InCred Equities - FSN Ecommerce

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	63,400	79,851	99,760	124,678
Operating EBITDA (Rsm)	3,462	4,465	5,396	6,350
Net Profit (Rsm)	437	670	652	555
Core EPS (Rs)	0.2	0.2	0.2	0.2
Core EPS Growth	75.9%	53.3%	(2.7%)	(14.9%)
FD Core P/E (x)	1,171.83	764.60	785.48	922.85
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	149.32	115.98	96.14	81.90
P/FCFE (x)	191.99	406.35	407.98	513.42
Net Gearing	34.4%	39.7%	44.9%	51.8%
P/BV (x)	40.59	38.54	36.74	35.33
ROE	3.3%	5.2%	4.8%	3.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	63,856	80,299	100,360	125,433
Gross Profit	27,392	34,788	42,808	52,484
Operating EBITDA	3,462	4,465	5,396	6,350
Depreciation And Amortisation	(2,242)	(2,733)	(3,524)	(4,405)
Operating EBIT	1,219	1,732	1,872	1,945
Financial Income/(Expense)	(828)	(1,050)	(1,313)	(1,657)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	299	377	471	588
Profit Before Tax (pre-EI)	690	1,058	1,030	877
Exceptional Items
Pre-tax Profit	690	1,058	1,030	877
Taxation	(253)	(388)	(378)	(321)
Exceptional Income - post-tax
Profit After Tax	437	670	652	555
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	437	670	652	555
Recurring Net Profit	437	670	652	555
Fully Diluted Recurring Net Profit	437	670	652	555

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	690	1,058	1,030	877
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,513)	(2,201)	(2,685)	(3,356)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	2,506	2,733	3,524	4,405
Net Interest (Paid)/Received	631	802	1,003	1,269
Tax Paid	(1,312)	(388)	(378)	(321)
Cashflow From Operations	3	2,005	2,494	2,873
Capex	(1,107)	(1,715)	(1,946)	(2,210)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,006	(1,229)	(1,493)	(1,866)
Cash Flow From Investing	(101)	(2,944)	(3,439)	(4,076)
Debt Raised/(repaid)	2,765	2,200	2,200	2,200
Proceeds From Issue Of Shares	172
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(2,495)	(431)	(557)	(712)
Cash Flow From Financing	443	1,770	1,644	1,489
Total Cash Generated	344	830	699	286
Free Cashflow To Equity	2,667	1,261	1,256	998
Free Cashflow To Firm	(927)	(1,990)	(2,258)	(2,859)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	2,399	3,651	4,865	5,796
Total Debtors	2,416	3,038	3,797	4,746
Inventories	11,920	14,990	18,735	23,415
Total Other Current Assets	6,194	7,789	9,735	12,168
Total Current Assets	22,929	29,468	37,133	46,125
Fixed Assets	6,132	5,064	3,436	1,191
Total Investments	343	431	539	674
Intangible Assets	848	898	948	998
Total Other Non-Current Assets	3,754	4,721	5,901	7,375
Total Non-current Assets	11,077	11,114	10,823	10,238
Short-term Debt	6,804	9,008	11,212	13,416
Current Portion of Long-Term Debt
Total Creditors	3,867	4,863	6,077	7,596
Other Current Liabilities	8,118	10,208	12,758	15,946
Total Current Liabilities	18,789	24,079	30,048	36,957
Total Long-term Debt		(4)	(7)	(11)
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities		(4)	(7)	(11)
Total Provisions	2,407	3,027	3,783	4,728
Total Liabilities	21,196	27,102	33,824	41,675
Shareholders Equity	12,622	13,292	13,945	14,500
Minority Interests	188	188	188	188
Total Equity	12,810	13,480	14,133	14,688

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	23.9%	25.9%	24.9%	25.0%
Operating EBITDA Growth	35.2%	29.0%	20.9%	17.7%
Operating EBITDA Margin	5.5%	5.6%	5.4%	5.1%
Net Cash Per Share (Rs)	(1.54)	(1.87)	(2.22)	(2.66)
BVPS (Rs)	4.42	4.65	4.88	5.08
Gross Interest Cover	1.47	1.65	1.43	1.17
Effective Tax Rate	36.7%	36.7%	36.7%	36.7%
Net Dividend Payout Ratio
Accounts Receivables Days	11.58	12.40	12.43	12.43
Inventory Days	109.97	107.91	106.94	105.45
Accounts Payables Days	32.64	35.01	34.69	34.21
ROIC (%)	4.7%	6.0%	5.9%	5.5%
ROCE (%)	6.4%	8.2%	7.8%	7.3%
Return On Average Assets	3.3%	3.9%	3.7%	3.4%

(91) 02241611544 shubham.dalia@incredresearch.com