InCred Equities

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	210,444	219,624	248,540	270,710
Operating EBITDA (Rsm)	19,683	19,220	22,029	24,232
Net Profit (Rsm)	7,108	8,528	9,955	11,072
Core EPS (Rs)	15.0	13.6	15.9	17.6
Core EPS Growth	49.0%	(9.5%)	16.7%	11.2%
FD Core P/E (x)	21.01	17.51	15.00	13.49
DPS (Rs)	3.2	0.7	0.8	0.9
Dividend Yield	1.61%	0.34%	0.39%	0.44%
EV/EBITDA (x)	8.69	9.03	9.82	10.55
P/FCFE (x)	14.89	44.91	(96.78)	67.24
Net Gearing	33.4%	31.6%	78.2%	110.6%
P/BV (x)	2.25	2.01	1.78	1.59
ROE	14.7%	12.1%	12.6%	12.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	210,444	219,624	248,540	270,710
Gross Profit	29,423	39,532	44,737	48,728
Operating EBITDA	19,683	19,220	22,029	24,232
Depreciation And Amortisation	(2,119)	(2,500)	(2,700)	(2,701)
Operating EBIT	17,564	16,720	19,329	21,531
Financial Income/(Expense)	(5,948)	(6,423)	(7,130)	(7,843)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,260	1,400	1,400	1,400
Profit Before Tax (pre-EI)	12,876	11,697	13,599	15,088
Exceptional Items
Pre-tax Profit	12,876	11,697	13,599	15,088
Taxation	(3,205)	(2,924)	(3,400)	(3,772)
Exceptional Income - post-tax	(2,319)
Profit After Tax	7,352	8,773	10,200	11,316
Minority Interests	(244)	(244)	(244)	(244)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,108	8,528	9,955	11,072
Recurring Net Profit	9,427	8,528	9,955	11,072
Fully Diluted Recurring Net Profit	9,427	8,528	9,955	11,072

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	19,683	19,220	22,029	24,232
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,635	(9,947)	(11,443)	(8,796)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(5,948)	(6,423)	(7,130)	(7,843)
Tax Paid	(3,205)	(2,924)	(3,400)	(3,772)
Cashflow From Operations	16,166	(74)	57	3,821
Capex	(2,087)	(3,000)	(43,500)	(43,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	1,971
Other Investing Cashflow	(1,060)	1,400	1,400	1,400
Cash Flow From Investing	(1,176)	(1,600)	(42,100)	(42,100)
Debt Raised/(repaid)	(4,960)	5,000	40,500	40,500
Proceeds From Issue Of Shares	32	0	0	0
Shares Repurchased
Dividends Paid	(2,411)	(504)	(586)	(654)
Preferred Dividends
Other Financing Cashflow	(3,249)	600	(244)	(243)
Cash Flow From Financing	(10,587)	5,096	39,670	39,603
Total Cash Generated	4,403	3,422	(2,373)	1,324
Free Cashflow To Equity	10,031	3,326	(1,543)	2,221
Free Cashflow To Firm	20,938	4,749	(34,913)	(30,436)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	11,496	14,917	12,543	13,866
Total Debtors	32,555	31,871	35,943	39,072
Inventories	17,638	18,858	21,184	22,973
Total Other Current Assets	97,326	110,014	126,110	138,483
Total Current Assets	159,015	175,659	195,781	214,394
Fixed Assets	12,278	12,778	53,578	94,377
Total Investments	4,488	4,488	4,488	4,488
Intangible Assets
Total Other Non-Current Assets	4,325	4,325	4,325	4,325
Total Non-current Assets	21,091	21,591	62,391	103,190
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	78,890	82,166	93,218	101,714
Total Current Liabilities	78,890	82,166	93,218	101,714
Total Long-term Debt	33,941	38,941	79,441	119,941
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	33,941	38,941	79,441	119,941
Total Provisions
Total Liabilities	112,831	121,107	172,659	221,654
Shareholders Equity	66,397	74,421	83,791	94,208
Minority Interests	872	1,722	1,722	1,722
Total Equity	67,269	76,143	85,512	95,930

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	35.3%	4.4%	13.2%	8.9%
Operating EBITDA Growth	34.9%	(2.4%)	14.6%	10.0%
Operating EBITDA Margin	9.4%	8.8%	8.9%	9.0%
Net Cash Per Share (Rs)	(35.75)	(38.26)	(106.55)	(168.95)
BVPS (Rs)	105.75	118.53	133.46	150.05
Gross Interest Cover	2.95	2.60	2.71	2.75
Effective Tax Rate	24.9%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio	19.1%	4.4%	4.4%	4.4%
Accounts Receivables Days	57.13	53.54	49.79	50.57
Inventory Days	31.63	36.98	35.86	36.30
Accounts Payables Days
ROIC (%)	19.4%	19.6%	20.2%	14.6%
ROCE (%)	17.1%	15.5%	13.8%	11.3%
Return On Average Assets	10.9%	9.6%	9.1%	8.0%

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

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg