InCred Equities

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	155,534	203,308	212,372	231,247
Operating EBITDA (Rsm)	14,590	19,609	20,661	22,727
Net Profit (Rsm)	6,092	8,938	9,490	10,079
Core EPS (Rs)	10.1	14.2	15.1	16.1
Core EPS Growth	120.4%	41.3%	6.2%	6.2%
FD Core P/E (x)	28.38	19.62	18.48	17.40
DPS (Rs)	2.2	0.7	0.7	0.7
Dividend Yield	0.95%	0.30%	0.30%	0.32%
EV/EBITDA (x)	14.01	10.65	12.13	12.81
P/FCFE (x)	57.37	60.74	(167.65)	594.64
Net Gearing	49.0%	46.0%	91.9%	126.5%
P/BV (x)	2.84	2.50	2.22	1.98
ROE	10.6%	13.6%	12.7%	12.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	155,534	203,308	212,372	231,247
Gross Profit	24,058	36,595	38,227	41,624
Operating EBITDA	14,590	19,609	20,661	22,727
Depreciation And Amortisation	(2,026)	(2,300)	(2,500)	(2,700)
Operating EBIT	12,564	17,309	18,161	20,027
Financial Income/(Expense)	(5,152)	(5,726)	(6,356)	(7,436)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,476	1,200	1,200	1,200
Profit Before Tax (pre-EI)	8,888	12,783	13,005	13,791
Exceptional Items
Pre-tax Profit	8,888	12,783	13,005	13,791
Taxation	(2,386)	(3,579)	(3,251)	(3,448)
Exceptional Income - post-tax	(144)		1	1
Profit After Tax	6,357	9,203	9,755	10,344
Minority Interests	(265)	(265)	(265)	(265)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	6,092	8,938	9,490	10,079
Recurring Net Profit	6,236	8,938	9,489	10,078
Fully Diluted Recurring Net Profit	6,236	8,938	9,489	10,078

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	14,590	19,609	20,661	22,727
Cash Flow from Invt. & Assoc.
Change In Working Capital	(7,281)	(9,685)	(9,801)	(9,249)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(5,152)	(5,726)	(6,356)	(7,436)
Tax Paid	(2,386)	(3,579)	(3,251)	(3,448)
Cashflow From Operations	(230)	618	1,253	2,594
Capex	(2,037)	(2,931)	(43,500)	(43,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(62)
Other Investing Cashflow	1,332	1,200	1,201	1,201
Cash Flow From Investing	(767)	(1,731)	(42,299)	(42,299)
Debt Raised/(repaid)	4,011	4,000	40,000	40,000
Proceeds From Issue Of Shares	1,206	0	0	0
Shares Repurchased
Dividends Paid	(1,658)	(532)	(529)	(562)
Preferred Dividends
Other Financing Cashflow	(1,475)	(265)	(265)	(265)
Cash Flow From Financing	2,084	3,203	39,206	39,173
Total Cash Generated	1,088	2,091	(1,841)	(532)
Free Cashflow To Equity	3,014	2,888	(1,046)	295
Free Cashflow To Firm	4,155	4,614	(34,690)	(32,269)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	7,093	9,183	7,342	6,810
Total Debtors	33,326	36,217	41,623	45,398
Inventories	13,740	17,336	14,287	15,419
Total Other Current Assets	88,944	110,346	121,416	133,308
Total Current Assets	143,103	173,082	184,668	200,935
Fixed Assets	12,543	13,243	54,243	95,043
Total Investments	6,157	6,157	6,157	6,157
Intangible Assets	69
Total Other Non-Current Assets	3,630	3,630	3,630	3,630
Total Non-current Assets	22,398	23,029	64,029	104,829
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	61,746	79,950	83,576	91,126
Total Current Liabilities	61,746	79,950	83,576	91,126
Total Long-term Debt	38,900	42,900	82,900	122,900
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	38,900	42,900	82,900	122,900
Total Provisions
Total Liabilities	100,647	122,851	166,476	214,026
Shareholders Equity	61,668	70,075	79,035	88,552
Minority Interests	3,186	3,186	3,186	3,186
Total Equity	64,855	73,261	82,221	91,738

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	39.6%	30.7%	4.5%	8.9%
Operating EBITDA Growth	42.5%	34.4%	5.4%	10.0%
Operating EBITDA Margin	9.4%	9.6%	9.7%	9.8%
Net Cash Per Share (Rs)	(50.66)	(53.70)	(120.34)	(184.90)
BVPS (Rs)	98.22	111.61	125.88	141.04
Gross Interest Cover	2.44	3.02	2.86	2.69
Effective Tax Rate	26.9%	28.0%	25.0%	25.0%
Net Dividend Payout Ratio	19.2%	4.2%	4.2%	4.2%
Accounts Receivables Days	70.23	62.43	66.89	68.68
Inventory Days	35.08	34.02	33.14	28.59
Accounts Payables Days
ROIC (%)	15.4%	19.1%	18.0%	13.2%
ROCE (%)	12.7%	15.7%	12.9%	10.5%
Return On Average Assets	9.1%	10.2%	8.7%	7.7%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

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Market Data

Source: Bloomberg