InCred Equities - J K Cement Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	115,560	118,792	131,434	145,347
Operating EBITDA (Rsm)	20,598	20,271	25,106	29,343
Net Profit (Rsm)	7,908	8,611	10,775	13,126
Core EPS (Rs)	102.8	102.1	139.4	169.9
Core EPS Growth	87.6%	(0.7%)	36.5%	21.8%
FD Core P/E (x)	57.42	52.73	42.14	34.59
DPS (Rs)	20.0	15.0	25.0	35.0
Dividend Yield	0.34%	0.26%	0.51%	0.72%
EV/EBITDA (x)	24.09	24.39	19.91	17.08
P/FCFE (x)	152.99	78.28	48.85	21.61
Net Gearing	79.9%	67.2%	67.0%	60.1%
P/BV (x)	8.46	7.46	6.55	5.73
ROE	15.8%	13.8%	16.5%	17.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	115,560	118,792	131,434	145,347
Gross Profit	115,560	118,792	131,434	145,347
Operating EBITDA	20,598	20,271	25,106	29,343
Depreciation And Amortisation	(5,726)	(6,015)	(6,616)	(7,608)
Operating EBIT	14,872	14,257	18,490	21,734
Financial Income/(Expense)	(4,531)	(4,592)	(4,913)	(4,864)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,451	1,730	1,747	1,764
Profit Before Tax (pre-EI)	11,791	11,395	15,323	18,635
Exceptional Items	(55)	1,024
Pre-tax Profit	11,736	12,418	15,323	18,635
Taxation	(3,837)	(3,702)	(4,444)	(5,404)
Exceptional Income - post-tax
Profit After Tax	7,899	8,716	10,880	13,231
Minority Interests	9	(105)	(105)	(105)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,908	8,611	10,775	13,126
Recurring Net Profit	7,945	7,893	10,775	13,126
Fully Diluted Recurring Net Profit	7,945	7,893	10,775	13,126

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	20,598	20,271	25,106	29,343
Cash Flow from Invt. & Assoc.
Change In Working Capital	2,728	(4,899)	(2,754)	474
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,451	1,730	1,747	1,764
Other Operating Cashflow	(2,197)	4,880	12,850	21,850
Net Interest (Paid)/Received	(4,531)	(4,592)	(4,913)	(4,864)
Tax Paid	1,542	2,004	(4,444)	(5,404)
Cashflow From Operations	19,591	19,394	27,592	43,163
Capex	(11,782)	(16,983)	(19,700)	(19,800)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,576)	(2,114)	1,402	(350)
Cash Flow From Investing	(16,358)	(19,097)	(18,298)	(20,150)
Debt Raised/(repaid)	(265)	5,504		(2,000)
Proceeds From Issue Of Shares				0
Shares Repurchased
Dividends Paid	(1,545)	(1,159)	(2,337)	(3,272)
Preferred Dividends
Other Financing Cashflow	(2,347)	(3,607)	(12,455)	(20,955)
Cash Flow From Financing	(4,157)	738	(14,792)	(26,227)
Total Cash Generated	(924)	1,035	(5,498)	(3,214)
Free Cashflow To Equity	2,968	5,801	9,294	21,013
Free Cashflow To Firm	7,764	4,888	14,208	27,877

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	9,892	18,264	12,766	9,552
Total Debtors	5,663	7,866	8,282	5,376
Inventories	11,816	11,751	12,963	14,734
Total Other Current Assets	16,792	12,155	14,063	17,296
Total Current Assets	44,163	50,035	48,075	46,958
Fixed Assets	91,381	93,586	105,969	117,361
Total Investments	2,681	1,442	1,642	1,992
Intangible Assets	6,242	14,777	13,175	13,175
Total Other Non-Current Assets	3,554	6,976	7,676	8,476
Total Non-current Assets	103,858	116,780	128,462	141,003
Short-term Debt	10,638	12,952	12,952	12,952
Current Portion of Long-Term Debt
Total Creditors	8,804	11,583	10,613	11,604
Other Current Liabilities	14,924	14,545	16,298	17,878
Total Current Liabilities	34,366	39,079	39,863	42,433
Total Long-term Debt	41,774	46,003	46,003	44,003
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	18,665	21,181	21,681	22,681
Total Non-current Liabilities	60,439	67,184	67,684	66,684
Total Provisions
Total Liabilities	94,805	106,263	107,547	109,118
Shareholders Equity	53,671	60,890	69,327	79,181
Minority Interests	(455)	(338)	(338)	(338)
Total Equity	53,216	60,552	68,990	78,844

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	18.9%	2.8%	10.6%	10.6%
Operating EBITDA Growth	56.7%	(1.6%)	23.8%	16.9%
Operating EBITDA Margin	17.8%	17.1%	19.1%	20.2%
Net Cash Per Share (Rs)	(550.28)	(526.62)	(597.78)	(613.49)
BVPS (Rs)	694.61	788.03	897.23	1,024.75
Gross Interest Cover	3.28	3.10	3.76	4.47
Effective Tax Rate	32.7%	29.8%	29.0%	29.0%
Net Dividend Payout Ratio	19.4%	15.3%	21.7%	24.9%
Accounts Receivables Days	16.53	20.78	22.42	17.15
Inventory Days	34.04	36.21	34.32	34.78
Accounts Payables Days	32.72	37.76	38.10	34.95
ROIC (%)	13.3%	11.8%	13.7%	14.8%
ROCE (%)	14.7%	12.7%	14.9%	16.5%
Return On Average Assets	8.9%	7.8%	9.2%	9.9%

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

(91) 2241611558 saurabh.singh@incredresearch.com

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

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Market Data

Source: Bloomberg