InCred Equities - PI Industries Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	64,920	76,658	75,627	79,408
Operating EBITDA (Rsm)	15,421	20,147	23,712	24,329
Net Profit (Rsm)	12,295	16,815	18,065	18,420
Core EPS (Rs)	80.9	110.7	118.9	121.3
Core EPS Growth	38.0%	36.8%	7.4%	2.0%
FD Core P/E (x)	41.37	30.25	28.15	27.61
DPS (Rs)	2.0	2.0	2.1	2.2
Dividend Yield	0.06%	0.06%	0.06%	0.07%
EV/EBITDA (x)	30.89	23.35	19.13	17.91
P/FCFE (x)	75.91	195.46	22.06	26.89
Net Gearing	(44.8%)	(43.8%)	(52.3%)	(59.1%)
P/BV (x)	7.07	5.83	4.84	4.12
ROE	18.5%	21.1%	18.8%	16.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	64,920	76,658	75,627	79,408
Gross Profit	64,920	76,658	75,627	79,408
Operating EBITDA	15,421	20,147	23,712	24,329
Depreciation And Amortisation	(2,265)	(3,082)	(3,343)	(3,558)
Operating EBIT	13,156	17,065	20,369	20,771
Financial Income/(Expense)	(371)	(300)	(600)	(600)
Pretax Income/(Loss) from Assoc.	68	105
Non-Operating Income/(Expense)	1,590	2,077	600	600
Profit Before Tax (pre-EI)	14,443	18,947	20,369	20,771
Exceptional Items
Pre-tax Profit	14,443	18,947	20,369	20,771
Taxation	(2,148)	(2,132)	(2,305)	(2,350)
Exceptional Income - post-tax
Profit After Tax	12,295	16,815	18,065	18,420
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,295	16,815	18,065	18,420
Recurring Net Profit	12,295	16,815	18,065	18,420
Fully Diluted Recurring Net Profit	12,295	16,815	18,065	18,420

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	15,421	20,147	23,712	24,329
Cash Flow from Invt. & Assoc.
Change In Working Capital	2,050	3,671	(2,010)	(1,316)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(1,557)	(1,891)
Other Operating Cashflow	(3,087)	(5,018)	(3,410)	(3,096)
Net Interest (Paid)/Received	(371)	(300)	(600)	(600)
Tax Paid	2,558	3,750	2,305	2,378
Cashflow From Operations	15,014	20,359	19,998	21,694
Capex	(3,225)	(6,190)	(2,781)	(2,781)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,737)	(11,815)	5,836
Cash Flow From Investing	(4,962)	(18,005)	3,055	(2,781)
Debt Raised/(repaid)	(3,352)	248
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,137)	(1,744)	(326)	(337)
Preferred Dividends
Other Financing Cashflow	(342)	(720)	(600)	(600)
Cash Flow From Financing	(4,831)	(2,216)	(926)	(937)
Total Cash Generated	5,221	138	22,126	17,977
Free Cashflow To Equity	6,700	2,602	23,053	18,913
Free Cashflow To Firm	10,423	2,654	23,653	19,513

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	32,272	39,499	56,244	74,221
Total Debtors	7,720	9,299	11,329	12,491
Inventories	13,976	13,012	12,837	14,153
Total Other Current Assets	2,655	4,975	4,975	4,975
Total Current Assets	56,623	66,785	85,386	105,839
Fixed Assets	28,901	32,324	31,762	30,770
Total Investments	313	903	448	448
Intangible Assets	828	3,611	3,611	3,611
Total Other Non-Current Assets	482	4,017	4,017	4,017
Total Non-current Assets	30,524	40,855	39,838	38,846
Short-term Debt		662	662	662
Current Portion of Long-Term Debt
Total Creditors	8,380	11,484	11,329	12,491
Other Current Liabilities	3,438	4,960	4,960	4,960
Total Current Liabilities	11,818	17,106	16,951	18,113
Total Long-term Debt		617	617	617
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	678	2,041	2,041	2,041
Total Non-current Liabilities	678	2,658	2,658	2,658
Total Provisions	316	566	566	566
Total Liabilities	12,812	20,330	20,175	21,337
Shareholders Equity	71,985	87,310	105,048	123,348
Minority Interests
Total Equity	71,985	87,310	105,048	123,348

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	21.4%	18.1%	(1.3%)	5.0%
Operating EBITDA Growth	29.6%	30.6%	17.7%	2.6%
Operating EBITDA Margin	23.8%	26.3%	31.4%	30.6%
Net Cash Per Share (Rs)	212.44	251.59	361.82	480.16
BVPS (Rs)	473.86	574.74	691.50	811.96
Gross Interest Cover	35.46	56.88	33.95	34.62
Effective Tax Rate	14.9%	11.3%	11.3%	11.3%
Net Dividend Payout Ratio	2.5%	1.8%	1.8%	1.8%
Accounts Receivables Days	46.12	40.52	49.78	54.75
Inventory Days
Accounts Payables Days
ROIC (%)	30.8%	33.6%	39.0%	39.5%
ROCE (%)	19.2%	21.2%	20.9%	18.0%
Return On Average Assets	15.3%	17.6%	16.0%	14.1%

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

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

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Market Data

Source: Bloomberg