InCred Equities - Globus Spirits Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	25,371	32,703	38,039	42,773
Operating EBITDA (Rsm)	1,464	4,024	5,449	6,174
Net Profit (Rsm)	219	2,119	3,161	3,682
Core EPS (Rs)	7.6	73.6	109.8	127.9
Core EPS Growth	(77.3%)	866.3%	49.1%	16.5%
FD Core P/E (x)	130.78	13.53	9.07	7.79
DPS (Rs)
Dividend Yield	0.03%	0.30%	0.44%	0.51%
EV/EBITDA (x)	20.87	7.25	4.79	3.63
P/FCFE (x)	92.51	83.71	9.73	7.13
Net Gearing	18.8%	4.0%	(17.3%)	(33.8%)
P/BV (x)	2.87	2.39	1.91	1.54
ROE	2.2%	19.3%	23.4%	21.9%
% 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	32,703	38,039	42,773
Gross Profit	7,479	12,331	15,111	17,039
Operating EBITDA	1,464	4,024	5,449	6,174
Depreciation And Amortisation	(816)	(823)	(883)	(928)
Operating EBIT	648	3,201	4,566	5,246
Financial Income/(Expense)	(315)	(121)	(25)
Pretax Income/(Loss) from Assoc.		(160)	(200)	(200)
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	332	2,920	4,342	5,046
Exceptional Items
Pre-tax Profit	332	2,920	4,342	5,046
Taxation	(113)	(801)	(1,181)	(1,364)
Exceptional Income - post-tax
Profit After Tax	219	2,119	3,161	3,682
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	219	2,119	3,161	3,682
Recurring Net Profit	219	2,119	3,161	3,682
Fully Diluted Recurring Net Profit	219	2,119	3,161	3,682

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	1,464	4,024	5,449	6,174
Cash Flow from Invt. & Assoc.
Change In Working Capital	(81)	(485)	(353)	(313)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense		19	23	28
Other Operating Cashflow
Net Interest (Paid)/Received	40	28
Tax Paid	(113)	(801)	(1,181)	(1,364)
Cashflow From Operations	1,310	2,786	3,939	4,525
Capex	(1,000)	(1,000)	(500)	(500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(1,000)	(1,000)	(500)	(500)
Debt Raised/(repaid)		(1,443)	(492)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(9)	(85)	(126)	(147)
Preferred Dividends
Other Financing Cashflow	(413)	(1,564)	(517)	0
Cash Flow From Financing	(421)	(3,092)	(1,135)	(147)
Total Cash Generated	(111)	(1,307)	2,303	3,878
Free Cashflow To Equity	310	343	2,947	4,025
Free Cashflow To Firm	310	1,786	3,439	4,025

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	62	10	2,606	6,283
Total Debtors	2,542	3,276	3,811	4,285
Inventories	1,898	2,447	2,846	3,200
Total Other Current Assets	254	327	380	428
Total Current Assets	4,755	6,060	9,643	14,196
Fixed Assets	10,270	10,447	10,064	9,636
Total Investments
Intangible Assets	6	6	6	6
Total Other Non-Current Assets	381	491	571	642
Total Non-current Assets	10,656	10,943	10,641	10,284
Short-term Debt	1,443
Current Portion of Long-Term Debt
Total Creditors	3,318	4,277	4,975	5,594
Other Current Liabilities
Total Current Liabilities	4,761	4,277	4,975	5,594
Total Long-term Debt	492	492
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	492	492
Total Provisions	174	216	256	298
Total Liabilities	5,428	4,986	5,231	5,893
Shareholders Equity	9,983	12,018	15,052	18,587
Minority Interests
Total Equity	9,983	12,018	15,052	18,587

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	5.1%	28.9%	16.3%	12.4%
Operating EBITDA Growth	(13.8%)	174.9%	35.4%	13.3%
Operating EBITDA Margin	5.8%	12.3%	14.3%	14.4%
Net Cash Per Share (Rs)	(65.06)	(16.73)	90.48	218.18
BVPS (Rs)	346.66	417.30	522.66	645.40
Gross Interest Cover	1.57	26.38	185.61
Effective Tax Rate	34.0%	27.4%	27.2%	27.0%
Net Dividend Payout Ratio	4.0%	4.0%	4.0%	4.0%
Accounts Receivables Days	35.68	32.47	34.00	34.54
Inventory Days	37.78	38.92	42.12	42.87
Accounts Payables Days	51.73	53.29	57.67	58.70
ROIC (%)	5.5%	26.6%	35.9%	41.3%
ROCE (%)	6.3%	26.0%	32.8%	30.9%
Return On Average Assets	3.5%	13.8%	17.1%	16.5%

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

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Market Data

Source: Bloomberg