InCred Equities - Astral Ltd.

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	56,414	58,324	64,245	71,242
Operating EBITDA (Rsm)	9,183	9,459	10,295	11,733
Net Profit (Rsm)	5,461	5,238	5,486	6,284
Core EPS (Rs)	20.3	19.5	20.4	23.4
Core EPS Growth	19.3%	(4.1%)	4.7%	14.5%
FD Core P/E (x)	75.18	78.38	74.83	65.34
DPS (Rs)	3.8	6.0	3.8	3.8
Dividend Yield
EV/EBITDA (x)	44.24	42.99	39.21	34.14
P/FCFE (x)	(855.36)	462.36	100.81	100.62
Net Gearing	(15.7%)	(12.6%)	(18.6%)	(23.1%)
P/BV (x)	12.88	11.35	10.11	8.96
ROE	18.5%	15.4%	14.3%	14.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	56,414	58,324	64,245	71,242
Gross Profit	21,824	23,132	25,356	28,435
Operating EBITDA	9,183	9,459	10,295	11,733
Depreciation And Amortisation	(1,976)	(2,434)	(2,862)	(3,252)
Operating EBIT	7,207	7,025	7,433	8,481
Financial Income/(Expense)	(249)	(371)	(524)	(522)
Pretax Income/(Loss) from Assoc.	(1)
Non-Operating Income/(Expense)	379	371	390	409
Profit Before Tax (pre-EI)	7,336	7,025	7,299	8,369
Exceptional Items
Pre-tax Profit	7,336	7,025	7,299	8,369
Taxation	(1,880)	(1,836)	(1,861)	(2,134)
Exceptional Income - post-tax
Profit After Tax	5,456	5,189	5,437	6,235
Minority Interests	5	49	49	49
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,461	5,238	5,486	6,284
Recurring Net Profit	5,461	5,238	5,486	6,284
Fully Diluted Recurring Net Profit	5,461	5,238	5,486	6,284

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	9,183	9,459	10,295	11,733
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,143)	(1,533)	774	(406)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(291)	(413)	(568)	(568)
Tax Paid	(1,880)	(1,836)	(1,861)	(2,134)
Cashflow From Operations	5,869	5,677	8,639	8,625
Capex	(5,581)	(6,210)	(5,000)	(5,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	420	413	434	455
Cash Flow From Investing	(5,161)	(5,797)	(4,566)	(4,545)
Debt Raised/(repaid)	(1,188)	1,008
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,009)	(1,614)	(1,009)	(1,010)
Preferred Dividends
Other Financing Cashflow	194	713
Cash Flow From Financing	(2,003)	107	(1,009)	(1,010)
Total Cash Generated	(1,295)	(13)	3,064	3,071
Free Cashflow To Equity	(480)	888	4,073	4,080
Free Cashflow To Firm	999	293	4,641	4,648

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	6,096	6,083	9,147	12,219
Total Debtors	3,758	4,353	4,369	4,844
Inventories	9,134	10,111	10,279	11,399
Total Other Current Assets	869	941	1,298	1,438
Total Current Assets	19,857	21,488	25,093	29,900
Fixed Assets	19,161	22,579	24,717	26,466
Total Investments	602	796	796	796
Intangible Assets	3,133	3,146	3,146	3,146
Total Other Non-Current Assets	2,206	2,551	2,551	2,551
Total Non-current Assets	25,102	29,072	31,210	32,959
Short-term Debt	529	541	541	541
Current Portion of Long-Term Debt
Total Creditors	8,719	8,589	9,958	11,043
Other Current Liabilities	1,868	2,303	2,249	2,493
Total Current Liabilities	11,116	11,433	12,747	14,077
Total Long-term Debt	435	898	898	898
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	230	665	665	665
Total Non-current Liabilities	665	1,563	1,563	1,563
Total Provisions	492	637	637	637
Total Liabilities	12,273	13,633	14,947	16,277
Shareholders Equity	31,881	36,170	40,599	45,825
Minority Interests	804	757	757	757
Total Equity	32,685	36,927	41,356	46,582

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	9.4%	3.4%	10.2%	10.9%
Operating EBITDA Growth	13.4%	3.0%	8.8%	14.0%
Operating EBITDA Margin	16.3%	16.2%	16.0%	16.5%
Net Cash Per Share (Rs)	19.08	17.26	28.65	40.07
BVPS (Rs)	118.52	134.46	150.92	170.35
Gross Interest Cover	24.77	17.01	13.08	14.93
Effective Tax Rate	25.6%	26.1%	25.5%	25.5%
Net Dividend Payout Ratio
Accounts Receivables Days	23.63	25.38	24.78	23.60
Inventory Days	94.34	99.80	95.69	92.42
Accounts Payables Days	88.21	89.76	87.04	89.53
ROIC (%)	31.3%	25.4%	22.7%	24.8%
ROCE (%)	22.4%	19.4%	18.2%	18.6%
Return On Average Assets	13.1%	11.6%	11.2%	11.3%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg