InCred Equities - Dalmia Bharat Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	146,910	151,348	168,709	187,019
Operating EBITDA (Rsm)	26,390	26,514	32,694	37,885
Net Profit (Rsm)	8,270	8,662	11,537	13,861
Core EPS (Rs)	43.9	45.6	60.7	73.0
Core EPS Growth	(31.9%)	3.9%	33.2%	20.1%
FD Core P/E (x)	39.79	38.28	28.74	23.92
DPS (Rs)	5.0	4.6	4.9	5.8
Dividend Yield	0.29%	0.26%	0.28%	0.33%
EV/EBITDA (x)	12.58	13.42	10.95	9.49
P/FCFE (x)	42.35	171.23	13.54	17.06
Net Gearing	1.1%	13.3%	13.8%	13.7%
P/BV (x)	2.02	1.93	1.82	1.70
ROE	5.2%	5.2%	6.5%	7.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	146,910	151,348	168,709	187,019
Gross Profit	146,910	151,348	168,709	187,019
Operating EBITDA	26,390	26,514	32,694	37,885
Depreciation And Amortisation	(14,980)	(13,033)	(14,336)	(15,769)
Operating EBIT	11,410	13,481	18,358	22,116
Financial Income/(Expense)	(3,860)	(4,246)	(5,095)	(5,605)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,150	2,835	2,693	2,586
Profit Before Tax (pre-EI)	10,700	12,070	15,956	19,096
Exceptional Items
Pre-tax Profit	10,700	12,070	15,956	19,096
Taxation	(2,160)	(3,138)	(4,149)	(4,965)
Exceptional Income - post-tax
Profit After Tax	8,540	8,932	11,807	14,131
Minority Interests	(270)	(270)	(270)	(270)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,270	8,662	11,537	13,861
Recurring Net Profit	8,270	8,662	11,537	13,861
Fully Diluted Recurring Net Profit	8,270	8,662	11,537	13,861

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	26,390	26,514	32,694	37,885
Cash Flow from Invt. & Assoc.
Change In Working Capital	(10,750)	(2,558)	266	(549)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	3,150	2,835	2,693	2,586
Other Operating Cashflow	13,580	13,580	13,580	13,580
Net Interest (Paid)/Received	(3,860)	(4,246)	(5,095)	(5,605)
Tax Paid	(2,160)	(3,138)	(4,149)	(4,965)
Cashflow From Operations	26,350	32,987	39,989	42,932
Capex	(27,230)	(32,500)	(30,500)	(30,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(270)	(8,050)	2,000
Cash Flow From Investing	(27,500)	(40,550)	(28,500)	(30,500)
Debt Raised/(repaid)	8,920	9,500	13,000	7,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(950)	(866)	(923)	(1,109)
Preferred Dividends
Other Financing Cashflow	(5,750)	(12,850)	(12,850)	(12,850)
Cash Flow From Financing	2,220	(4,216)	(773)	(6,959)
Total Cash Generated	1,070	(11,780)	10,716	5,473
Free Cashflow To Equity	7,770	1,937	24,489	19,432
Free Cashflow To Firm	2,710	(3,317)	16,585	18,037

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	44,540	32,760	43,477	48,950
Total Debtors	8,360	8,293	9,244	10,760
Inventories	12,180	13,683	15,253	16,909
Total Other Current Assets	13,480	13,773	16,027	17,954
Total Current Assets	78,560	68,510	84,002	94,572
Fixed Assets	152,050	171,017	186,682	200,912
Total Investments	5,900	5,900	5,900	5,900
Intangible Assets	29,220	37,270	35,270	35,270
Total Other Non-Current Assets	11,760	12,260	12,760	13,260
Total Non-current Assets	198,930	226,447	240,612	255,342
Short-term Debt	1,990	4,490	7,490	9,490
Current Portion of Long-Term Debt
Total Creditors	13,160	12,408	13,559	14,856
Other Current Liabilities	29,590	29,513	33,404	36,656
Total Current Liabilities	44,740	46,411	54,453	61,002
Total Long-term Debt	44,310	51,310	61,310	66,310
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	23,370	24,370	25,370	26,370
Total Non-current Liabilities	67,680	75,680	86,680	92,680
Total Provisions
Total Liabilities	112,420	122,091	141,133	153,682
Shareholders Equity	163,970	171,766	182,380	195,133
Minority Interests	1,100	1,100	1,100	1,100
Total Equity	165,070	172,866	183,480	196,233

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	8.4%	3.0%	11.5%	10.9%
Operating EBITDA Growth	13.4%	0.5%	23.3%	15.9%
Operating EBITDA Margin	18.0%	17.5%	19.4%	20.3%
Net Cash Per Share (Rs)	(9.26)	(121.26)	(133.28)	(141.32)
BVPS (Rs)	863.00	904.03	959.90	1,027.01
Gross Interest Cover	2.96	3.18	3.60	3.95
Effective Tax Rate	20.2%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio	11.5%	10.0%	8.0%	8.0%
Accounts Receivables Days	19.08	20.08	18.97	19.52
Inventory Days	31.48	31.19	31.30	31.38
Accounts Payables Days	37.11	37.38	34.84	34.77
ROIC (%)	6.2%	6.3%	8.0%	9.1%
ROCE (%)	5.6%	6.1%	7.6%	8.4%
Return On Average Assets	4.7%	4.6%	5.5%	5.9%

(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