InCred Equities - Cyient Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	71,472	74,597	82,818	92,804
Operating EBITDA (Rsm)	13,028	11,419	13,665	16,612
Net Profit (Rsm)	7,704	5,822	8,191	10,420
Core EPS (Rs)	70.0	52.9	74.5	94.7
Core EPS Growth	40.1%	(24.4%)	40.7%	27.2%
FD Core P/E (x)	19.29	25.52	18.14	14.26
DPS (Rs)	30.0	35.0	40.9	52.1
Dividend Yield	2.24%	2.62%	3.03%	3.86%
EV/EBITDA (x)	11.17	12.61	10.39	8.24
P/FCFE (x)	63.61	24.22	22.78	14.26
Net Gearing	(13.3%)	(15.9%)	(18.8%)	(26.2%)
P/BV (x)	3.49	3.34	3.08	2.81
ROE	19.9%	13.4%	17.7%	20.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	71,472	74,597	82,818	92,804
Gross Profit	36,352	36,378	39,753	45,845
Operating EBITDA	13,028	11,419	13,665	16,612
Depreciation And Amortisation	(2,667)	(2,716)	(2,899)	(3,155)
Operating EBIT	10,361	8,703	10,766	13,457
Financial Income/(Expense)	(501)	(549)	300	543
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	9,860	8,154	11,067	13,999
Exceptional Items
Pre-tax Profit	9,860	8,154	11,067	13,999
Taxation	(2,156)	(2,112)	(2,656)	(3,360)
Exceptional Income - post-tax
Profit After Tax	7,704	6,042	8,411	10,640
Minority Interests		(220)	(220)	(220)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,704	5,822	8,191	10,420
Recurring Net Profit	7,704	5,822	8,191	10,420
Fully Diluted Recurring Net Profit	7,704	5,822	8,191	10,420

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	13,028	11,419	13,665	16,612
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,606)	(388)	(1,671)	(2,030)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(2,775)	(2,112)	(2,656)	(3,360)
Cashflow From Operations	7,647	8,919	9,338	11,222
Capex	(853)	(2,785)	(2,815)	(800)
Disposals Of FAs/subsidiaries	71
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,545)	393	1,242	1,485
Cash Flow From Investing	(5,327)	(2,392)	(1,573)	685
Debt Raised/(repaid)	(4,458)
Proceeds From Issue Of Shares	146
Shares Repurchased
Dividends Paid	(3,058)	(3,898)	(4,505)	(5,731)
Preferred Dividends
Other Financing Cashflow	4,708	(942)	(942)	(942)
Cash Flow From Financing	(2,662)	(4,840)	(5,447)	(6,673)
Total Cash Generated	(342)	1,687	2,318	5,234
Free Cashflow To Equity	2,336	6,134	6,522	10,422
Free Cashflow To Firm	2,320	6,527	7,765	11,907

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	10,593	12,060	14,158	19,172
Total Debtors	16,979	17,515	19,445	21,790
Inventories	4,676	4,905	5,446	6,102
Total Other Current Assets	3,343	3,343	3,343	3,343
Total Current Assets	35,591	37,823	42,392	50,407
Fixed Assets	7,749	7,818	7,734	5,379
Total Investments	3,598	3,598	3,598	3,598
Intangible Assets	21,089	21,089	21,089	21,089
Total Other Non-Current Assets	2,009	2,009	2,009	2,009
Total Non-current Assets	34,445	34,514	34,430	32,075
Short-term Debt	1,743	1,743	1,743	1,743
Current Portion of Long-Term Debt
Total Creditors	6,878	7,255	8,055	9,026
Other Current Liabilities	7,960	7,960	7,960	7,960
Total Current Liabilities	16,581	16,958	17,758	18,729
Total Long-term Debt	2,783	2,783	2,783	2,783
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	5,103	5,103	5,103	5,103
Total Non-current Liabilities	7,886	7,886	7,886	7,886
Total Provisions
Total Liabilities	24,467	24,844	25,644	26,615
Shareholders Equity	42,581	44,505	48,190	52,879
Minority Interests	2,988	2,988	2,988	2,988
Total Equity	45,569	47,493	51,178	55,867

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	18.8%	4.4%	11.0%	12.1%
Operating EBITDA Growth	29.9%	(12.4%)	19.7%	21.6%
Operating EBITDA Margin	18.2%	15.3%	16.5%	17.9%
Net Cash Per Share (Rs)	55.15	68.49	87.56	133.13
BVPS (Rs)	387.06	404.54	438.05	480.67
Gross Interest Cover	8.93	9.24	11.43	14.29
Effective Tax Rate	21.9%	25.9%	24.0%	24.0%
Net Dividend Payout Ratio	33.7%	49.1%	41.5%	41.6%
Accounts Receivables Days	61.00	63.12	61.30	61.03
Inventory Days	46.94	45.75	43.86	44.88
Accounts Payables Days	72.85	67.49	64.88	66.38
ROIC (%)	21.7%	15.7%	19.7%	23.8%
ROCE (%)	17.2%	12.6%	15.2%	17.6%
Return On Average Assets	15.1%	12.0%	14.5%	17.1%

(91) 22 4161 1543 abhishek.shindadkr@incredresearch.com

(91) 22 4161 1544 vikas.swami@incredresearch.com

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Market Data

Source: Bloomberg