InCred Equities - Asian Paints Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	354,947	363,093	380,324	412,767
Operating EBITDA (Rsm)	75,850	63,820	68,016	73,821
Net Profit (Rsm)	54,602	45,593	48,120	51,672
Core EPS (Rs)	56.9	47.5	50.2	53.9
Core EPS Growth	31.8%	(16.5%)	5.5%	7.4%
FD Core P/E (x)	43.63	52.25	49.51	46.11
DPS (Rs)	32.0	26.1	27.7	29.5
Dividend Yield	1.29%	1.05%	1.12%	1.19%
EV/EBITDA (x)	31.26	37.14	34.80	32.08
P/FCFE (x)	83.15	88.60	76.63	85.94
Net Gearing	(9.3%)	(9.0%)	(9.9%)	(8.5%)
P/BV (x)	12.72	11.53	10.50	9.57
ROE	31.5%	23.2%	22.2%	21.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	354,947	363,093	380,324	412,767
Gross Profit	154,045	151,258	158,929	172,701
Operating EBITDA	75,850	63,820	68,016	73,821
Depreciation And Amortisation	(8,530)	(9,344)	(9,875)	(10,471)
Operating EBIT	67,320	54,476	58,142	63,351
Financial Income/(Expense)	4,828	5,210	5,470	5,528
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	72,148	59,686	63,612	68,878
Exceptional Items
Pre-tax Profit	72,148	59,686	63,612	68,878
Taxation	(17,901)	(14,393)	(15,792)	(17,406)
Exceptional Income - post-tax
Profit After Tax	54,247	45,293	47,820	51,472
Minority Interests	355	300	300	200
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	54,602	45,593	48,120	51,672
Recurring Net Profit	54,602	45,593	48,120	51,672
Fully Diluted Recurring Net Profit	54,602	45,593	48,120	51,672

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	75,850	63,820	68,016	73,821
Cash Flow from Invt. & Assoc.
Change In Working Capital	891	(2,048)	(908)	(8,521)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(2,052)	(2,082)	(2,312)	(2,712)
Tax Paid	(17,901)	(14,393)	(15,792)	(17,406)
Cashflow From Operations	56,788	45,298	49,006	45,183
Capex	(37,172)	(25,700)	(25,700)	(25,700)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	3,618	7,292	7,782	8,239
Cash Flow From Investing	(33,555)	(18,408)	(17,918)	(17,461)
Debt Raised/(repaid)	5,418
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(30,658)	(25,055)	(26,566)	(28,284)
Preferred Dividends
Other Financing Cashflow	6,315	(682)	(682)	(682)
Cash Flow From Financing	(18,925)	(25,737)	(27,248)	(28,966)
Total Cash Generated	4,309	1,153	3,839	(1,244)
Free Cashflow To Equity	28,651	26,890	31,087	27,722
Free Cashflow To Firm	25,285	28,972	33,399	30,434

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	42,874	44,027	47,866	46,622
Total Debtors	48,908	51,056	54,696	61,518
Inventories	59,234	59,576	59,802	64,481
Total Other Current Assets	35,696	35,696	35,696	35,696
Total Current Assets	186,713	190,355	198,060	208,317
Fixed Assets	94,258	110,614	126,439	141,668
Total Investments	13,845	13,845	13,845	13,845
Intangible Assets	4,192	4,192	4,192	4,192
Total Other Non-Current Assets		505	525	567
Total Non-current Assets	112,295	129,155	145,001	160,272
Short-term Debt	13,247	13,247	13,247	13,247
Current Portion of Long-Term Debt
Total Creditors	73,888	74,712	77,604	80,448
Other Current Liabilities	625
Total Current Liabilities	87,760	87,959	90,851	93,695
Total Long-term Debt	11,497	11,497	11,497	11,497
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	11,497	11,497	11,497	11,497
Total Provisions	6,139	6,262	6,347	6,526
Total Liabilities	105,396	105,717	108,696	111,718
Shareholders Equity	187,283	206,539	226,812	249,017
Minority Interests	6,954	7,254	7,554	7,854
Total Equity	194,237	213,793	234,365	256,871

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	2.9%	2.3%	4.7%	8.5%
Operating EBITDA Growth	21.2%	(15.9%)	6.6%	8.5%
Operating EBITDA Margin	21.4%	17.6%	17.9%	17.9%
Net Cash Per Share (Rs)	18.90	20.10	24.11	22.81
BVPS (Rs)	195.25	215.32	236.46	259.61
Gross Interest Cover	32.81	26.17	25.15	23.36
Effective Tax Rate	24.8%	24.1%	24.8%	25.3%
Net Dividend Payout Ratio	56.1%	55.0%	55.2%	54.7%
Accounts Receivables Days	49.00	50.24	50.75	51.38
Inventory Days	110.23	102.36	98.40	94.48
Accounts Payables Days	128.71	128.02	125.56	120.15
ROIC (%)	40.1%	29.1%	28.5%	27.8%
ROCE (%)	33.7%	24.2%	23.8%	23.9%
Return On Average Assets	17.8%	13.0%	12.8%	12.9%

(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