InCred Equities - Dalmia Bharat Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	146,910	139,800	152,460	168,874
Operating EBITDA (Rsm)	26,390	24,070	30,727	36,934
Net Profit (Rsm)	8,270	6,830	10,232	13,388
Core EPS (Rs)	43.9	41.0	53.9	70.5
Core EPS Growth	(31.9%)	(6.4%)	31.2%	30.8%
FD Core P/E (x)	48.25	58.87	39.30	30.03
DPS (Rs)	5.0	5.0	4.3	5.6
Dividend Yield	0.24%	0.24%	0.20%	0.27%
EV/EBITDA (x)	15.23	17.03	14.07	11.92
P/FCFE (x)	51.35	81.23	(135.50)	58.82
Net Gearing	1.1%	3.7%	15.7%	18.7%
P/BV (x)	2.45	2.31	2.20	2.06
ROE	5.2%	4.6%	5.7%	7.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	146,910	139,800	152,460	168,874
Gross Profit	146,910	139,800	152,460	168,874
Operating EBITDA	26,390	24,070	30,727	36,934
Depreciation And Amortisation	(14,980)	(13,310)	(14,375)	(15,525)
Operating EBIT	11,410	10,760	16,352	21,409
Financial Income/(Expense)	(3,860)	(3,990)	(4,788)	(5,506)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,150	2,530	2,479	2,405
Profit Before Tax (pre-EI)	10,700	9,300	14,043	18,308
Exceptional Items		(1,130)
Pre-tax Profit	10,700	8,170	14,043	18,308
Taxation	(2,160)	(1,180)	(3,651)	(4,760)
Exceptional Income - post-tax
Profit After Tax	8,540	6,990	10,392	13,548
Minority Interests	(270)	(160)	(160)	(160)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,270	6,830	10,232	13,388
Recurring Net Profit	8,270	7,797	10,232	13,388
Fully Diluted Recurring Net Profit	8,270	7,797	10,232	13,388

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	26,390	24,070	30,727	36,934
Cash Flow from Invt. & Assoc.
Change In Working Capital	(10,750)	300	(2,834)	(1,176)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	3,150	2,530	2,479	2,405
Other Operating Cashflow	13,580	(560)	(560)	(560)
Net Interest (Paid)/Received	(3,860)	(3,990)	(4,788)	(5,506)
Tax Paid	(2,160)	(1,180)	(3,651)	(4,760)
Cashflow From Operations	26,350	21,170	21,373	27,336
Capex	(27,230)	(26,260)	(35,500)	(35,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(270)	3,560	(8,840)	0
Cash Flow From Investing	(27,500)	(22,700)	(44,340)	(35,500)
Debt Raised/(repaid)	8,920	6,480	20,000	15,000
Proceeds From Issue Of Shares				0
Shares Repurchased
Dividends Paid	(950)	(950)	(819)	(1,071)
Preferred Dividends
Other Financing Cashflow	(5,750)	(5,920)	1,400	1,400
Cash Flow From Financing	2,220	(390)	20,581	15,329
Total Cash Generated	1,070	(1,920)	(2,386)	7,165
Free Cashflow To Equity	7,770	4,950	(2,967)	6,836
Free Cashflow To Firm	2,710	2,460	(18,179)	(2,658)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	44,540	46,020	43,634	50,799
Total Debtors	8,360	8,890	9,607	10,641
Inventories	12,180	13,860	14,202	15,731
Total Other Current Assets	13,480	14,520	15,856	17,056
Total Current Assets	78,560	83,290	83,299	94,227
Fixed Assets	152,050	169,320	189,945	209,420
Total Investments	5,900	6,750	6,750	6,750
Intangible Assets	29,220	29,900	38,740	38,740
Total Other Non-Current Assets	11,760	13,000	13,500	14,000
Total Non-current Assets	198,930	218,970	248,935	268,910
Short-term Debt	1,990	6,530	11,530	16,530
Current Portion of Long-Term Debt
Total Creditors	13,160	15,390	14,768	15,762
Other Current Liabilities	29,590	30,310	30,492	32,086
Total Current Liabilities	44,740	52,230	56,791	64,378
Total Long-term Debt	44,310	46,050	61,050	71,050
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	23,370	28,980	29,980	30,980
Total Non-current Liabilities	67,680	75,030	91,030	102,030
Total Provisions
Total Liabilities	112,420	127,260	147,821	166,408
Shareholders Equity	163,970	173,740	183,154	195,470
Minority Interests	1,100	1,260	1,260	1,260
Total Equity	165,070	175,000	184,414	196,730

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	8.4%	(4.8%)	9.1%	10.8%
Operating EBITDA Growth	13.4%	(8.8%)	27.7%	20.2%
Operating EBITDA Margin	18.0%	17.2%	20.2%	21.9%
Net Cash Per Share (Rs)	(9.26)	(34.53)	(152.35)	(193.58)
BVPS (Rs)	863.00	914.42	963.97	1,028.79
Gross Interest Cover	2.96	2.70	3.42	3.89
Effective Tax Rate	20.2%	14.4%	26.0%	26.0%
Net Dividend Payout Ratio	11.5%	11.9%	8.0%	8.0%
Accounts Receivables Days	19.08	22.52	22.14	21.88
Inventory Days	31.48	33.99	33.59	32.35
Accounts Payables Days	37.11	45.02	45.21	42.23
ROIC (%)	6.2%	5.3%	6.9%	8.3%
ROCE (%)	5.6%	4.9%	6.7%	7.9%
Return On Average Assets	4.7%	4.2%	4.8%	5.5%

(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