InCred Equities - Century Plyboards

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	36,207	37,989	44,408	52,461
Operating EBITDA (Rsm)	5,367	4,958	6,284	7,948
Net Profit (Rsm)	3,669	3,124	3,780	4,975
Core EPS (Rs)	16.5	14.1	17.0	22.4
Core EPS Growth	12.8%	(14.8%)	21.0%	31.6%
FD Core P/E (x)	44.53	52.29	43.22	32.83
DPS (Rs)	1.0	1.0	1.0	1.0
Dividend Yield	0.14%	0.14%	0.14%	0.14%
EV/EBITDA (x)	30.44	33.44	26.61	20.17
P/FCFE (x)	337.66	107.89	1,167.82	58.34
Net Gearing	0.3%	11.0%	15.0%	(10.1%)
P/BV (x)	8.61	7.47	6.42	5.41
ROE	21.2%	15.3%	16.0%	17.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	36,207	37,989	44,408	52,461
Gross Profit	16,785	17,627	20,761	24,395
Operating EBITDA	5,367	4,958	6,284	7,948
Depreciation And Amortisation	(724)	(888)	(1,184)	(1,370)
Operating EBIT	4,643	4,070	5,100	6,578
Financial Income/(Expense)	35	(126)	(260)	(199)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	262	250	200	210
Profit Before Tax (pre-EI)	4,941	4,193	5,040	6,590
Exceptional Items
Pre-tax Profit	4,941	4,193	5,040	6,590
Taxation	(1,273)	(1,069)	(1,260)	(1,614)
Exceptional Income - post-tax
Profit After Tax	3,669	3,124	3,780	4,975
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,669	3,124	3,780	4,975
Recurring Net Profit	3,669	3,124	3,780	4,975
Fully Diluted Recurring Net Profit	3,669	3,124	3,780	4,975

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	5,367	4,958	6,284	7,948
Cash Flow from Invt. & Assoc.
Change In Working Capital	(295)	598	(898)	(1,114)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	600	124	(60)	11
Net Interest (Paid)/Received	(51)	126	260	199
Tax Paid	(1,214)	(1,069)	(1,260)	(1,614)
Cashflow From Operations	4,408	4,736	4,326	5,430
Capex	(2,652)	(6,750)	(5,258)	(1,765)
Disposals Of FAs/subsidiaries	140
Acq. Of Subsidiaries/investments	(2,206)	2,394
Other Investing Cashflow	210	134	72	136
Cash Flow From Investing	(4,507)	(4,222)	(5,186)	(1,629)
Debt Raised/(repaid)	583	1,000	1,000	(1,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(333)	(223)	(223)	(223)
Preferred Dividends
Other Financing Cashflow	(126)	(260)	(332)	(334)
Cash Flow From Financing	124	517	445	(1,557)
Total Cash Generated	25	1,031	(415)	2,243
Free Cashflow To Equity	484	1,514	140	2,800
Free Cashflow To Firm	(253)	254	(1,192)	3,466

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	2,596	1,234	819	3,062
Total Debtors	3,847	3,955	4,502	5,174
Inventories	5,033	5,724	6,692	7,905
Total Other Current Assets	993	1,145	1,338	1,581
Total Current Assets	12,469	12,058	13,351	17,723
Fixed Assets	10,002	14,437	14,761	20,156
Total Investments	2,087	2,087	2,087	2,087
Intangible Assets
Total Other Non-Current Assets	1,811	2,208	5,958	958
Total Non-current Assets	13,900	18,732	22,806	23,201
Short-term Debt	2,645	3,644	4,644
Current Portion of Long-Term Debt
Total Creditors	2,836	2,914	3,407	4,024
Other Current Liabilities	1,431	1,873	2,190	2,587
Total Current Liabilities	6,912	8,432	10,240	6,612
Total Long-term Debt	2	2	3
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	196	196	196	196
Total Non-current Liabilities	198	198	199	196
Total Provisions	279	279	279	279
Total Liabilities	7,389	8,909	10,718	7,086
Shareholders Equity	18,980	21,881	25,438	30,191
Minority Interests
Total Equity	18,980	21,881	25,438	30,191

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	20.7%	4.9%	16.9%	18.1%
Operating EBITDA Growth	0.4%	(7.6%)	26.8%	26.5%
Operating EBITDA Margin	14.8%	13.1%	14.1%	15.2%
Net Cash Per Share (Rs)	(0.23)	(10.86)	(17.23)	13.78
BVPS (Rs)	85.43	98.49	114.50	135.89
Gross Interest Cover	30.22	15.64	15.35	19.67
Effective Tax Rate	25.8%	25.5%	25.0%	24.5%
Net Dividend Payout Ratio	4.5%	5.3%	4.4%	3.4%
Accounts Receivables Days	36.97	37.48	34.75	33.66
Inventory Days	93.29	96.41	95.82	94.91
Accounts Payables Days	50.57	51.54	48.78	48.32
ROIC (%)	33.1%	23.4%	22.5%	23.8%
ROCE (%)	24.4%	17.6%	18.4%	22.1%
Return On Average Assets	20.2%	15.1%	15.8%	17.6%

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Market Data

Source: Bloomberg