InCred Equities - Ramco Cements Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	84,951	92,196	104,808	116,949
Operating EBITDA (Rsm)	12,319	16,666	19,726	23,077
Net Profit (Rsm)	4,174	3,884	5,962	8,231
Core EPS (Rs)	4.8	16.4	25.2	34.8
Core EPS Growth	(71.4%)	244.2%	53.5%	38.1%
FD Core P/E (x)	58.36	62.72	40.86	29.60
DPS (Rs)	2.0	1.9	2.9	3.9
Dividend Yield	0.19%	0.18%	0.28%	0.38%
EV/EBITDA (x)	23.38	17.31	14.52	12.18
P/FCFE (x)	41.58	25.14	21.41	15.48
Net Gearing	59.3%	57.3%	51.4%	41.4%
P/BV (x)	3.25	3.11	2.92	2.69
ROE	1.5%	5.1%	7.4%	9.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	84,951	92,196	104,808	116,949
Gross Profit	84,951	92,196	104,808	116,949
Operating EBITDA	12,319	16,666	19,726	23,077
Depreciation And Amortisation	(6,912)	(7,396)	(7,839)	(8,310)
Operating EBIT	5,407	9,270	11,886	14,768
Financial Income/(Expense)	(4,588)	(4,404)	(4,228)	(4,059)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	440	383	398	414
Profit Before Tax (pre-EI)	1,259	5,249	8,057	11,123
Exceptional Items	3,398
Pre-tax Profit	4,657	5,249	8,057	11,123
Taxation	(484)	(1,365)	(2,095)	(2,892)
Exceptional Income - post-tax
Profit After Tax	4,174	3,884	5,962	8,231
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,174	3,884	5,962	8,231
Recurring Net Profit	1,128	3,884	5,962	8,231
Fully Diluted Recurring Net Profit	1,128	3,884	5,962	8,231

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	12,319	16,666	19,726	23,077
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,444)	(570)	301	316
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	440	383	398	414
Other Operating Cashflow	7,778	8,778	9,278	9,778
Net Interest (Paid)/Received	(4,588)	(4,404)	(4,228)	(4,059)
Tax Paid	(484)	(1,365)	(2,095)	(2,892)
Cashflow From Operations	14,022	19,488	23,381	26,635
Capex	(9,412)	(12,500)	(12,500)	(11,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	3,960	1,700	1,000	1,000
Cash Flow From Investing	(5,452)	(10,800)	(11,500)	(10,500)
Debt Raised/(repaid)	(2,711)	1,000	(500)	(400)
Proceeds From Issue Of Shares		(532)	(817)	(1,128)
Shares Repurchased
Dividends Paid	(473)	(532)	(817)	(1,128)
Preferred Dividends
Other Financing Cashflow	(4,636)	(8,046)	(8,262)	(8,451)
Cash Flow From Financing	(7,819)	(8,111)	(10,395)	(11,106)
Total Cash Generated	751	578	1,485	5,029
Free Cashflow To Equity	5,859	9,688	11,381	15,735
Free Cashflow To Firm	13,158	13,092	16,108	20,194

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	2,074	2,651	4,136	9,165
Total Debtors	7,219	7,578	8,040	9,292
Inventories	10,150	9,851	10,912	12,336
Total Other Current Assets	2,865	2,950	3,354	3,976
Total Current Assets	22,308	23,030	26,442	34,768
Fixed Assets	120,458	125,062	129,223	131,913
Total Investments	4,272	4,772	5,272	5,772
Intangible Assets	13,865	11,665	10,165	8,665
Total Other Non-Current Assets	2,838	3,338	3,838	4,338
Total Non-current Assets	141,433	144,837	148,498	150,688
Short-term Debt	12,731	13,231	13,231	13,231
Current Portion of Long-Term Debt
Total Creditors	9,349	9,157	10,119	11,183
Other Current Liabilities	20,978	20,744	22,010	24,559
Total Current Liabilities	43,057	43,132	45,359	48,973
Total Long-term Debt	33,791	34,291	33,791	33,391
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	11,956	12,156	12,356	12,556
Total Non-current Liabilities	45,746	46,446	46,146	45,946
Total Provisions
Total Liabilities	88,803	89,578	91,505	94,919
Shareholders Equity	74,938	78,289	83,434	90,537
Minority Interests
Total Equity	74,938	78,289	83,434	90,537

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	(9.1%)	8.5%	13.7%	11.6%
Operating EBITDA Growth	(20.7%)	35.3%	18.4%	17.0%
Operating EBITDA Margin	14.5%	18.1%	18.8%	19.7%
Net Cash Per Share (Rs)	(188.10)	(189.88)	(181.49)	(158.51)
BVPS (Rs)	317.13	331.31	353.09	383.14
Gross Interest Cover	1.18	2.10	2.81	3.64
Effective Tax Rate	10.4%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio	60.9%	11.3%	11.3%	11.3%
Accounts Receivables Days	33.82	29.29	27.19	27.05
Inventory Days	42.91	39.59	36.15	36.28
Accounts Payables Days	48.39	44.72	41.35	41.41
ROIC (%)	4.3%	7.1%	8.9%	11.0%
ROCE (%)	4.5%	7.5%	9.3%	11.0%
Return On Average Assets	3.3%	5.0%	5.9%	6.8%

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

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

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Market Data

Source: Bloomberg