InCred Equities - Bharat Electronics Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	237,687	278,056	326,199	381,701
Operating EBITDA (Rsm)	68,338	79,801	96,879	111,455
Net Profit (Rsm)	52,874	62,320	75,963	87,694
Core EPS (Rs)	7.2	8.5	10.4	12.0
Core EPS Growth	34.1%	17.9%	21.9%	15.4%
FD Core P/E (x)	55.20	46.84	38.42	33.28
DPS (Rs)	2.3	2.7	3.3	3.8
Dividend Yield	0.58%	0.68%	0.83%	0.96%
EV/EBITDA (x)	41.31	35.09	28.98	24.89
P/FCFE (x)	248.96	73.24	203.35	49.39
Net Gearing	(47.8%)	(48.9%)	(37.7%)	(40.9%)
P/BV (x)	14.61	12.05	9.93	8.25
ROE	29.1%	28.2%	28.3%	27.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	237,687	278,056	326,199	381,701
Gross Profit	115,815	134,964	158,331	183,362
Operating EBITDA	68,338	79,801	96,879	111,455
Depreciation And Amortisation	(4,673)	(5,518)	(6,231)	(6,985)
Operating EBIT	63,665	74,283	90,648	104,469
Financial Income/(Expense)	(96)	(112)	(132)	(154)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	7,423	9,504	11,476	13,429
Profit Before Tax (pre-EI)	70,992	83,675	101,993	117,744
Exceptional Items
Pre-tax Profit	70,992	83,675	101,993	117,744
Taxation	(18,118)	(21,355)	(26,030)	(30,050)
Exceptional Income - post-tax
Profit After Tax	52,874	62,320	75,963	87,694
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	52,874	62,320	75,963	87,694
Recurring Net Profit	52,874	62,320	75,964	87,695
Fully Diluted Recurring Net Profit	52,874	62,320	75,964	87,695

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	68,338	79,801	96,879	111,455
Cash Flow from Invt. & Assoc.
Change In Working Capital	(47,102)	(9,210)	(53,536)	(20,137)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,200	2,224	2,936	3,435
Other Operating Cashflow	(135)
Net Interest (Paid)/Received
Tax Paid	(16,746)	(21,355)	(26,030)	(30,050)
Cashflow From Operations	5,555	51,460	20,250	64,704
Capex	(10,082)	(10,426)	(10,370)	(10,915)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	16,251	(1,180)	4,474	5,305
Cash Flow From Investing	6,169	(11,606)	(5,896)	(5,610)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(16,807)	(19,810)	(24,146)	(27,875)
Preferred Dividends
Other Financing Cashflow	(155)	3,024	2,275	2,621
Cash Flow From Financing	(16,962)	(16,786)	(21,871)	(25,254)
Total Cash Generated	(5,238)	23,068	(7,517)	33,840
Free Cashflow To Equity	11,724	39,854	14,354	59,094
Free Cashflow To Firm	11,724	39,854	14,354	59,094

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	95,450	118,520	111,003	144,843
Total Debtors	91,163	106,646	129,586	151,635
Inventories	91,189	106,677	125,147	146,440
Total Other Current Assets	70,773	82,793	134,967	157,932
Total Current Assets	348,575	414,636	500,703	600,850
Fixed Assets	44,708	49,617	53,756	57,685
Total Investments	5,816	6,804	7,982	9,340
Intangible Assets
Total Other Non-Current Assets	9,211	16,683	19,572	22,902
Total Non-current Assets	59,735	73,104	81,309	89,927
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	33,387	39,058	45,820	53,616
Other Current Liabilities	156,739	183,593	215,381	252,027
Total Current Liabilities	190,126	222,651	261,201	305,644
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	10,767	13,903	16,310	19,085
Total Non-current Liabilities	10,767	13,903	16,310	19,085
Total Provisions	7,397	8,653	10,152	11,879
Total Liabilities	208,290	245,207	287,662	336,608
Shareholders Equity	199,739	242,249	294,066	353,885
Minority Interests
Total Equity	199,739	242,249	294,066	353,885

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	17.3%	17.0%	17.3%	17.0%
Operating EBITDA Growth	35.4%	16.8%	21.4%	15.0%
Operating EBITDA Margin	28.8%	28.7%	29.7%	29.2%
Net Cash Per Share (Rs)	13.06	16.21	15.19	19.81
BVPS (Rs)	27.32	33.14	40.23	48.41
Gross Interest Cover	663.18	661.44	688.04	677.64
Effective Tax Rate	25.5%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio	31.8%	31.8%	31.8%	31.8%
Accounts Receivables Days	126.76	129.83	132.17	134.46
Inventory Days	248.07	252.36	252.03	249.90
Accounts Payables Days	(105.50)	(92.40)	(92.28)	(91.50)
ROIC (%)	54.5%	53.1%
ROCE (%)	35.1%	33.6%	33.8%	32.2%
Return On Average Assets	13.2%	13.9%	14.2%	13.8%

(91) 02241611544 shubham.dalia@incredresearch.com

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Market Data

Source: Bloomberg