InCred Equities - Dabur India Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	124,040	125,631	134,091	143,801
Operating EBITDA (Rsm)	24,002	23,163	24,796	27,168
Net Profit (Rsm)	18,427	17,676	18,781	20,751
Core EPS (Rs)	10.4	10.0	10.6	11.7
Core EPS Growth	7.8%	(4.1%)	6.4%	10.6%
FD Core P/E (x)	46.28	48.25	45.35	40.98
DPS (Rs)	5.4	5.4	4.8	5.1
Dividend Yield	1.13%	1.14%	1.00%	1.07%
EV/EBITDA (x)	35.31	36.26	33.67	30.45
P/FCFE (x)	65.43	115.75	161.84	88.45
Net Gearing	(9.4%)	(15.3%)	(16.6%)	(19.5%)
P/BV (x)	8.64	7.90	7.00	6.38
ROE	19.6%	17.1%	16.4%	16.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	124,040	125,631	134,091	143,801
Gross Profit	59,571	60,282	64,634	70,224
Operating EBITDA	24,002	23,163	24,796	27,168
Depreciation And Amortisation	(3,992)	(4,456)	(4,337)	(4,635)
Operating EBIT	20,010	18,707	20,458	22,533
Financial Income/(Expense)	3,582	3,866	3,470	3,818
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	23,593	22,573	23,928	26,351
Exceptional Items
Pre-tax Profit	23,593	22,573	23,928	26,351
Taxation	(5,474)	(5,175)	(5,477)	(5,990)
Exceptional Income - post-tax
Profit After Tax	18,118	17,399	18,451	20,361
Minority Interests	309	278	330	390
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	18,427	17,676	18,781	20,751
Recurring Net Profit	18,427	17,676	18,781	20,751
Fully Diluted Recurring Net Profit	18,427	17,676	18,781	20,751

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	24,002	23,163	24,796	27,168
Cash Flow from Invt. & Assoc.	309	278	330	390
Change In Working Capital	2,072	511	(15,145)	(1,122)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	4,824	5,501	5,150	5,418
Net Interest (Paid)/Received	(1,242)	(1,635)	(1,680)	(1,600)
Tax Paid	(5,474)	(5,175)	(5,477)	(5,990)
Cashflow From Operations	24,491	22,644	7,974	24,265
Capex	(6,697)	(5,776)	(8,164)	(4,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(6,674)	(5,352)	3,217	(10,000)
Other Investing Cashflow
Cash Flow From Investing	(13,371)	(11,128)	(4,947)	(14,500)
Debt Raised/(repaid)	1,913	(4,147)	2,236	(150)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(9,658)	(9,748)	(8,526)	(9,095)
Preferred Dividends
Other Financing Cashflow	28	1,496	2,568	(278)
Cash Flow From Financing	(7,717)	(12,399)	(3,722)	(9,523)
Total Cash Generated	3,403	(884)	(696)	242
Free Cashflow To Equity	13,033	7,368	5,262	9,615
Free Cashflow To Firm	12,362	13,151	4,707	11,365

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	23,330	26,656	32,507	38,249
Total Debtors	8,987	8,885	18,261	18,830
Inventories	19,470	23,001	24,409	25,442
Total Other Current Assets	6,539	8,417	6,919	8,773
Total Current Assets	58,325	66,959	82,096	91,294
Fixed Assets	36,190	37,510	36,337	35,201
Total Investments	52,661	53,803	44,038	48,538
Intangible Assets	4,051	4,051	4,053	4,053
Total Other Non-Current Assets
Total Non-current Assets	92,902	95,364	84,428	87,792
Short-term Debt	6,589	4,644	7,306	7,306
Current Portion of Long-Term Debt
Total Creditors	24,217	28,253	30,587	32,731
Other Current Liabilities	6,056	7,701
Total Current Liabilities	36,861	40,598	37,893	40,037
Total Long-term Debt	7,062	4,860	4,433	4,283
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	7,062	4,860	4,433	4,283
Total Provisions	4,272	4,763	3,737	3,928
Total Liabilities	48,196	50,220	46,063	48,248
Shareholders Equity	98,663	108,007	121,474	133,243
Minority Interests	4,368	4,096	3,985	3,595
Total Equity	103,031	112,103	125,459	136,837

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	7.6%	1.3%	6.7%	7.2%
Operating EBITDA Growth	10.9%	(3.5%)	7.0%	9.6%
Operating EBITDA Margin	19.4%	18.4%	18.5%	18.9%
Net Cash Per Share (Rs)	5.46	9.68	11.75	15.09
BVPS (Rs)	55.68	60.94	68.74	75.40
Gross Interest Cover	16.11	11.44	12.18	14.08
Effective Tax Rate	23.2%	22.9%	22.9%	22.7%
Net Dividend Payout Ratio	52.4%	55.1%	45.4%	43.8%
Accounts Receivables Days	25.71	25.96	36.95	47.07
Inventory Days	112.42	118.61	124.57	123.65
Accounts Payables Days	130.45	146.54	154.60	157.05
ROIC (%)	44.5%	40.7%	34.4%	37.8%
ROCE (%)	21.8%	19.7%	19.3%	19.2%
Return On Average Assets	10.1%	8.6%	9.1%	9.6%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg