InCred Equities

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	176,669	225,000	264,000	299,000
Operating EBITDA (Rsm)	60,561	82,993	100,064	114,452
Net Profit (Rsm)	55,224	65,727	79,837	90,102
Core EPS (Rs)	15.8	22.4	27.2	30.7
Core EPS Growth	(51.0%)	42.1%	21.5%	12.9%
FD Core P/E (x)	11.74	9.86	8.12	7.20
DPS (Rs)	5.3	6.7	8.2	9.2
Dividend Yield	2.40%	3.04%	3.70%	4.17%
EV/EBITDA (x)	9.46	6.29	4.74	3.67
P/FCFE (x)	10.12	9.92	11.60	9.64
Net Gearing	(29.7%)	(43.4%)	(50.3%)	(56.4%)
P/BV (x)	2.90	2.41	1.99	1.67
ROE	23.0%	26.7%	26.8%	25.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	176,669	225,000	264,000	299,000
Gross Profit	175,366	223,650	262,560	297,440
Operating EBITDA	60,561	82,993	100,064	114,452
Depreciation And Amortisation	(3,354)	(3,381)	(3,982)	(4,296)
Operating EBIT	57,207	79,612	96,081	110,156
Financial Income/(Expense)	(752)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	7,479	11,010	13,990	14,065
Profit Before Tax (pre-EI)	63,933	90,623	110,072	124,220
Exceptional Items	12,373
Pre-tax Profit	76,306	90,623	110,072	124,220
Taxation	(21,082)	(24,896)	(30,235)	(34,119)
Exceptional Income - post-tax
Profit After Tax	55,224	65,727	79,837	90,102
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	55,224	65,727	79,837	90,102
Recurring Net Profit	46,269	65,727	79,837	90,102
Fully Diluted Recurring Net Profit	46,269	65,727	79,837	90,102

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	60,561	82,993	100,064	114,452
Cash Flow from Invt. & Assoc.
Change In Working Capital	20,062	(1,771)	(7,982)	(7,146)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,661	17,957	(32)	(34)
Other Operating Cashflow	15,327	11,080	14,060	14,134
Net Interest (Paid)/Received	(752)
Tax Paid	(20,685)	(24,896)	(30,235)	(34,119)
Cashflow From Operations	76,173	85,362	75,875	87,287
Capex	(14,049)	(20,000)	(20,000)	(20,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	9,980
Other Investing Cashflow	5,583
Cash Flow From Investing	1,514	(20,000)	(20,000)	(20,000)
Debt Raised/(repaid)	(13,623)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(10,993)	(19,739)	(23,972)	(27,051)
Preferred Dividends
Other Financing Cashflow	(750)
Cash Flow From Financing	(25,366)	(19,739)	(23,972)	(27,051)
Total Cash Generated	52,321	45,623	31,903	40,236
Free Cashflow To Equity	64,064	65,362	55,875	67,287
Free Cashflow To Firm	78,439	65,362	55,875	67,287

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	70,480	120,947	167,850	223,086
Total Debtors	26,560	33,826	39,689	44,951
Inventories	26,606	33,884	39,758	45,029
Total Other Current Assets	33,962	33,962	33,962	33,962
Total Current Assets	157,609	222,620	281,259	347,028
Fixed Assets	43,403	54,198	55,216	55,920
Total Investments	8,867	9,849	9,849	9,849
Intangible Assets
Total Other Non-Current Assets	69,538	51,582	51,613	51,647
Total Non-current Assets	121,808	115,629	116,678	117,416
Short-term Debt	4,160	4,160	4,160	4,160
Current Portion of Long-Term Debt
Total Creditors	4,258	5,422	6,362	7,206
Other Current Liabilities	33,571	45,179	47,994	50,537
Total Current Liabilities	41,988	54,761	58,516	61,903
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,550	1,550	1,550	1,550
Total Non-current Liabilities	1,550	1,550	1,550	1,550
Total Provisions	12,556	12,556	12,556	12,556
Total Liabilities	56,094	68,867	72,622	76,009
Shareholders Equity	223,323	269,381	325,315	388,435
Minority Interests
Total Equity	223,323	269,381	325,315	388,435

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	(32.0%)	27.4%	17.3%	13.3%
Operating EBITDA Growth	(52.0%)	37.0%	20.6%	14.4%
Operating EBITDA Margin	34.3%	36.9%	37.9%	38.3%
Net Cash Per Share (Rs)	22.63	39.85	55.85	74.70
BVPS (Rs)	76.20	91.92	111.00	132.54
Gross Interest Cover	76.04
Effective Tax Rate	27.6%	27.5%	27.5%	27.5%
Net Dividend Payout Ratio	36.3%	30.0%	30.0%	30.0%
Accounts Receivables Days	57.95	48.98	50.82	51.66
Inventory Days	6,701.50	8,177.37	9,333.10	9,918.89
Accounts Payables Days	1,526.61	1,308.59	1,493.53	1,587.27
ROIC (%)	34.6%	35.6%	44.4%	48.2%
ROCE (%)	27.0%	31.8%	31.9%	30.5%
Return On Average Assets	16.5%	21.3%	21.7%	20.9%

(91) 22 4161 1562 satish.kumar@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com

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Market Data

Source: Bloomberg