InCred Equities

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	132,785	142,542	158,318	175,968
Operating EBITDA (Rsm)	24,220	26,015	28,814	32,026
Net Profit (Rsm)	15,549	17,170	19,940	22,504
Core EPS (Rs)	81.9	90.2	104.5	118.0
Core EPS Growth	(5.1%)	10.1%	15.9%	12.9%
FD Core P/E (x)	34.04	30.93	26.68	23.64
DPS (Rs)	55.0	65.0	73.2	82.6
Dividend Yield	1.98%	2.33%	2.62%	2.96%
EV/EBITDA (x)	21.36	19.69	17.56	15.57
P/FCFE (x)	24.72	29.21	27.94	26.22
Net Gearing	(13.5%)	(20.3%)	(26.4%)	(31.7%)
P/BV (x)	6.03	5.74	5.39	5.05
ROE	18.6%	19.0%	20.8%	22.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	132,785	142,542	158,318	175,968
Gross Profit	40,013	44,429	49,237	54,726
Operating EBITDA	24,220	26,015	28,814	32,026
Depreciation And Amortisation	(4,105)	(4,274)	(4,433)	(4,751)
Operating EBIT	20,115	21,741	24,381	27,275
Financial Income/(Expense)	569	1,145	2,205	2,810
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	20,685	22,886	26,586	30,086
Exceptional Items
Pre-tax Profit	20,685	22,886	26,586	30,086
Taxation	(5,135)	(5,716)	(6,647)	(7,582)
Exceptional Income - post-tax
Profit After Tax	15,549	17,170	19,940	22,504
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	15,549	17,170	19,940	22,504
Recurring Net Profit	15,549	17,170	19,940	22,504
Fully Diluted Recurring Net Profit	15,549	17,170	19,940	22,504

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	24,220	26,015	28,814	32,026
Cash Flow from Invt. & Assoc.
Change In Working Capital	4,028	(1,118)	(1,925)	(2,153)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(5,902)	(5,716)	(6,647)	(7,582)
Cashflow From Operations	22,346	19,181	20,243	22,291
Capex	(937)	(1,000)	(1,200)	(2,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(23,884)	2,534	2,691	2,956
Cash Flow From Investing	(24,821)	1,534	1,491	956
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(9,427)	(12,407)	(13,958)	(15,753)
Preferred Dividends
Other Financing Cashflow	10,198	(1,389)	(486)	(146)
Cash Flow From Financing	771	(13,796)	(14,444)	(15,899)
Total Cash Generated	(1,704)	6,920	7,290	7,349
Free Cashflow To Equity	21,409	18,181	19,043	20,291
Free Cashflow To Firm	(2,475)	20,715	21,734	23,248

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	34,071	40,991	48,281	55,631
Total Debtors	24,256	25,943	28,814	32,026
Inventories
Total Other Current Assets	7,997	7,997	7,997	7,997
Total Current Assets	66,324	74,931	85,093	95,654
Fixed Assets	9,352	6,078	2,845	94
Total Investments	8,454	8,454	8,454	8,454
Intangible Assets	46,588	46,588	46,588	46,588
Total Other Non-Current Assets	10,583	10,583	10,583	10,583
Total Non-current Assets	74,978	71,704	68,471	65,720
Short-term Debt	15,436	15,436	15,436	15,436
Current Portion of Long-Term Debt
Total Creditors	7,983	8,553	9,499	10,558
Other Current Liabilities	18,627	18,627	18,627	18,627
Total Current Liabilities	42,046	42,616	43,562	44,621
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	11,310	11,310	11,310	11,310
Total Non-current Liabilities	11,310	11,310	11,310	11,310
Total Provisions
Total Liabilities	53,356	53,926	54,872	55,931
Shareholders Equity	87,946	92,709	98,691	105,443
Minority Interests
Total Equity	87,946	92,709	98,691	105,443

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(3.8%)	7.3%	11.1%	11.1%
Operating EBITDA Growth	(0.5%)	7.4%	10.8%	11.1%
Operating EBITDA Margin	18.2%	18.3%	18.2%	18.2%
Net Cash Per Share (Rs)	62.55	98.59	136.82	175.35
BVPS (Rs)	462.86	486.06	517.42	552.82
Gross Interest Cover	12.50	15.65	50.17	187.07
Effective Tax Rate	24.8%	25.0%	25.0%	25.2%
Net Dividend Payout Ratio	67.4%	72.3%	70.0%	70.0%
Accounts Receivables Days	67.98	64.27	63.12	63.10
Inventory Days
Accounts Payables Days	32.70	30.76	30.20	30.19
ROIC (%)	25.2%	22.6%	26.1%	29.7%
ROCE (%)	15.3%	14.5%	15.5%	16.4%
Return On Average Assets	11.7%	11.3%	12.2%	13.0%

(91) 22 4161 1543 abhishek.shindadkr@incredresearch.com

(91) 02241611554 smit.gosrani@incredresearch.com

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Market Data

Source: Bloomberg