InCred Equities - Jubilant Ingrevia Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	41,776	46,596	51,400	56,800
Operating EBITDA (Rsm)	5,191	5,377	6,639	8,543
Net Profit (Rsm)	2,512	2,451	2,917	3,831
Core EPS (Rs)	15.8	15.4	18.3	24.0
Core EPS Growth	37.3%	(2.4%)	19.0%	31.4%
FD Core P/E (x)	44.92	46.03	38.69	29.45
DPS (Rs)	1.2	1.3	1.3	1.3
Dividend Yield	0.20%	0.22%	0.22%	0.22%
EV/EBITDA (x)	22.98	22.91	19.07	15.13
P/FCFE (x)	12.57	8.99	8.44	7.77
Net Gearing	22.5%	33.3%	40.8%	43.9%
P/BV (x)	3.86	3.59	3.31	2.99
ROE	8.9%	8.1%	8.9%	10.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	41,776	46,596	51,400	56,800
Gross Profit	20,703	22,366	24,672	27,264
Operating EBITDA	5,191	5,377	6,639	8,543
Depreciation And Amortisation	(1,576)	(1,805)	(2,136)	(2,466)
Operating EBIT	3,615	3,572	4,504	6,076
Financial Income/(Expense)	(556)	(705)	(1,055)	(1,405)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	378	410	450	450
Profit Before Tax (pre-EI)	3,436	3,277	3,899	5,122
Exceptional Items
Pre-tax Profit	3,436	3,277	3,899	5,122
Taxation	(924)	(826)	(983)	(1,291)
Exceptional Income - post-tax
Profit After Tax	2,512	2,451	2,917	3,831
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,512	2,451	2,917	3,831
Recurring Net Profit	2,512	2,451	2,917	3,831
Fully Diluted Recurring Net Profit	2,512	2,451	2,917	3,831

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	5,191	5,377	6,639	8,543
Cash Flow from Invt. & Assoc.
Change In Working Capital	228	(860)	(857)	(963)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	108	(1,805)	(2,136)	(2,466)
Other Operating Cashflow	906	1,115	1,505	1,855
Net Interest (Paid)/Received	(556)	(705)	(1,055)	(1,405)
Tax Paid	(796)	(826)	(983)	(1,291)
Cashflow From Operations	5,081	2,296	3,114	4,272
Capex	3,658	5,252	5,252	5,252
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	3,658	5,252	5,252	5,252
Debt Raised/(repaid)	235	5,000	5,000	5,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	235	5,000	5,000	5,000
Total Cash Generated	8,974	12,548	13,366	14,524
Free Cashflow To Equity	8,974	12,548	13,366	14,524
Free Cashflow To Firm	9,295	8,252	9,420	10,929

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	987	2,079	3,638	6,005
Total Debtors	6,071	6,781	7,488	8,283
Inventories	9,434	10,537	11,636	12,871
Total Other Current Assets	2,040	2,040	2,040	2,040
Total Current Assets	18,532	21,436	24,802	29,199
Fixed Assets	30,410	35,662	40,914	46,166
Total Investments	141	141	141	141
Intangible Assets	419	419	419	419
Total Other Non-Current Assets	815	815	815	815
Total Non-current Assets	31,785	37,037	42,289	47,541
Short-term Debt	3,933	3,933	3,933	3,933
Current Portion of Long-Term Debt
Total Creditors	8,149	9,102	10,051	11,118
Other Current Liabilities	1,928	1,928	1,928	1,928
Total Current Liabilities	14,010	14,963	15,912	16,979
Total Long-term Debt	3,632	8,632	13,632	18,632
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	488	488	488	488
Total Non-current Liabilities	4,120	9,120	14,120	19,120
Total Provisions	2,917	2,917	2,917	2,917
Total Liabilities	21,047	26,999	32,949	39,016
Shareholders Equity	29,271	31,474	34,142	37,724
Minority Interests
Total Equity	29,271	31,474	34,142	37,724

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	1.0%	11.5%	10.3%	10.5%
Operating EBITDA Growth	23.3%	3.6%	23.5%	28.7%
Operating EBITDA Margin	12.4%	11.5%	12.9%	15.0%
Net Cash Per Share (Rs)	(41.29)	(65.83)	(87.43)	(103.95)
BVPS (Rs)	183.75	197.57	214.32	236.81
Gross Interest Cover	6.50	5.07	4.27	4.33
Effective Tax Rate	26.9%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	9.1%	10.1%	8.5%	6.5%
Accounts Receivables Days	51.51	50.34	50.66	50.67
Inventory Days	163.23	150.42	151.40	151.43
Accounts Payables Days	136.97	129.94	130.78	130.81
ROIC (%)	7.2%	6.8%	7.4%	8.9%
ROCE (%)	9.5%	8.4%	9.0%	10.4%
Return On Average Assets	6.0%	5.5%	5.9%	6.8%

(91) 22 4161 1562 satish.kumar@incredresearch.com

More Reports

Market Data

Source: Bloomberg