InCred Equities - Dilip Buildcon Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	120,119	112,480	119,360	130,546
Operating EBITDA (Rsm)	14,211	16,998	19,616	21,679
Net Profit (Rsm)	2,010	2,198	3,317	4,706
Core EPS (Rs)	(8.0)	15.0	22.7	32.2
Core EPS Growth	(69.3%)	(288.4%)	50.9%	41.9%
FD Core P/E (x)	35.60	32.56	21.58	15.21
DPS (Rs)	1.0	1.0	2.0	2.0
Dividend Yield	0.25%	0.25%	0.49%	0.49%
EV/EBITDA (x)	10.55	9.92	8.48	7.70
P/FCFE (x)	80.69	(122.07)	104.30	(30.98)
Net Gearing	179.4%	212.3%	194.5%	179.8%
P/BV (x)	1.64	1.57	1.47	1.35
ROE	(2.8%)	4.9%	7.0%	9.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	120,119	112,480	119,360	130,546
Gross Profit	20,091	43,390	50,270	57,273
Operating EBITDA	14,211	16,998	19,616	21,679
Depreciation And Amortisation	(3,788)	(3,441)	(3,741)	(4,041)
Operating EBIT	10,423	13,557	15,875	17,638
Financial Income/(Expense)	(10,125)	(11,463)	(12,306)	(12,287)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,442	1,700	1,700	1,700
Profit Before Tax (pre-EI)	1,741	3,795	5,268	7,050
Exceptional Items
Pre-tax Profit	1,741	3,795	5,268	7,050
Taxation	(2,907)	(1,597)	(1,951)	(2,344)
Exceptional Income - post-tax	3,177
Profit After Tax	2,010	2,198	3,317	4,706
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,010	2,198	3,317	4,706
Recurring Net Profit	(1,167)	2,198	3,317	4,706
Fully Diluted Recurring Net Profit	(1,167)	2,198	3,317	4,706

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	14,211	16,998	19,616	21,679
Cash Flow from Invt. & Assoc.
Change In Working Capital	(7,991)	(19,806)	(60)	(4,746)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	3,177
Other Operating Cashflow
Net Interest (Paid)/Received	(8,682)	(9,763)	(10,606)	(10,587)
Tax Paid	(2,907)	(1,597)	(1,951)	(2,344)
Cashflow From Operations	(2,193)	(14,166)	6,998	4,002
Capex	(4,172)	(4,312)	(4,312)	(4,312)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(4,172)	(4,312)	(4,312)	(4,312)
Debt Raised/(repaid)	7,252	17,892	(2,000)	(2,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(175)	(175)	(351)	(351)
Preferred Dividends
Other Financing Cashflow	2,535
Cash Flow From Financing	9,611	17,716	(2,351)	(2,351)
Total Cash Generated	3,247	(762)	335	(2,661)
Free Cashflow To Equity	887	(586)	686	(2,310)
Free Cashflow To Firm	3,760	(7,015)	14,993	11,977

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	7,365	6,603	6,938	4,277
Total Debtors	30,180	50,356	51,314	54,376
Inventories	34,797	34,302	32,507	34,354
Total Other Current Assets	48,202	45,712	45,712	47,396
Total Current Assets	120,544	136,974	136,472	140,403
Fixed Assets	43,815	44,685	45,256	45,527
Total Investments
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	43,815	44,685	45,256	45,527
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	37,019	34,405	33,507	35,354
Total Current Liabilities	37,019	34,405	33,507	35,354
Total Long-term Debt	85,752	103,644	101,644	99,644
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	85,752	103,644	101,644	99,644
Total Provisions	(2,108)	(2,108)	(2,108)	(2,108)
Total Liabilities	120,662	135,940	133,043	132,890
Shareholders Equity	43,696	45,719	48,685	53,040
Minority Interests
Total Equity	43,696	45,719	48,685	53,040

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	12.9%	(6.4%)	6.1%	9.4%
Operating EBITDA Growth	48.6%	19.6%	15.4%	10.5%
Operating EBITDA Margin	11.8%	15.1%	16.4%	16.6%
Net Cash Per Share (Rs)	(536.11)	(663.69)	(647.71)	(652.23)
BVPS (Rs)	298.85	312.68	332.97	362.76
Gross Interest Cover	1.03	1.18	1.29	1.44
Effective Tax Rate	167.0%	42.1%	37.0%	33.2%
Net Dividend Payout Ratio	10.1%	4.6%	6.7%	5.0%
Accounts Receivables Days	79.10	130.67	155.45	147.75
Inventory Days	124.94	182.52	176.47	166.53
Accounts Payables Days
ROIC (%)	9.3%	11.3%	11.3%	12.5%
ROCE (%)	8.6%	9.9%	10.7%	11.8%
Return On Average Assets	7.5%	8.8%	9.7%	10.5%

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

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

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Market Data

Source: Bloomberg