InCred Equities - Navin Fluorine International Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	20,774	19,735	23,682	27,235
Operating EBITDA (Rsm)	5,503	4,739	6,136	7,254
Net Profit (Rsm)	3,752	2,589	3,421	4,043
Core EPS (Rs)	75.7	52.3	69.0	81.6
Core EPS Growth	39.8%	(31.0%)	32.1%	18.2%
FD Core P/E (x)	50.83	73.65	55.74	47.17
DPS (Rs)	9.7	6.7	8.9
Dividend Yield	0.25%	0.17%	0.23%
EV/EBITDA (x)	35.96	40.33	31.32	26.38
P/FCFE (x)	47.83	59.27	(603.35)	177.22
Net Gearing	35.8%	2.2%	5.9%	2.7%
P/BV (x)	8.73	7.91	7.04	6.13
ROE	18.6%	11.3%	13.4%	13.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	20,774	19,735	23,682	27,235
Gross Profit	11,814	10,657	12,788	14,707
Operating EBITDA	5,503	4,739	6,136	7,254
Depreciation And Amortisation	(626)	(1,220)	(1,535)	(1,851)
Operating EBIT	4,877	3,518	4,600	5,404
Financial Income/(Expense)	(275)	(301)	(301)	(310)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	357	205	223	250
Profit Before Tax (pre-EI)	4,959	3,422	4,522	5,344
Exceptional Items
Pre-tax Profit	4,959	3,422	4,522	5,344
Taxation	(1,207)	(833)	(1,101)	(1,301)
Exceptional Income - post-tax
Profit After Tax	3,752	2,589	3,421	4,043
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,752	2,589	3,421	4,043
Recurring Net Profit	3,752	2,589	3,421	4,043
Fully Diluted Recurring Net Profit	3,752	2,589	3,421	4,043

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	5,503	4,739	6,136	7,254
Cash Flow from Invt. & Assoc.
Change In Working Capital	(4,970)	3,713	(1,595)	(1,143)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(610)	834	21	15
Other Operating Cashflow	633	507	524	560
Net Interest (Paid)/Received	(275)	(301)	(301)	(310)
Tax Paid	(1,207)	(833)	(1,101)	(1,301)
Cashflow From Operations	(927)	8,658	3,684	5,076
Capex	(2,755)	(5,214)	(4,000)	(4,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	227	(227)
Cash Flow From Investing	(2,529)	(5,441)	(4,000)	(4,000)
Debt Raised/(repaid)	7,442
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(482)	(332)	(439)
Preferred Dividends
Other Financing Cashflow	(275)	(301)	(301)	(310)
Cash Flow From Financing	6,685	(634)	(741)	(310)
Total Cash Generated	3,230	2,583	(1,057)	766
Free Cashflow To Equity	3,987	3,217	(316)	1,076
Free Cashflow To Firm	(3,180)	3,519	(15)	1,386

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	659	7,950	6,894	7,660
Total Debtors	5,615	4,839	5,807	6,678
Inventories	4,681	2,920	3,504	4,029
Total Other Current Assets	3,706	2,665	2,856	3,028
Total Current Assets	14,662	18,374	19,060	21,395
Fixed Assets	13,858	17,852	20,316	22,466
Total Investments	644	139	139	139
Intangible Assets	878	878	878	878
Total Other Non-Current Assets	1,275	528	521	521
Total Non-current Assets	16,654	19,396	21,854	24,003
Short-term Debt	955	955	955	955
Current Portion of Long-Term Debt
Total Creditors	2,435	2,055	2,466	2,835
Other Current Liabilities	1,825	2,339	2,076	2,132
Total Current Liabilities	5,215	5,349	5,497	5,922
Total Long-term Debt	7,531	7,531	7,531	7,531
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	199	235	235	235
Total Non-current Liabilities	7,730	7,767	7,767	7,767
Total Provisions	498	549	563	578
Total Liabilities	13,443	13,664	13,826	14,267
Shareholders Equity	21,850	24,106	27,088	31,131
Minority Interests
Total Equity	21,850	24,106	27,088	31,131

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	42.4%	(5.0%)	20.0%	15.0%
Operating EBITDA Growth	52.8%	(13.9%)	29.5%	18.2%
Operating EBITDA Margin	26.5%	24.0%	25.9%	26.6%
Net Cash Per Share (Rs)	(157.97)	(10.82)	(32.15)	(16.69)
BVPS (Rs)	440.96	486.50	546.69	628.28
Gross Interest Cover	17.72	11.67	15.26	17.43
Effective Tax Rate	24.3%	24.3%	24.3%	24.3%
Net Dividend Payout Ratio	12.8%	12.8%	12.8%
Accounts Receivables Days	80.75	96.67	82.04	83.66
Inventory Days	147.80	152.80	107.61	109.74
Accounts Payables Days	79.44	90.25	75.72	77.22
ROIC (%)	20.6%	10.3%	13.8%	13.9%
ROCE (%)	19.4%	11.1%	13.4%	14.2%
Return On Average Assets	14.4%	8.2%	9.3%	9.9%

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

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Market Data

Source: Bloomberg