InCred Equities - India Glycols Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	37,676	42,650	48,616	51,456
Operating EBITDA (Rsm)	5,090	5,923	6,652	6,985
Net Profit (Rsm)	1,824	2,444	3,039	3,482
Core EPS (Rs)	58.9	78.9	98.2	112.4
Core EPS Growth	16.7%	34.0%	24.3%	14.6%
FD Core P/E (x)	14.24	10.62	8.55	7.46
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	8.50	7.43	6.10	5.18
P/FCFE (x)	(6.11)	4.62	11.28	24.81
Net Gearing	76.6%	70.0%	50.0%	30.8%
P/BV (x)	1.15	1.01	0.89	0.78
ROE	8.5%	10.1%	11.0%	11.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	37,676	42,650	48,616	51,456
Gross Profit	13,607	15,477	17,542	18,511
Operating EBITDA	5,090	5,923	6,652	6,985
Depreciation And Amortisation	(1,152)	(1,110)	(1,125)	(1,130)
Operating EBIT	3,938	4,813	5,527	5,855
Financial Income/(Expense)	(1,498)	(1,510)	(1,420)	(1,150)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	2,440	3,303	4,107	4,705
Exceptional Items
Pre-tax Profit	2,440	3,303	4,107	4,705
Taxation	(616)	(859)	(1,068)	(1,223)
Exceptional Income - post-tax
Profit After Tax	1,824	2,444	3,039	3,482
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,824	2,444	3,039	3,482
Recurring Net Profit	1,824	2,444	3,039	3,482
Fully Diluted Recurring Net Profit	1,824	2,444	3,039	3,482

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	5,090	5,923	6,652	6,985
Cash Flow from Invt. & Assoc.
Change In Working Capital	(8,494)	545	(1,081)	(515)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	506
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(616)	(859)	(1,068)	(1,223)
Cashflow From Operations	(3,514)	5,610	4,503	5,247
Capex	(7,591)	14	(200)	(200)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(462)
Cash Flow From Investing	(8,053)	14	(200)	(200)
Debt Raised/(repaid)	7,315		(2,000)	(4,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	10,587	(7,216)	(3,534)	(5,264)
Cash Flow From Financing	17,902	(7,216)	(5,534)	(9,264)
Total Cash Generated	6,335	(1,592)	(1,231)	(4,217)
Free Cashflow To Equity	(4,252)	5,623	2,303	1,047
Free Cashflow To Firm	(11,567)	5,623	4,303	5,047

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	768	29	1,412	1,809
Total Debtors	3,650	6,924	7,892	8,353
Inventories	11,709	12,129	13,825	14,633
Total Other Current Assets	6,474	927	986	1,015
Total Current Assets	22,601	20,008	24,115	25,809
Fixed Assets	39,245	38,135	37,210	36,280
Total Investments	3,813	3,813	3,813	3,813
Intangible Assets	14
Total Other Non-Current Assets	511	384	438	463
Total Non-current Assets	43,583	42,332	41,460	40,556
Short-term Debt	7,642	7,642	6,642	4,642
Current Portion of Long-Term Debt
Total Creditors	15,537	14,097	15,789	16,594
Other Current Liabilities
Total Current Liabilities	23,178	21,738	22,431	21,236
Total Long-term Debt	10,400	10,400	9,400	7,400
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	5,592
Total Non-current Liabilities	15,992	10,400	9,400	7,400
Total Provisions	4,455	4,459	4,464	4,466
Total Liabilities	43,625	36,597	36,294	33,102
Shareholders Equity	22,559	25,742	29,281	33,263
Minority Interests
Total Equity	22,559	25,742	29,281	33,263

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	14.4%	13.2%	14.0%	5.8%
Operating EBITDA Growth	26.5%	16.4%	12.3%	5.0%
Operating EBITDA Margin	13.5%	13.9%	13.7%	13.6%
Net Cash Per Share (Rs)	(557.89)	(581.77)	(472.52)	(330.51)
BVPS (Rs)	728.60	831.42	945.72	1,074.31
Gross Interest Cover	2.40	2.96	3.60	4.63
Effective Tax Rate	25.2%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio
Accounts Receivables Days	36.28	45.24	55.62	57.62
Inventory Days	172.66	160.10	152.43	157.64
Accounts Payables Days	186.07	172.22	152.03	157.23
ROIC (%)	12.6%	10.4%	12.4%	13.1%
ROCE (%)	10.2%	10.6%	11.5%	12.0%
Return On Average Assets	5.4%	6.2%	7.0%	7.0%

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