InCred Equities - JK Lakshmi Cement

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	67,885	61,926	68,218	75,696
Operating EBITDA (Rsm)	10,522	8,646	11,345	13,916
Net Profit (Rsm)	4,718	2,993	4,625	6,058
Core EPS (Rs)	39.6	25.5	39.3	51.5
Core EPS Growth	30.0%	(35.7%)	54.3%	31.0%
FD Core P/E (x)	20.34	32.07	20.75	15.84
DPS (Rs)	6.5	6.5	3.9	5.1
Dividend Yield	0.80%	0.80%	0.48%	0.63%
EV/EBITDA (x)	10.60	13.32	10.60	9.08
P/FCFE (x)	37.74	48.23	30.55	54.93
Net Gearing	41.3%	47.4%	55.0%	61.8%
P/BV (x)	3.01	2.76	2.47	2.17
ROE	15.6%	9.0%	12.6%	14.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	67,885	61,926	68,218	75,696
Gross Profit	67,885	61,926	68,218	75,696
Operating EBITDA	10,522	8,646	11,345	13,916
Depreciation And Amortisation	(2,460)	(2,994)	(3,443)	(3,788)
Operating EBIT	8,062	5,652	7,901	10,128
Financial Income/(Expense)	(1,504)	(1,812)	(2,102)	(2,417)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	681	464	488	512
Profit Before Tax (pre-EI)	7,239	4,304	6,287	8,223
Exceptional Items	86	(6)
Pre-tax Profit	7,325	4,298	6,287	8,223
Taxation	(2,446)	(1,278)	(1,635)	(2,138)
Exceptional Income - post-tax
Profit After Tax	4,879	3,020	4,653	6,085
Minority Interests	(161)	(27)	(27)	(27)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,718	2,993	4,625	6,058
Recurring Net Profit	4,661	2,997	4,625	6,058
Fully Diluted Recurring Net Profit	4,661	2,997	4,625	6,058

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	10,522	8,646	11,345	13,916
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,261)	(439)	(424)	629
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	681	464	488	512
Other Operating Cashflow	3,001	2,246	2,246	2,246
Net Interest (Paid)/Received	(1,504)	(1,812)	(2,102)	(2,417)
Tax Paid	(2,446)	(1,278)	(1,635)	(2,138)
Cashflow From Operations	8,992	7,827	9,918	12,747
Capex	(10,060)	(6,524)	(13,500)	(16,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,261	(4,988)	725
Cash Flow From Investing	(8,800)	(11,512)	(12,776)	(16,500)
Debt Raised/(repaid)	2,351	5,675	6,000	5,500
Proceeds From Issue Of Shares			0
Shares Repurchased
Dividends Paid	(765)	(765)	(463)	(606)
Preferred Dividends
Other Financing Cashflow	(1,942)	(1,732)	(1,773)	(1,773)
Cash Flow From Financing	(356)	3,178	3,765	3,121
Total Cash Generated	(164)	(507)	907	(632)
Free Cashflow To Equity	2,543	1,990	3,142	1,747
Free Cashflow To Firm	1,696	(1,873)	(756)	(1,336)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	6,397	7,959	8,865	8,234
Total Debtors	443	1,068	1,121	1,141
Inventories	9,912	8,648	9,719	10,369
Total Other Current Assets	1,660	1,545	1,705	1,847
Total Current Assets	18,412	19,220	21,411	21,591
Fixed Assets	50,757	55,542	65,099	77,311
Total Investments	345	343	343	343
Intangible Assets	4,557	3,501	2,777	2,777
Total Other Non-Current Assets	2,430	6,185	6,685	7,185
Total Non-current Assets	58,088	65,571	74,903	87,616
Short-term Debt	4,610	4,761	6,261	7,761
Current Portion of Long-Term Debt
Total Creditors	5,560	4,548	5,186	5,635
Other Current Liabilities	10,201	10,898	11,120	12,111
Total Current Liabilities	20,370	20,207	22,567	25,507
Total Long-term Debt	15,639	20,511	25,011	29,011
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	6,921	7,521	8,021	8,521
Total Non-current Liabilities	22,560	28,032	33,032	37,532
Total Provisions
Total Liabilities	42,930	48,238	55,598	63,039
Shareholders Equity	31,867	34,712	38,875	44,327
Minority Interests	1,704	1,841	1,841	1,841
Total Equity	33,570	36,553	40,716	46,168

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	5.2%	(8.8%)	10.2%	11.0%
Operating EBITDA Growth	25.4%	(17.8%)	31.2%	22.7%
Operating EBITDA Margin	15.5%	14.0%	16.6%	18.4%
Net Cash Per Share (Rs)	(117.69)	(147.09)	(190.37)	(242.46)
BVPS (Rs)	270.74	294.92	330.29	376.61
Gross Interest Cover	5.36	3.12	3.76	4.19
Effective Tax Rate	33.4%	29.7%	26.0%	26.0%
Net Dividend Payout Ratio	16.5%	25.5%	10.0%	10.0%
Accounts Receivables Days	2.95	4.45	5.86	5.45
Inventory Days	49.27	54.70	49.14	48.43
Accounts Payables Days	36.33	34.62	31.24	31.97
ROIC (%)	14.9%	9.3%	11.2%	12.2%
ROCE (%)	16.0%	9.8%	11.8%	13.1%
Return On Average Assets	8.9%	6.0%	7.5%	8.3%

(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