InCred Equities - J K Cement Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	118,792	132,407	149,413	167,392
Operating EBITDA (Rsm)	20,271	25,626	30,855	35,205
Net Profit (Rsm)	8,611	11,272	14,412	16,802
Core EPS (Rs)	102.1	145.9	186.5	217.4
Core EPS Growth	(0.7%)	42.8%	27.9%	16.6%
FD Core P/E (x)	58.82	44.93	35.14	30.15
DPS (Rs)	15.0	25.0	35.0	35.0
Dividend Yield	0.23%	0.46%	0.65%	0.65%
EV/EBITDA (x)	26.98	21.54	17.84	15.48
P/FCFE (x)	87.32	52.30	21.26	13.26
Net Gearing	67.2%	65.9%	54.8%	41.1%
P/BV (x)	8.32	7.25	6.26	5.36
ROE	13.8%	17.2%	19.1%	19.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	118,792	132,407	149,413	167,392
Gross Profit	118,792	132,407	149,413	167,392
Operating EBITDA	20,271	25,626	30,855	35,205
Depreciation And Amortisation	(6,015)	(6,586)	(7,508)	(8,559)
Operating EBIT	14,257	19,040	23,347	26,646
Financial Income/(Expense)	(4,592)	(4,867)	(4,770)	(4,722)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,730	1,851	1,869	1,888
Profit Before Tax (pre-EI)	11,395	16,023	20,446	23,811
Exceptional Items	1,024
Pre-tax Profit	12,418	16,023	20,446	23,811
Taxation	(3,702)	(4,647)	(5,929)	(6,905)
Exceptional Income - post-tax
Profit After Tax	8,716	11,376	14,517	16,906
Minority Interests	(105)	(105)	(105)	(105)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,611	11,272	14,412	16,802
Recurring Net Profit	7,893	11,272	14,412	16,802
Fully Diluted Recurring Net Profit	7,893	11,272	14,412	16,802

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	20,271	25,626	30,855	35,205
Cash Flow from Invt. & Assoc.
Change In Working Capital	(4,899)	(3,031)	(2,197)	(3,924)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,730	1,851	1,869	1,888
Other Operating Cashflow	4,880	12,850	21,850	30,850
Net Interest (Paid)/Received	(4,592)	(4,867)	(4,770)	(4,722)
Tax Paid	2,004	(4,647)	(5,929)	(6,905)
Cashflow From Operations	19,394	27,781	41,677	52,392
Capex	(16,983)	(19,500)	(15,500)	(13,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(2,114)	1,402	(350)	(200)
Cash Flow From Investing	(19,097)	(18,098)	(15,850)	(13,200)
Debt Raised/(repaid)	5,504		(2,000)	(1,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,159)	(2,337)	(3,272)	(3,272)
Preferred Dividends
Other Financing Cashflow	(3,607)	(12,455)	(20,955)	(30,455)
Cash Flow From Financing	738	(14,792)	(26,227)	(34,727)
Total Cash Generated	1,035	(5,109)	(400)	4,465
Free Cashflow To Equity	5,801	9,684	23,827	38,192
Free Cashflow To Firm	4,888	14,551	30,597	43,914

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	18,264	13,155	12,755	17,220
Total Debtors	7,866	8,343	9,620	11,007
Inventories	11,751	13,059	15,146	16,969
Total Other Current Assets	12,155	14,300	17,033	19,585
Total Current Assets	50,035	48,858	54,554	64,780
Fixed Assets	93,586	106,000	113,491	117,432
Total Investments	1,442	1,642	1,992	2,192
Intangible Assets	14,777	13,175	13,175	13,175
Total Other Non-Current Assets	6,976	7,476	7,976	8,476
Total Non-current Assets	116,780	128,292	136,634	141,275
Short-term Debt	12,952	12,952	12,952	12,952
Current Portion of Long-Term Debt
Total Creditors	11,583	11,072	12,548	13,513
Other Current Liabilities	14,545	15,955	18,378	19,250
Total Current Liabilities	39,079	39,979	43,878	45,715
Total Long-term Debt	46,003	46,003	44,003	43,003
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	21,181	21,681	22,681	23,181
Total Non-current Liabilities	67,184	67,684	66,684	66,184
Total Provisions
Total Liabilities	106,263	107,663	110,562	111,899
Shareholders Equity	60,890	69,824	80,964	94,493
Minority Interests	(338)	(338)	(338)	(338)
Total Equity	60,552	69,487	80,626	94,156

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	2.8%	11.5%	12.8%	12.0%
Operating EBITDA Growth	(1.6%)	26.4%	20.4%	14.1%
Operating EBITDA Margin	17.1%	19.4%	20.7%	21.0%
Net Cash Per Share (Rs)	(526.62)	(592.74)	(572.03)	(501.31)
BVPS (Rs)	788.03	903.66	1,047.83	1,222.92
Gross Interest Cover	3.10	3.91	4.89	5.64
Effective Tax Rate	29.8%	29.0%	29.0%	29.0%
Net Dividend Payout Ratio	15.3%	20.7%	22.7%	19.5%
Accounts Receivables Days	20.78	22.34	21.94	22.49
Inventory Days	36.21	34.20	34.45	35.01
Accounts Payables Days	37.76	38.72	36.36	35.98
ROIC (%)	11.8%	14.1%	16.0%	17.3%
ROCE (%)	12.7%	15.4%	17.6%	18.5%
Return On Average Assets	7.8%	9.4%	10.5%	10.9%

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

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

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Market Data

Source: Bloomberg