InCred Equities - BCL Industries Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	21,292	24,191	23,663	34,470
Operating EBITDA (Rsm)	1,914	2,490	3,519	5,170
Net Profit (Rsm)	903	1,279	2,085	3,183
Core EPS (Rs)	3.4	4.3	7.0	10.7
Core EPS Growth	22.6%	27.8%	63.0%	52.7%
FD Core P/E (x)	15.92	12.41	7.61	4.99
DPS (Rs)	0.1	0.1	0.1	0.2
Dividend Yield	0.14%	0.16%	0.26%	0.40%
EV/EBITDA (x)	10.05	8.36	5.75	4.08
P/FCFE (x)	(4.23)	36.69	13.74	7.50
Net Gearing	80.0%	64.5%	41.1%	35.5%
P/BV (x)	2.77	2.27	1.76	1.31
ROE	21.2%	20.1%	26.1%	30.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	21,292	24,191	23,663	34,470
Gross Profit	5,390	6,363	8,243	11,789
Operating EBITDA	1,914	2,490	3,519	5,170
Depreciation And Amortisation	(360)	(397)	(351)	(373)
Operating EBIT	1,554	2,093	3,168	4,798
Financial Income/(Expense)	(252)	(198)	(86)	(146)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	1,302	1,895	3,082	4,652
Exceptional Items	(5)
Pre-tax Profit	1,297	1,895	3,082	4,652
Taxation	(338)	(493)	(817)	(1,233)
Exceptional Income - post-tax
Profit After Tax	959	1,401	2,266	3,419
Minority Interests	(56)	(122)	(180)	(236)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	903	1,279	2,085	3,183
Recurring Net Profit	907	1,279	2,085	3,183
Fully Diluted Recurring Net Profit	907	1,279	2,085	3,183

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,914	2,490	3,519	5,170
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,857)	536	72	(537)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(252)	(198)	(86)	(146)
Tax Paid	(360)	(397)	(351)	(373)
Cashflow From Operations	(555)	2,431	3,155	4,115
Capex	(2,500)	(1,998)	(2,000)	(2,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(2,500)	(1,998)	(2,000)	(2,000)
Debt Raised/(repaid)	(346)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(659)	1,643	(1,070)	164
Preferred Dividends
Other Financing Cashflow	1	2,064	180	236
Cash Flow From Financing	(1,004)	3,707	(889)	400
Total Cash Generated	(4,059)	4,140	265	2,516
Free Cashflow To Equity	(3,401)	433	1,155	2,115
Free Cashflow To Firm	(2,724)	721	1,381	2,341

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	53	82	865	206
Total Debtors	1,230	1,326	1,296	1,888
Inventories	3,850	3,314	3,242	3,778
Total Other Current Assets	200	121	71	103
Total Current Assets	5,333	4,843	5,473	5,975
Fixed Assets	6,352	7,952	9,602	11,229
Total Investments	97			2,500
Intangible Assets
Total Other Non-Current Assets	160	194	118	172
Total Non-current Assets	6,609	8,146	9,720	13,902
Short-term Debt	2,263	1,263	1,263	1,263
Current Portion of Long-Term Debt
Total Creditors	1,120	784	767	2,060
Other Current Liabilities	64	73	71	103
Total Current Liabilities	3,447	2,119	2,101	3,427
Total Long-term Debt	2,496	3,496	3,496	3,496
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	2,496	3,496	3,496	3,496
Total Provisions	120	118	118	120
Total Liabilities	6,063	5,734	5,715	7,043
Shareholders Equity	5,724	6,978	9,021	12,141
Minority Interests	155	277	457	693
Total Equity	5,879	7,255	9,479	12,834

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	17.1%	13.6%	(2.2%)	45.7%
Operating EBITDA Growth	54.9%	30.1%	41.3%	46.9%
Operating EBITDA Margin	9.0%	10.3%	14.9%	15.0%
Net Cash Per Share (Rs)	(15.83)	(15.73)	(13.10)	(15.31)
BVPS (Rs)	19.25	23.47	30.34	40.83
Gross Interest Cover	4.70	7.25	14.02	21.22
Effective Tax Rate	26.0%	26.0%	26.5%	26.5%
Net Dividend Payout Ratio	1.8%	1.4%	1.4%	1.4%
Accounts Receivables Days	19.08	19.28	20.22	16.86
Inventory Days	67.06	73.33	77.59	56.48
Accounts Payables Days	22.33	16.51	15.52	20.41
ROIC (%)	23.5%	19.7%	26.3%	35.6%
ROCE (%)	16.4%	18.3%	23.9%	29.9%
Return On Average Assets	14.5%	16.8%	22.5%	27.4%

(91) 22 4161 1550 nitin.awasthi@incredresearch.com

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Market Data

Source: Bloomberg