InCred Equities - Endurance Technologies Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	115,608	141,473	162,525	182,773
Operating EBITDA (Rsm)	15,511	19,844	22,535	24,538
Net Profit (Rsm)	8,364	10,874	12,569	13,681
Core EPS (Rs)	58.8	77.3	89.4	97.3
Core EPS Growth	24.3%	31.5%	15.6%	8.8%
FD Core P/E (x)	48.22	37.09	32.08	29.48
DPS (Rs)	10.0	11.0	14.0	16.0
Dividend Yield	0.39%	0.42%	0.53%	0.60%
EV/EBITDA (x)	25.93	19.56	16.99	16.10
P/FCFE (x)	60.12	27.62	63.15	(37.58)
Net Gearing	(2.0%)	(22.7%)	(26.4%)	(10.6%)
P/BV (x)	7.05	6.08	5.25	5.25
ROE	15.5%	17.6%	17.6%	17.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	115,608	141,473	162,525	182,773
Gross Profit	49,577	60,550	66,960	74,937
Operating EBITDA	15,511	19,844	22,535	24,538
Depreciation And Amortisation	(5,387)	(6,734)	(7,542)	(8,371)
Operating EBIT	10,124	13,110	14,993	16,166
Financial Income/(Expense)	(468)	(450)	(200)	(150)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,170	1,462	1,638	1,867
Profit Before Tax (pre-EI)	10,826	14,122	16,431	17,883
Exceptional Items	122
Pre-tax Profit	10,947	14,122	16,431	17,883
Taxation	(2,584)	(3,248)	(3,861)	(4,203)
Exceptional Income - post-tax
Profit After Tax	8,364	10,874	12,569	13,681
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,364	10,874	12,569	13,681
Recurring Net Profit	8,271	10,874	12,569	13,681
Fully Diluted Recurring Net Profit	8,271	10,874	12,569	13,681

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	15,511	19,844	22,535	24,538
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,494	(3,945)	(2,489)	(775)
(Incr)/Decr in Total Provisions	421	264	282	216
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	702	1,012	1,438	1,717
Tax Paid	(2,584)	(3,248)	(3,861)	(4,203)
Cashflow From Operations	15,544	13,927	17,904	21,493
Capex	(5,819)	(5,659)	(6,194)	(7,224)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,658)	7,334	(4,324)	(23,999)
Cash Flow From Investing	(10,477)	1,675	(10,518)	(31,223)
Debt Raised/(repaid)	1,641	(1,000)	(1,000)	(1,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,566)	(1,706)	(2,128)	(2,410)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	75	(2,706)	(3,128)	(3,410)
Total Cash Generated	5,142	12,895	4,258	(13,140)
Free Cashflow To Equity	6,708	14,602	6,386	(10,731)
Free Cashflow To Firm	5,535	16,052	7,586	(9,581)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	10,189	23,084	27,342	14,202
Total Debtors	14,186	17,442	20,928	22,534
Inventories	9,364	12,791	14,249	16,024
Total Other Current Assets	5,412	5,844	6,318	6,925
Total Current Assets	39,150	59,161	68,837	59,685
Fixed Assets	28,477	27,743	26,701	34,201
Total Investments	8,036	12,036	16,036	20,036
Intangible Assets	3,405	3,065	2,758	2,482
Total Other Non-Current Assets	562	562	562	562
Total Non-current Assets	40,480	43,405	46,057	57,281
Short-term Debt	9,039	8,039	7,039	6,039
Current Portion of Long-Term Debt
Total Creditors	19,743	22,481	24,935	27,541
Other Current Liabilities	4,306	4,607	4,930	5,275
Total Current Liabilities	33,087	35,126	36,904	38,855
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	998	1,098	1,208	1,328
Total Liabilities	34,085	36,224	38,111	40,183
Shareholders Equity	57,174	66,342	76,783	76,783
Minority Interests
Total Equity	57,174	66,342	76,783	76,783

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	13.1%	22.4%	14.9%	12.5%
Operating EBITDA Growth	18.6%	27.9%	13.6%	8.9%
Operating EBITDA Margin	13.4%	14.0%	13.9%	13.4%
Net Cash Per Share (Rs)	8.18	106.96	144.34	58.03
BVPS (Rs)	406.46	471.64	545.86	545.86
Gross Interest Cover	21.63	29.13	74.96	107.78
Effective Tax Rate	23.6%	23.0%	23.5%	23.5%
Net Dividend Payout Ratio	19.0%	15.7%	16.9%	17.6%
Accounts Receivables Days	42.32	40.80	43.09	43.40
Inventory Days	49.99	49.96	51.64	51.23
Accounts Payables Days	98.91	95.22	90.55	88.81
ROIC (%)	20.0%	27.0%	28.4%	29.7%
ROCE (%)	16.4%	18.6%	19.0%	19.4%
Return On Average Assets	11.3%	12.3%	11.7%	11.9%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 22 4161 1552 ravi.gupta@incredresearch.com

More Reports

Market Data

Source: Bloomberg