InCred Equities - Anupam Rasayan India Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	16,019	17,621	19,383	21,321
Operating EBITDA (Rsm)	4,314	4,731	5,204	5,724
Net Profit (Rsm)	2,168	2,518	2,761	2,776
Core EPS (Rs)	21.7	25.2	27.6	27.8
Core EPS Growth	42.5%	16.1%	9.6%	0.6%
FD Core P/E (x)	33.71	29.03	26.48	26.33
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	17.62	16.88	15.49	14.91
P/FCFE (x)	(28.43)	497.05	14.16	11.46
Net Gearing	6.3%	19.6%	20.3%	32.9%
P/BV (x)	3.08	2.79	2.52	2.30
ROE	10.6%	10.1%	10.0%	9.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	16,019	17,621	19,383	21,321
Gross Profit	8,983	9,868	10,855	11,940
Operating EBITDA	4,314	4,731	5,204	5,724
Depreciation And Amortisation	(711)	(750)	(800)	(1,200)
Operating EBIT	3,603	3,981	4,404	4,524
Financial Income/(Expense)	(541)	(614)	(713)	(813)
Pretax Income/(Loss) from Assoc.	15
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	3,077	3,367	3,691	3,711
Exceptional Items
Pre-tax Profit	3,077	3,367	3,691	3,711
Taxation	(908)	(848)	(930)	(935)
Exceptional Income - post-tax
Profit After Tax	2,168	2,518	2,761	2,776
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,168	2,518	2,761	2,776
Recurring Net Profit	2,168	2,518	2,761	2,776
Fully Diluted Recurring Net Profit	2,168	2,518	2,761	2,776

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	4,314	4,731	5,204	5,724
Cash Flow from Invt. & Assoc.
Change In Working Capital	(801)	(521)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	727	786	887	987
Net Interest (Paid)/Received	(627)	(700)	(800)	(900)
Tax Paid	(693)	(848)	(930)	(935)
Cashflow From Operations	2,921	3,447	4,361	4,876
Capex	(2,208)	(5,300)	(1,200)	(500)
Disposals Of FAs/subsidiaries	1
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(3,020)
Cash Flow From Investing	(5,227)	(5,300)	(1,200)	(500)
Debt Raised/(repaid)	(265)	2,000	2,000	2,000
Proceeds From Issue Of Shares	4,807
Shares Repurchased
Dividends Paid	(246)	(246)	(246)	(246)
Preferred Dividends
Other Financing Cashflow	(590)	(700)	(800)	(900)
Cash Flow From Financing	3,706	1,054	954	854
Total Cash Generated	1,401	(798)	4,115	5,231
Free Cashflow To Equity	(2,571)	147	5,161	6,376
Free Cashflow To Firm	(1,679)	(1,153)	3,961	5,276

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	6,299	4,478	5,725	2,986
Total Debtors	4,151	4,566	5,022	5,525
Inventories	9,315	10,246	11,271	12,398
Total Other Current Assets	1,347	1,347	1,347	1,347
Total Current Assets	21,112	20,637	23,365	22,255
Fixed Assets	14,144	19,394	21,094	27,393
Total Investments	14	14	14	14
Intangible Assets
Total Other Non-Current Assets	2,509	2,509	2,509	2,509
Total Non-current Assets	16,667	21,917	23,617	29,917
Short-term Debt	4,326	6,326	8,326	10,326
Current Portion of Long-Term Debt
Total Creditors	3,226	3,765	4,142	4,556
Other Current Liabilities	557	843	133	133
Total Current Liabilities	8,108	10,933	12,601	15,015
Total Long-term Debt	3,550	3,550	3,550	3,550
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	269	269	269	269
Total Non-current Liabilities	3,819	3,819	3,819	3,819
Total Provisions	771	203	203	203
Total Liabilities	12,699	14,955	16,623	19,037
Shareholders Equity	23,726	26,244	29,005	31,780
Minority Interests	1,355	1,355	1,355	1,355
Total Equity	25,081	27,599	30,359	33,135

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	50.3%	10.0%	10.0%	10.0%
Operating EBITDA Growth	45.2%	9.7%	10.0%	10.0%
Operating EBITDA Margin	26.9%	26.8%	26.8%	26.8%
Net Cash Per Share (Rs)	(15.78)	(54.02)	(61.56)	(108.99)
BVPS (Rs)	237.45	262.65	290.28	318.06
Gross Interest Cover	5.75	5.69	5.50	5.03
Effective Tax Rate	29.5%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	79.20	90.28	90.28	90.28
Inventory Days	465.53	460.43	460.43	460.43
Accounts Payables Days	142.76	164.56	169.20	169.20
ROIC (%)	16.1%	14.4%	13.2%	12.2%
ROCE (%)	12.1%	11.2%	11.0%	10.1%
Return On Average Assets	8.1%	7.8%	7.8%	7.2%

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

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

Market Data

Source: Bloomberg