InCred Equities - Ethos Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	9,990	12,498	16,311	20,368
Operating EBITDA (Rsm)	1,517	2,037	2,789	3,605
Net Profit (Rsm)	833	938	1,258	1,668
Core EPS (Rs)	34.0	38.3	51.4	68.1
Core EPS Growth	31.7%	12.6%	34.1%	32.6%
FD Core P/E (x)	86.70	76.99	57.41	43.29
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	45.36	33.80	24.48	18.62
P/FCFE (x)	(71.49)	161.90	67.02	57.22
Net Gearing	(38.5%)	(34.3%)	(35.7%)	(40.0%)
P/BV (x)	8.17	7.39	6.54	5.68
ROE	11.0%	10.1%	12.1%	14.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	9,990	12,498	16,311	20,368
Gross Profit	3,006	3,924	5,138	6,518
Operating EBITDA	1,517	2,037	2,789	3,605
Depreciation And Amortisation	(487)	(663)	(736)	(855)
Operating EBIT	1,030	1,374	2,053	2,750
Financial Income/(Expense)	(41)	22	(161)	(223)
Pretax Income/(Loss) from Assoc.	7	7	7	7
Non-Operating Income/(Expense)	117	50	50	50
Profit Before Tax (pre-EI)	1,113	1,453	1,948	2,583
Exceptional Items
Pre-tax Profit	1,113	1,453	1,948	2,583
Taxation	(280)	(515)	(690)	(915)
Exceptional Income - post-tax
Profit After Tax	833	938	1,258	1,668
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	833	938	1,258	1,668
Recurring Net Profit	833	938	1,258	1,668
Fully Diluted Recurring Net Profit	833	938	1,258	1,668

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,517	2,037	2,789	3,605
Cash Flow from Invt. & Assoc.
Change In Working Capital	(936)	(954)	(1,035)	(1,426)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	28	79	(105)	(167)
Net Interest (Paid)/Received	(23)	(22)	161	223
Tax Paid	(279)	(515)	(690)	(915)
Cashflow From Operations	308	625	1,120	1,320
Capex	(394)	(350)	(189)	(148)
Disposals Of FAs/subsidiaries	79
Acq. Of Subsidiaries/investments	(1,031)
Other Investing Cashflow	119	171	146	90
Cash Flow From Investing	(1,228)	(179)	(43)	(58)
Debt Raised/(repaid)	(67)
Proceeds From Issue Of Shares	1,750
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(24)	(9)	(10)	(11)
Cash Flow From Financing	1,659	(9)	(10)	(11)
Total Cash Generated	739	437	1,068	1,251
Free Cashflow To Equity	(987)	446	1,078	1,262
Free Cashflow To Firm	(1,080)	297	770	949

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	3,468	3,356	3,944	5,076
Total Debtors	156	195	254	317
Inventories	4,396	5,412	6,641	8,290
Total Other Current Assets	649	812	1,060	1,324
Total Current Assets	8,669	9,774	11,900	15,008
Fixed Assets	927	1,024	895	657
Total Investments	240	240	240	240
Intangible Assets
Total Other Non-Current Assets	1,753	2,315	2,417	2,364
Total Non-current Assets	2,921	3,579	3,552	3,261
Short-term Debt	46
Current Portion of Long-Term Debt
Total Creditors	983	1,230	1,605	2,005
Other Current Liabilities	425	532	694	867
Total Current Liabilities	1,454	1,762	2,300	2,872
Total Long-term Debt	19
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,411	2,024	2,157	2,133
Total Non-current Liabilities	1,430	2,024	2,157	2,133
Total Provisions
Total Liabilities	2,884	3,786	4,457	5,005
Shareholders Equity	8,840	9,778	11,036	12,704
Minority Interests
Total Equity	8,840	9,778	11,036	12,704

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	26.7%	25.1%	30.5%	24.9%
Operating EBITDA Growth	32.6%	34.3%	36.9%	29.3%
Operating EBITDA Margin	15.2%	16.3%	17.1%	17.7%
Net Cash Per Share (Rs)	139.02	137.07	161.12	207.37
BVPS (Rs)	361.09	399.41	450.79	518.93
Gross Interest Cover	6.43	9.23	6.68	8.77
Effective Tax Rate	25.2%	35.4%	35.4%	35.4%
Net Dividend Payout Ratio
Accounts Receivables Days	3.97	5.12	5.02	5.12
Inventory Days	203.71	208.78	196.88	196.75
Accounts Payables Days	50.94	47.12	46.32	47.57
ROIC (%)	19.7%	21.2%	25.7%	30.7%
ROCE (%)	15.0%	16.5%	21.1%	23.9%
Return On Average Assets	11.3%	11.5%	14.6%	16.6%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg