InCred Equities - Havells India

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	185,900	216,620	248,592	283,113
Operating EBITDA (Rsm)	18,426	20,542	26,825	30,675
Net Profit (Rsm)	12,708	14,073	18,140	20,998
Core EPS (Rs)	20.3	22.5	28.9	33.5
Core EPS Growth	18.5%	10.7%	28.9%	15.8%
FD Core P/E (x)	74.25	67.05	52.02	44.94
DPS (Rs)	7.5	7.5	8.0	9.0
Dividend Yield	0.50%	0.50%	0.53%	0.60%
EV/EBITDA (x)	49.56	44.31	33.56	28.93
P/FCFE (x)	305.27	118.64	61.92	49.63
Net Gearing	(40.8%)	(40.0%)	(44.7%)	(50.0%)
P/BV (x)	12.67	11.26	9.73	8.40
ROE	18.1%	17.8%	20.1%	20.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	185,900	216,620	248,592	283,113
Gross Profit	60,213	71,861	82,468	93,920
Operating EBITDA	18,426	20,542	26,825	30,675
Depreciation And Amortisation	(3,385)	(4,053)	(4,595)	(5,005)
Operating EBIT	15,041	16,490	22,229	25,670
Financial Income/(Expense)	1,392	1,931	1,597	2,005
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	641	654	686	700
Profit Before Tax (pre-EI)	17,074	19,074	24,513	28,376
Exceptional Items
Pre-tax Profit	17,074	19,074	24,513	28,376
Taxation	(4,366)	(5,001)	(6,373)	(7,378)
Exceptional Income - post-tax
Profit After Tax	12,708	14,073	18,140	20,998
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,708	14,073	18,140	20,998
Recurring Net Profit	12,708	14,073	18,140	20,998
Fully Diluted Recurring Net Profit	12,708	14,073	18,140	20,998

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	18,426	20,542	26,825	30,675
Cash Flow from Invt. & Assoc.
Change In Working Capital	4,272	(1,864)	(1,983)	(1,419)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	2,144	2,584	2,268	2,712
Net Interest (Paid)/Received	(1,393)	(1,931)	(1,597)	(2,005)
Tax Paid	(3,919)	(5,001)	(6,373)	(7,378)
Cashflow From Operations	19,529	14,331	19,140	22,585
Capex	(7,623)	(8,687)	(5,934)	(6,058)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(10,026)
Other Investing Cashflow	1,510	2,309	2,035	2,488
Cash Flow From Investing	(16,139)	(6,377)	(3,899)	(3,570)
Debt Raised/(repaid)	(300)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(4,701)	(4,700)	(5,014)	(5,640)
Preferred Dividends
Other Financing Cashflow	(334)	(379)	(438)	(482)
Cash Flow From Financing	(5,336)	(5,079)	(5,452)	(6,122)
Total Cash Generated	(1,945)	2,874	9,789	12,892
Free Cashflow To Equity	3,090	7,953	15,241	19,015
Free Cashflow To Firm	2,935	7,575	14,803	18,533

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	30,382	33,503	43,308	56,194
Total Debtors	11,650	13,575	16,346	19,391
Inventories	34,086	41,544	49,037	56,623
Total Other Current Assets	2,857	3,561	4,086	4,654
Total Current Assets	78,974	92,182	112,777	136,861
Fixed Assets	36,774	40,130	44,719	45,772
Total Investments	200	200	200	200
Intangible Assets	3,105	3,105	3,105	3,105
Total Other Non-Current Assets	5,209	6,240	2,990	2,990
Total Non-current Assets	45,288	49,675	51,014	52,067
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	26,919	32,048	37,459	43,436
Other Current Liabilities	15,305	18,398	21,794	25,596
Total Current Liabilities	42,224	50,446	59,253	69,033
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	3,996	3,996	3,996	3,996
Total Non-current Liabilities	3,996	3,996	3,996	3,996
Total Provisions	3,575	3,575	3,575	3,575
Total Liabilities	49,795	58,017	66,824	76,604
Shareholders Equity	74,468	83,841	96,967	112,324
Minority Interests
Total Equity	74,468	83,841	96,967	112,324

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	9.9%	16.5%	14.8%	13.9%
Operating EBITDA Growth	15.2%	11.5%	30.6%	14.4%
Operating EBITDA Margin	9.9%	9.5%	10.8%	10.8%
Net Cash Per Share (Rs)	48.49	53.46	69.11	89.67
BVPS (Rs)	118.85	133.78	154.73	179.24
Gross Interest Cover	32.91	43.53	50.72	53.25
Effective Tax Rate	25.6%	26.2%	26.0%	26.0%
Net Dividend Payout Ratio	27.5%	24.6%	20.5%	19.9%
Accounts Receivables Days	21.00	21.25	21.97	23.04
Inventory Days	103.34	95.35	99.51	101.92
Accounts Payables Days	77.47	74.34	76.36	78.03
ROIC (%)	28.4%	32.0%	38.5%	42.1%
ROCE (%)	22.8%	22.7%	25.8%	26.0%
Return On Average Assets	13.3%	12.9%	15.0%	15.0%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg