InCred Equities - Finolex Industries

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	43,971	42,868	46,704	49,250
Operating EBITDA (Rsm)	2,925	5,851	8,173	8,988
Net Profit (Rsm)	2,507	4,822	9,774	7,384
Core EPS (Rs)	4.0	7.8	9.3	11.9
Core EPS Growth	(62.9%)	92.4%	19.7%	27.9%
FD Core P/E (x)	64.99	33.79	16.67	22.07
DPS (Rs)	1.5	3.0	4.0	4.4
Dividend Yield	0.57%	1.14%	1.52%	1.68%
EV/EBITDA (x)	51.25	25.33	17.39	15.41
P/FCFE (x)	62.27	47.38	20.99	24.78
Net Gearing	(26.5%)	(28.3%)	(35.1%)	(38.3%)
P/BV (x)	3.32	3.13	2.75	2.55
ROE	5.7%	9.5%	10.4%	12.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	43,971	42,868	46,704	49,250
Gross Profit	13,250	15,968	19,499	21,178
Operating EBITDA	2,925	5,851	8,173	8,988
Depreciation And Amortisation	(892)	(1,190)	(1,275)	(1,361)
Operating EBIT	2,033	4,662	6,898	7,627
Financial Income/(Expense)	147	984	1,078	1,367
Pretax Income/(Loss) from Assoc.	243	421	463	509
Non-Operating Income/(Expense)	790	450	350	368
Profit Before Tax (pre-EI)	3,213	6,517	8,789	9,871
Exceptional Items
Pre-tax Profit	3,213	6,517	8,789	9,871
Taxation	(706)	(1,694)	(3,015)	(2,488)
Exceptional Income - post-tax			4,000
Profit After Tax	2,507	4,822	9,774	7,384
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,507	4,822	9,774	7,384
Recurring Net Profit	2,507	4,822	5,774	7,384
Fully Diluted Recurring Net Profit	2,507	4,822	5,774	7,384

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	2,925	5,851	8,173	8,988
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,088)	(834)	(611)	(395)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	3,005	1,855	1,891	2,244
Net Interest (Paid)/Received	(147)	(984)	(1,078)	(1,367)
Tax Paid	(679)	(1,694)	(3,015)	(2,488)
Cashflow From Operations	3,017	4,194	5,360	6,982
Capex	(1,687)	(1,600)	(1,897)	(1,958)
Disposals Of FAs/subsidiaries	11		4,000
Acq. Of Subsidiaries/investments	(1,620)	2,000
Other Investing Cashflow	419	1,345	1,301	1,552
Cash Flow From Investing	(2,877)	1,745	3,404	(406)
Debt Raised/(repaid)	2,477	(2,500)	(1,000)
Proceeds From Issue Of Shares		4
Shares Repurchased
Dividends Paid	(2,482)	(1,861)	(2,482)	(2,730)
Preferred Dividends
Other Financing Cashflow	(252)	(361)	(223)	(185)
Cash Flow From Financing	(257)	(4,718)	(3,705)	(2,915)
Total Cash Generated	(117)	1,221	5,060	3,661
Free Cashflow To Equity	2,617	3,439	7,764	6,576
Free Cashflow To Firm	(133)	5,578	8,541	6,391

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	18,277	17,498	22,557	26,218
Total Debtors	2,975	3,054	3,455	3,711
Inventories	6,732	8,221	8,957	9,445
Total Other Current Assets	936	940	1,024	1,079
Total Current Assets	28,920	29,712	35,992	40,454
Fixed Assets	10,384	11,132	11,753	12,350
Total Investments	22,216	22,216	22,216	22,216
Intangible Assets
Total Other Non-Current Assets	1,328	989	989	989
Total Non-current Assets	33,927	34,337	34,959	35,555
Short-term Debt	5,260	2,760	1,760	1,760
Current Portion of Long-Term Debt
Total Creditors	2,893	3,523	3,839	4,048
Other Current Liabilities	3,182	3,288	3,583	3,778
Total Current Liabilities	11,335	9,572	9,182	9,586
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	988	988	988	988
Total Non-current Liabilities	988	988	988	988
Total Provisions	1,493	1,493	1,493	1,493
Total Liabilities	13,816	12,053	11,663	12,067
Shareholders Equity	49,031	51,996	59,288	63,942
Minority Interests
Total Equity	49,031	51,996	59,288	63,942

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	(5.4%)	(2.5%)	8.9%	5.5%
Operating EBITDA Growth	(71.4%)	100.0%	39.7%	10.0%
Operating EBITDA Margin	6.7%	13.7%	17.5%	18.3%
Net Cash Per Share (Rs)	20.98	23.75	33.52	39.42
BVPS (Rs)	79.02	83.80	95.55	103.05
Gross Interest Cover	7.47	12.92	30.96	41.25
Effective Tax Rate	22.0%	26.0%	34.3%	25.2%
Net Dividend Payout Ratio	29.0%	28.6%	28.2%	27.7%
Accounts Receivables Days	26.23	25.67	25.43	26.55
Inventory Days	100.31	101.45	115.24	119.63
Accounts Payables Days	44.70	43.53	49.39	51.27
ROIC (%)	12.8%	28.6%	39.4%	40.7%
ROCE (%)	4.9%	10.7%	13.8%	14.2%
Return On Average Assets	5.3%	8.7%	11.4%	11.6%

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

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

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Market Data

Source: Bloomberg