InCred Equities - SKF India Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	49,199	54,744	61,919	70,000
Operating EBITDA (Rsm)	7,233	8,928	10,226	11,563
Net Profit (Rsm)	5,658	7,074	8,005	8,974
Core EPS (Rs)	114.4	143.1	161.9	181.5
Core EPS Growth	2.5%	25.0%	13.2%	12.1%
FD Core P/E (x)	41.15	32.91	29.08	25.94
DPS (Rs)	14.6	25.0	30.0	40.0
Dividend Yield	0.31%	0.53%	0.64%	0.85%
EV/EBITDA (x)	31.20	24.87	21.41	18.70
P/FCFE (x)	144.22	48.42	50.65	49.52
Net Gearing	(27.4%)	(33.8%)	(36.2%)	(36.7%)
P/BV (x)	8.96	7.32	6.07	5.14
ROE	21.8%	22.2%	20.9%	19.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	49,199	54,744	61,919	70,000
Gross Profit	19,034	21,350	24,334	27,650
Operating EBITDA	7,233	8,928	10,226	11,563
Depreciation And Amortisation	(831)	(949)	(1,173)	(1,409)
Operating EBIT	6,403	7,978	9,053	10,154
Financial Income/(Expense)	(7)	(7)	(7)	(7)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,235	1,536	1,713	1,916
Profit Before Tax (pre-EI)	7,631	9,508	10,759	12,062
Exceptional Items
Pre-tax Profit	7,631	9,508	10,759	12,062
Taxation	(1,973)	(2,434)	(2,754)	(3,088)
Exceptional Income - post-tax
Profit After Tax	5,658	7,074	8,005	8,974
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,658	7,074	8,005	8,974
Recurring Net Profit	5,658	7,074	8,005	8,974
Fully Diluted Recurring Net Profit	5,658	7,074	8,005	8,974

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	7,233	8,928	10,226	11,563
Cash Flow from Invt. & Assoc.	398	580	533	499
Change In Working Capital	(3,904)	(438)	(1,674)	(2,676)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	831	949	1,173	1,409
Other Operating Cashflow	(1,235)	(1,536)	(1,713)	(1,916)
Net Interest (Paid)/Received	(7)	(7)	(7)	(7)
Tax Paid	(1,973)	(2,434)	(2,754)	(3,088)
Cashflow From Operations	1,342	6,041	5,783	5,785
Capex	(915)	(2,700)	(2,900)	(3,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,235	1,536	1,713	1,916
Cash Flow From Investing	320	(1,164)	(1,187)	(1,084)
Debt Raised/(repaid)	(48)	(69)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(720)	(1,236)	(1,483)	(1,978)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(768)	(1,305)	(1,483)	(1,978)
Total Cash Generated	894	3,572	3,113	2,723
Free Cashflow To Equity	1,614	4,808	4,597	4,701
Free Cashflow To Firm	1,670	4,885	4,604	4,708

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	7,188	10,768	13,888	16,618
Total Debtors	8,486	9,299	10,687	12,466
Inventories	8,733	9,299	10,518	12,082
Total Other Current Assets	4,842	5,067	5,669	6,370
Total Current Assets	29,249	34,432	40,762	47,536
Fixed Assets	5,762	7,513	9,240	10,831
Total Investments	90	90	90	90
Intangible Assets
Total Other Non-Current Assets	391
Total Non-current Assets	6,243	7,603	9,330	10,921
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	6,630	7,499	8,652	9,589
Other Current Liabilities	2,623	2,919	3,301	3,732
Total Current Liabilities	9,253	10,418	11,953	13,321
Total Long-term Debt	69
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	69
Total Provisions
Total Liabilities	9,322	10,418	11,953	13,321
Shareholders Equity	25,980	31,817	38,339	45,336
Minority Interests
Total Equity	25,980	31,817	38,339	45,336

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	9.6%	11.3%	13.1%	13.1%
Operating EBITDA Growth	0.8%	23.4%	14.5%	13.1%
Operating EBITDA Margin	14.7%	16.3%	16.5%	16.5%
Net Cash Per Share (Rs)	143.99	217.79	280.91	336.13
BVPS (Rs)	525.48	643.56	775.46	916.98
Gross Interest Cover	914.66	1,139.78	1,293.25	1,450.52
Effective Tax Rate	25.9%	25.6%	25.6%	25.6%
Net Dividend Payout Ratio	12.7%	17.5%	18.5%	22.0%
Accounts Receivables Days	59.35	59.29	58.91	60.36
Inventory Days	94.21	98.55	96.22	97.39
Accounts Payables Days	(83.25)	(77.22)	(78.42)	(78.61)
ROIC (%)	33.8%	38.4%	37.5%	35.7%
ROCE (%)	24.6%	25.1%	23.6%	22.4%
Return On Average Assets	16.0%	16.8%	16.0%	15.4%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 22 4161 1552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg