InCred Equities - KEI Industries

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	81,101	94,306	111,588	131,171
Operating EBITDA (Rsm)	8,540	9,557	12,150	14,429
Net Profit (Rsm)	5,808	6,663	8,498	10,309
Core EPS (Rs)	62.6	69.7	88.9	107.9
Core EPS Growth	18.1%	11.4%	27.5%	21.3%
FD Core P/E (x)	62.51	56.10	43.98	36.26
DPS (Rs)	2.9	3.2	3.3	3.4
Dividend Yield	0.08%	0.08%	0.08%	0.09%
EV/EBITDA (x)	41.85	36.87	29.15	24.38
P/FCFE (x)	134.99	(79.95)	(156.48)	199.26
Net Gearing	(18.0%)	(36.9%)	(29.6%)	(29.0%)
P/BV (x)	11.53	6.46	5.66	4.92
ROE	20.3%	14.9%	13.7%	14.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	81,101	94,306	111,588	131,171
Gross Profit	20,328	23,015	28,152	34,093
Operating EBITDA	8,540	9,557	12,150	14,429
Depreciation And Amortisation	(673)	(700)	(1,024)	(1,045)
Operating EBIT	7,867	8,857	11,126	13,384
Financial Income/(Expense)	(275)	(271)	(162)	(65)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	221	345	397	456
Profit Before Tax (pre-EI)	7,813	8,931	11,361	13,775
Exceptional Items	(2)
Pre-tax Profit	7,811	8,931	11,361	13,775
Taxation	(2,002)	(2,268)	(2,863)	(3,466)
Exceptional Income - post-tax
Profit After Tax	5,808	6,663	8,498	10,309
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,808	6,663	8,498	10,309
Recurring Net Profit	5,810	6,663	8,498	10,309
Fully Diluted Recurring Net Profit	5,810	6,663	8,498	10,309

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	8,540	9,557	12,150	14,429
Cash Flow from Invt. & Assoc.
Change In Working Capital	(689)	(3,068)	(3,922)	(4,405)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	97	74	235	392
Net Interest (Paid)/Received	273	271	162	65
Tax Paid	(2,045)	(2,268)	(2,863)	(3,466)
Cashflow From Operations	6,176	4,565	5,761	7,014
Capex	(4,000)	(8,165)	(7,000)	(4,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	265	(1,100)	(1,100)	(1,100)
Other Investing Cashflow	209	291	150	162
Cash Flow From Investing	(3,526)	(8,974)	(7,950)	(4,938)
Debt Raised/(repaid)	0	(200)	(200)	(200)
Proceeds From Issue Of Shares	11	20,000
Shares Repurchased
Dividends Paid	(281)	(306)	(316)	(326)
Preferred Dividends
Other Financing Cashflow	(412)	(562)	(312)	(227)
Cash Flow From Financing	(682)	18,932	(828)	(752)
Total Cash Generated	1,968	14,523	(3,016)	1,324
Free Cashflow To Equity	2,650	(4,608)	(2,389)	1,876
Free Cashflow To Firm	2,167	(4,970)	(2,500)	1,849

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	7,004	22,513	20,477	22,775
Total Debtors	15,179	17,650	20,884	24,550
Inventories	13,427	15,614	18,475	21,717
Total Other Current Assets	1,365	1,587	1,877	2,207
Total Current Assets	36,974	57,363	61,714	71,249
Fixed Assets	5,427	12,602	19,077	21,832
Total Investments	16	16	16	16
Intangible Assets
Total Other Non-Current Assets	4,147	4,852	4,771	5,397
Total Non-current Assets	9,590	17,469	23,864	27,245
Short-term Debt	1,342	1,142	942	742
Current Portion of Long-Term Debt
Total Creditors	2,892	3,363	3,979	4,677
Other Current Liabilities	10,079	11,720	13,868	16,302
Total Current Liabilities	14,313	16,225	18,789	21,721
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	495	495	495	495
Total Non-current Liabilities	495	495	495	495
Total Provisions	273	273	273	273
Total Liabilities	15,082	16,994	19,558	22,490
Shareholders Equity	31,483	57,839	66,021	76,004
Minority Interests
Total Equity	31,483	57,839	66,021	76,004

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	17.3%	16.3%	18.3%	17.5%
Operating EBITDA Growth	20.9%	11.9%	27.1%	18.8%
Operating EBITDA Margin	10.5%	10.1%	10.9%	11.0%
Net Cash Per Share (Rs)	60.99	223.64	204.43	230.58
BVPS (Rs)	339.14	605.29	690.92	795.39
Gross Interest Cover	16.27	15.76	35.71	59.08
Effective Tax Rate	25.6%	25.4%	25.2%	25.2%
Net Dividend Payout Ratio	3.6%	3.4%	2.8%	2.4%
Accounts Receivables Days	65.39	63.53	63.02	63.21
Inventory Days	73.42	74.34	74.56	75.56
Accounts Payables Days	15.71	16.01	16.06	16.27
ROIC (%)	35.0%	33.3%	29.9%	28.3%
ROCE (%)	26.6%	19.8%	17.8%	18.8%
Return On Average Assets	19.2%	15.2%	14.4%	15.0%

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

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg