InCred Equities - Globus Spirits Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	25,371	31,882	38,039	42,773
Operating EBITDA (Rsm)	1,464	4,006	5,449	6,174
Net Profit (Rsm)	219	1,997	3,142	3,691
Core EPS (Rs)	7.6	69.2	108.8	127.8
Core EPS Growth	(77.3%)	809.7%	57.3%	17.5%
FD Core P/E (x)	135.84	14.93	9.49	8.08
DPS (Rs)
Dividend Yield	0.07%	0.27%	0.42%	0.50%
EV/EBITDA (x)	25.07	7.83	5.26	4.03
P/FCFE (x)	109.57	155.21	19.16	7.77
Net Gearing	69.3%	12.9%	(8.0%)	(26.9%)
P/BV (x)	2.99	2.51	2.00	1.62
ROE	2.2%	18.3%	23.5%	22.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	25,371	31,882	38,039	42,773
Gross Profit	7,479	11,916	15,111	17,039
Operating EBITDA	1,464	4,006	5,449	6,174
Depreciation And Amortisation	(816)	(817)	(876)	(921)
Operating EBIT	648	3,189	4,573	5,253
Financial Income/(Expense)	(315)	(408)	(111)	(48)
Pretax Income/(Loss) from Assoc.		(70)	(160)	(160)
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	332	2,711	4,302	5,045
Exceptional Items
Pre-tax Profit	332	2,711	4,302	5,045
Taxation	(113)	(714)	(1,160)	(1,353)
Exceptional Income - post-tax
Profit After Tax	219	1,997	3,142	3,691
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	219	1,997	3,142	3,691
Recurring Net Profit	219	1,997	3,142	3,691
Fully Diluted Recurring Net Profit	219	1,997	3,142	3,691

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	1,464	4,006	5,449	6,174
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,487)	3,572	(892)	(441)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	40	28
Tax Paid	(113)	(714)	(1,160)	(1,353)
Cashflow From Operations	(2,096)	6,892	3,397	4,380
Capex	(2,053)	(1,000)	(500)	(500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(2,053)	(1,000)	(500)	(500)
Debt Raised/(repaid)	4,420	(5,700)	(1,340)	(40)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(22)	(80)	(126)	(148)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	4,398	(5,780)	(1,466)	(188)
Total Cash Generated	250	112	1,431	3,692
Free Cashflow To Equity	272	192	1,557	3,840
Free Cashflow To Firm	(4,148)	5,892	2,897	3,880

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	690	368	1,744	5,487
Total Debtors	3,225	3,194	3,811	4,285
Inventories	2,081	2,385	2,846	3,200
Total Other Current Assets	1,743	638	1,141	1,283
Total Current Assets	7,739	6,584	9,541	14,255
Fixed Assets	11,662	11,845	11,469	11,048
Total Investments
Intangible Assets	3	3	3	3
Total Other Non-Current Assets	2,045	956	1,141	1,283
Total Non-current Assets	13,710	12,805	12,613	12,334
Short-term Debt	5,979	1,479	179	179
Current Portion of Long-Term Debt
Total Creditors	2,817	4,455	5,315	5,977
Other Current Liabilities
Total Current Liabilities	8,796	5,934	5,495	6,156
Total Long-term Debt	1,619	419	379	339
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	110
Total Non-current Liabilities	1,729	419	379	339
Total Provisions	953	1,147	1,376	1,645
Total Liabilities	11,479	7,501	7,250	8,141
Shareholders Equity	9,971	11,889	14,905	18,449
Minority Interests
Total Equity	9,971	11,889	14,905	18,449

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	5.1%	25.7%	19.3%	12.4%
Operating EBITDA Growth	(13.8%)	173.7%	36.0%	13.3%
Operating EBITDA Margin	5.8%	12.6%	14.3%	14.4%
Net Cash Per Share (Rs)	(239.24)	(53.02)	41.05	172.06
BVPS (Rs)	345.32	411.72	516.19	638.91
Gross Interest Cover	1.57	7.40	41.36	108.40
Effective Tax Rate	34.0%	26.3%	27.0%	26.8%
Net Dividend Payout Ratio	10.0%	4.0%	4.0%	4.0%
Accounts Receivables Days	43.02	36.74	33.61	34.54
Inventory Days	40.47	40.82	41.64	42.87
Accounts Payables Days	51.19	46.95	57.00	58.70
ROIC (%)	4.9%	17.8%	31.4%	34.8%
ROCE (%)	4.6%	19.3%	28.9%	28.2%
Return On Average Assets	2.7%	11.8%	15.7%	15.3%

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

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Market Data

Source: Bloomberg