InCred Equities - PG Electroplast

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	27,466	40,830	49,905	59,234
Operating EBITDA (Rsm)	2,619	3,787	4,627	5,591
Net Profit (Rsm)	1,371	2,081	2,638	3,321
Core EPS (Rs)	5.3	8.0	10.1	12.8
Core EPS Growth	77.0%	51.7%	26.8%	25.9%
FD Core P/E (x)	128.27	84.53	66.68	52.96
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	68.39	47.71	38.75	31.57
P/FCFE (x)	(42.43)	173.61	62.22	39.39
Net Gearing	31.1%	38.3%	22.7%	3.3%
P/BV (x)	16.94	14.11	11.65	9.55
ROE	19.1%	18.2%	19.1%	19.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	27,466	40,830	49,905	59,234
Gross Profit	5,403	7,838	9,332	11,077
Operating EBITDA	2,619	3,787	4,627	5,591
Depreciation And Amortisation	(466)	(657)	(712)	(785)
Operating EBIT	2,153	3,130	3,915	4,806
Financial Income/(Expense)	(517)	(657)	(720)	(807)
Pretax Income/(Loss) from Assoc.		25	81	137
Non-Operating Income/(Expense)	130	171	150	178
Profit Before Tax (pre-EI)	1,766	2,668	3,426	4,313
Exceptional Items
Pre-tax Profit	1,766	2,668	3,426	4,313
Taxation	(395)	(588)	(788)	(992)
Exceptional Income - post-tax
Profit After Tax	1,371	2,081	2,638	3,321
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,371	2,081	2,638	3,321
Recurring Net Profit	1,371	2,081	2,638	3,321
Fully Diluted Recurring Net Profit	1,371	2,081	2,638	3,321

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,765	2,668	3,426	4,313
Cash Flow from Invt. & Assoc.
Change In Working Capital	(649)	(970)	(1,815)	(1,820)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,051	2,883	3,328	3,842
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(303)	(588)	(788)	(992)
Cashflow From Operations	1,863	3,993	4,151	5,344
Capex	(2,268)	(3,600)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries	10
Acq. Of Subsidiaries/investments	(1,734)	13	(504)	(140)
Other Investing Cashflow
Cash Flow From Investing	(3,992)	(3,587)	(2,004)	(1,640)
Debt Raised/(repaid)	(2,017)	607	679	761
Proceeds From Issue Of Shares	4,918
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(557)	(727)	(800)	(887)
Cash Flow From Financing	2,344	(121)	(121)	(126)
Total Cash Generated	215	286	2,027	3,578
Free Cashflow To Equity	(4,146)	1,013	2,827	4,465
Free Cashflow To Firm	(2,129)	407	2,147	3,704

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	1,824	890	2,916	6,495
Total Debtors	5,558	6,193	7,707	9,472
Inventories	5,434	5,875	7,781	9,236
Total Other Current Assets	1,269	1,935	2,092	2,483
Total Current Assets	14,085	14,893	20,496	27,685
Fixed Assets	8,446	10,861	11,661	12,388
Total Investments	258	245	749	889
Intangible Assets	12	12	12	12
Total Other Non-Current Assets	285	817	200	237
Total Non-current Assets	9,001	11,935	12,621	13,526
Short-term Debt	2,482	2,779	3,113	3,486
Current Portion of Long-Term Debt
Total Creditors	6,464	7,104	8,683	10,288
Other Current Liabilities	684	817	998	1,185
Total Current Liabilities	9,629	10,700	12,794	14,959
Total Long-term Debt	2,573	2,882	3,228	3,615
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	414	612	749	889
Total Non-current Liabilities	2,987	3,494	3,976	4,503
Total Provisions	89	367	449	533
Total Liabilities	12,705	14,562	17,220	19,995
Shareholders Equity	10,381	12,461	15,099	18,421
Minority Interests
Total Equity	10,381	12,461	15,099	18,421

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	27.2%	48.7%	22.2%	18.7%
Operating EBITDA Growth	48.8%	44.6%	22.2%	20.8%
Operating EBITDA Margin	9.5%	9.3%	9.3%	9.4%
Net Cash Per Share (Rs)	(12.41)	(18.33)	(13.16)	(2.33)
BVPS (Rs)	39.89	47.88	58.02	70.78
Gross Interest Cover	4.16	4.76	5.44	5.96
Effective Tax Rate	22.3%	22.0%	23.0%	23.0%
Net Dividend Payout Ratio
Accounts Receivables Days	65.84	52.22	50.50	52.59
Inventory Days	74.18	62.56	61.43	64.49
Accounts Payables Days	85.73	75.05	71.01	71.89
ROIC (%)	12.1%	13.7%	15.2%	16.6%
ROCE (%)	16.7%	18.7%	19.8%	20.5%
Return On Average Assets	9.3%	10.4%	10.7%	10.6%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg