InCred Equities - Globus Spirits Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	24,147	29,192	34,487	43,643
Operating EBITDA (Rsm)	1,698	2,643	4,894	6,234
Net Profit (Rsm)	964	1,284	3,040	3,993
Core EPS (Rs)	33.5	44.6	105.6	138.6
Core EPS Growth	(21.1%)	33.1%	136.9%	31.3%
FD Core P/E (x)	24.88	18.70	7.89	6.01
DPS (Rs)
Dividend Yield	0.24%	0.21%	0.51%	0.67%
EV/EBITDA (x)	15.21	9.78	4.85	3.37
P/FCFE (x)	18.47	97.70	12.12	8.09
Net Gearing	18.6%	16.9%	(1.9%)	(16.8%)
P/BV (x)	2.46	2.18	1.72	1.35
ROE	10.3%	12.4%	24.4%	25.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	24,147	29,192	34,487	43,643
Gross Profit	7,766	9,797	13,706	17,440
Operating EBITDA	1,698	2,643	4,894	6,234
Depreciation And Amortisation	(656)	(709)	(698)	(761)
Operating EBIT	1,042	1,934	4,196	5,474
Financial Income/(Expense)	(131)	(190)	(87)	(78)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	911	1,744	4,109	5,396
Exceptional Items
Pre-tax Profit	911	1,744	4,109	5,396
Taxation	53	(460)	(1,068)	(1,403)
Exceptional Income - post-tax
Profit After Tax	964	1,284	3,040	3,993
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	964	1,284	3,040	3,993
Recurring Net Profit	964	1,284	3,040	3,993
Fully Diluted Recurring Net Profit	964	1,284	3,040	3,993

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,698	2,643	4,894	6,234
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,803	(477)	(500)	(865)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	61	40	28
Tax Paid	53	(460)	(1,068)	(1,403)
Cashflow From Operations	3,615	1,746	3,353	3,966
Capex	(1,499)	(1,500)	(1,000)	(1,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(1,499)	(1,500)	(1,000)	(1,000)
Debt Raised/(repaid)	(817)		(373)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	58	51	122	160
Preferred Dividends
Other Financing Cashflow	(2,368)	(228)	(460)	(78)
Cash Flow From Financing	(3,127)	(177)	(712)	82
Total Cash Generated	(1,011)	69	1,642	3,048
Free Cashflow To Equity	1,299	246	1,981	2,966
Free Cashflow To Firm	2,116	246	2,353	2,966

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	116	80	1,824	4,553
Total Debtors	2,419	2,924	3,455	4,372
Inventories	1,806	2,184	2,580	3,265
Total Other Current Assets	241	292	345	436
Total Current Assets	4,583	5,480	8,204	12,626
Fixed Assets	10,086	10,877	11,179	11,418
Total Investments
Intangible Assets	6	6	6	6
Total Other Non-Current Assets	362	438	517	655
Total Non-current Assets	10,454	11,321	11,702	12,079
Short-term Debt	1,443	1,443	1,193	1,193
Current Portion of Long-Term Debt
Total Creditors	3,158	3,675	4,217	5,155
Other Current Liabilities
Total Current Liabilities	4,601	5,118	5,410	6,348
Total Long-term Debt	492	492	370	370
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	492	492	370	370
Total Provisions	171	186	203	231
Total Liabilities	5,264	5,796	5,982	6,948
Shareholders Equity	9,773	11,005	13,924	17,757
Minority Interests
Total Equity	9,773	11,005	13,924	17,757

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	14.5%	20.9%	18.1%	26.5%
Operating EBITDA Growth	(30.9%)	55.7%	85.2%	27.4%
Operating EBITDA Margin	7.0%	9.1%	14.2%	14.3%
Net Cash Per Share (Rs)	(63.17)	(64.41)	9.09	103.83
BVPS (Rs)	339.35	382.14	483.48	616.58
Gross Interest Cover	3.92	8.48	47.99	70.08
Effective Tax Rate		26.4%	26.0%	26.0%
Net Dividend Payout Ratio	6.0%	4.0%	4.0%	4.0%
Accounts Receivables Days	34.25	33.41	33.76	32.73
Inventory Days	37.71	37.55	41.84	40.71
Accounts Payables Days	51.62	51.41	57.28	55.74
ROIC (%)	8.2%	16.4%	32.2%	39.5%
ROCE (%)	10.0%	15.9%	29.3%	31.3%
Return On Average Assets	7.1%	9.3%	17.0%	18.3%

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

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Market Data

Source: Bloomberg