg