InCred Equities - Birla Corporation Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	92,145	99,361	108,364	117,876
Operating EBITDA (Rsm)	12,172	14,489	17,032	19,834
Net Profit (Rsm)	3,336	4,768	6,311	8,033
Core EPS (Rs)	43.3	61.9	82.0	104.3
Core EPS Growth	(19.4%)	42.9%	32.3%	27.3%
FD Core P/E (x)	29.32	20.51	15.50	12.18
DPS (Rs)	10.0	11.1	14.8	18.8
Dividend Yield	0.95%	1.06%	1.41%	1.79%
EV/EBITDA (x)	10.12	8.75	7.51	6.44
P/FCFE (x)	26.07	15.00	9.70	7.91
Net Gearing	36.2%	39.1%	38.2%	35.2%
P/BV (x)	1.39	1.32	1.24	1.15
ROE	4.9%	6.6%	8.3%	9.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	92,145	99,361	108,364	117,876
Gross Profit	92,145	99,361	108,364	117,876
Operating EBITDA	12,172	14,489	17,032	19,834
Depreciation And Amortisation	(5,719)	(5,947)	(6,245)	(6,557)
Operating EBIT	6,454	8,541	10,788	13,278
Financial Income/(Expense)	(3,271)	(3,140)	(3,265)	(3,396)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	979	999	949	901
Profit Before Tax (pre-EI)	4,162	6,400	8,471	10,783
Exceptional Items
Pre-tax Profit	4,162	6,400	8,471	10,783
Taxation	(826)	(1,632)	(2,160)	(2,750)
Exceptional Income - post-tax
Profit After Tax	3,336	4,768	6,311	8,033
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,336	4,768	6,311	8,033
Recurring Net Profit	3,336	4,768	6,311	8,033
Fully Diluted Recurring Net Profit	3,336	4,768	6,311	8,033

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	12,172	14,489	17,032	19,834
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,821)	(1,358)	472	(293)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	979	999	949	901
Other Operating Cashflow	9,462	9,462	9,462	9,462
Net Interest (Paid)/Received	(3,271)	(3,140)	(3,265)	(3,396)
Tax Paid	(826)	(1,632)	(2,160)	(2,750)
Cashflow From Operations	16,695	18,819	22,489	23,758
Capex	(4,436)	(10,200)	(12,200)	(12,200)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,421)	(1,600)	(700)	(200)
Cash Flow From Investing	(8,857)	(11,800)	(12,900)	(12,400)
Debt Raised/(repaid)	(4,087)	(500)	500	1,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(770)	(858)	(1,136)	(1,446)
Preferred Dividends
Other Financing Cashflow	(3,370)	(9,642)	(9,700)	(9,765)
Cash Flow From Financing	(8,227)	(11,000)	(10,336)	(10,211)
Total Cash Generated	(389)	(3,980)	(747)	1,147
Free Cashflow To Equity	3,751	6,520	10,089	12,358
Free Cashflow To Firm	11,109	10,159	12,854	14,754

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	8,220	4,239	3,492	4,639
Total Debtors	3,391	4,083	4,453	4,844
Inventories	9,670	10,344	10,985	11,949
Total Other Current Assets	8,026	8,744	9,211	10,019
Total Current Assets	29,306	27,411	28,141	31,452
Fixed Assets	95,338	99,391	105,147	110,590
Total Investments	7,579	8,379	8,879	8,879
Intangible Assets	5,605	6,405	6,605	6,805
Total Other Non-Current Assets	5,480	5,680	5,880	6,080
Total Non-current Assets	114,003	119,855	126,511	132,354
Short-term Debt	6,979	6,979	6,979	6,979
Current Portion of Long-Term Debt
Total Creditors	8,724	9,071	9,976	10,743
Other Current Liabilities	11,146	11,526	12,570	13,674
Total Current Liabilities	26,849	27,576	29,526	31,396
Total Long-term Debt	26,654	26,154	26,654	27,654
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	19,655	19,655	19,655	19,655
Total Non-current Liabilities	46,309	45,809	46,309	47,309
Total Provisions
Total Liabilities	73,158	73,385	75,834	78,705
Shareholders Equity	70,151	73,881	78,817	85,101
Minority Interests	0	0	0	0
Total Equity	70,152	73,881	78,818	85,101

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	(4.6%)	7.8%	9.1%	8.8%
Operating EBITDA Growth	(15.3%)	19.0%	17.6%	16.5%
Operating EBITDA Margin	13.2%	14.6%	15.7%	16.8%
Net Cash Per Share (Rs)	(330.02)	(375.22)	(391.41)	(389.50)
BVPS (Rs)	910.99	959.43	1,023.53	1,105.13
Gross Interest Cover	1.97	2.72	3.30	3.91
Effective Tax Rate	19.9%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio	27.9%	21.8%	21.8%	21.8%
Accounts Receivables Days	14.93	13.73	14.38	14.39
Inventory Days	38.25	36.76	35.92	35.51
Accounts Payables Days	39.72	38.26	38.06	38.57
ROIC (%)	6.0%	7.5%	9.0%	10.5%
ROCE (%)	6.2%	8.1%	9.8%	11.4%
Return On Average Assets	4.6%	5.4%	6.3%	7.2%

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 22 4161 1561 rohan.kalle@incredresearch.com

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Market Data

Source: Bloomberg