InCred Equities - JSW Infrastructure Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	31,947	36,922	40,542	46,137
Operating EBITDA (Rsm)	16,202	19,384	21,487	24,684
Net Profit (Rsm)	7,398	11,905	11,913	14,406
Core EPS (Rs)	5.5	5.3	5.7	6.9
Core EPS Growth	168.6%	(4.0%)	6.5%	20.9%
FD Core P/E (x)	75.11	52.78	52.75	43.62
DPS (Rs)			2.8	3.4
Dividend Yield			1.06%	1.28%
EV/EBITDA (x)	35.98	33.18	29.94	26.04
P/FCFE (x)	48.12	(17.94)	95.70	71.94
Net Gearing	64.4%	17.4%	16.5%	14.7%
P/BV (x)	13.91	7.87	7.38	6.87
ROE	28.4%	18.7%	14.4%	16.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	31,947	36,922	40,542	46,137
Gross Profit	19,882	23,261	25,947	29,989
Operating EBITDA	16,202	19,384	21,487	24,684
Depreciation And Amortisation	(3,912)	(4,266)	(5,493)	(5,493)
Operating EBIT	12,290	15,118	15,995	19,191
Financial Income/(Expense)	(2,819)	(2,400)	(1,900)	(1,900)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,781	1,700	1,250	1,250
Profit Before Tax (pre-EI)	11,252	14,418	15,345	18,541
Exceptional Items	(3,142)	917
Pre-tax Profit	8,110	15,335	15,345	18,541
Taxation	(615)	(3,374)	(3,376)	(4,079)
Exceptional Income - post-tax
Profit After Tax	7,495	11,961	11,969	14,462
Minority Interests	(97)	(56)	(56)	(56)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,398	11,905	11,913	14,406
Recurring Net Profit	10,302	11,190	11,913	14,406
Fully Diluted Recurring Net Profit	10,302	11,190	11,913	14,406

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	16,202	19,384	21,487	24,684
Cash Flow from Invt. & Assoc.
Change In Working Capital	951	(2,241)	(595)	(920)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(3,142)	917
Other Operating Cashflow
Net Interest (Paid)/Received	(1,038)	(700)	(650)	(650)
Tax Paid	(615)	(3,374)	(3,376)	(4,079)
Cashflow From Operations	12,359	13,987	16,866	19,034
Capex	(738)	(29,495)	(10,300)	(10,300)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,653	3
Cash Flow From Investing	915	(29,492)	(10,300)	(10,300)
Debt Raised/(repaid)	(1,726)	(17,489)
Proceeds From Issue Of Shares		28,000
Shares Repurchased
Dividends Paid			(6,671)	(8,067)
Preferred Dividends
Other Financing Cashflow	(2,569)	(216)	(56)	(56)
Cash Flow From Financing	(4,295)	10,294	(6,727)	(8,123)
Total Cash Generated	8,979	(5,211)	(161)	611
Free Cashflow To Equity	11,548	(32,994)	6,566	8,734
Free Cashflow To Firm	16,093	(13,105)	8,466	10,634

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	19,361	14,151	13,990	14,601
Total Debtors	4,024	5,169	5,676	6,459
Inventories	1,022	1,022	1,022	1,022
Total Other Current Assets	6,363	7,722	8,479	9,649
Total Current Assets	30,770	28,063	29,166	31,731
Fixed Assets	38,901	65,340	71,347	77,355
Total Investments	25
Intangible Assets	21,304	20,095	18,895	17,695
Total Other Non-Current Assets
Total Non-current Assets	60,231	85,434	90,242	95,049
Short-term Debt	1,483
Current Portion of Long-Term Debt
Total Creditors	3,016	6,820	7,489	8,522
Other Current Liabilities	3,462
Total Current Liabilities	7,960	6,820	7,489	8,522
Total Long-term Debt	40,954	25,000	25,000	25,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	3,239	3,187	3,187	3,187
Total Non-current Liabilities	44,194	28,187	28,187	28,187
Total Provisions	(2,042)	(2,143)	(2,143)	(2,143)
Total Liabilities	50,112	32,864	33,533	34,566
Shareholders Equity	39,946	79,851	85,093	91,432
Minority Interests	942	782	782	782
Total Equity	40,889	80,633	85,875	92,214

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	40.5%	15.6%	9.8%	13.8%
Operating EBITDA Growth	46.0%	19.6%	10.8%	14.9%
Operating EBITDA Margin	50.7%	52.5%	53.0%	53.5%
Net Cash Per Share (Rs)	(14.17)	(6.68)	(6.76)	(6.47)
BVPS (Rs)	21.51	38.02	40.52	43.54
Gross Interest Cover	4.36	6.30	8.42	10.10
Effective Tax Rate	7.6%	22.0%	22.0%	22.0%
Net Dividend Payout Ratio
Accounts Receivables Days	57.34	45.44	48.82	48.00
Inventory Days	28.37	27.30	25.55	23.09
Accounts Payables Days	87.18	131.40	178.92	180.95
ROIC (%)	18.1%	23.2%	17.3%	19.6%
ROCE (%)	14.8%	15.8%	14.6%	16.7%
Return On Average Assets	14.8%	13.1%	11.9%	13.3%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com