InCred Equities - Endurance Technologies Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	115,608	134,554	153,766	172,064
Operating EBITDA (Rsm)	15,511	18,892	21,273	22,975
Net Profit (Rsm)	8,364	10,871	12,548	13,672
Core EPS (Rs)	58.8	77.3	89.2	97.2
Core EPS Growth	24.3%	31.4%	15.4%	9.0%
FD Core P/E (x)	41.73	32.11	27.82	25.53
DPS (Rs)	12.0	14.0	15.0	15.0
Dividend Yield	0.53%	0.61%	0.65%	0.65%
EV/EBITDA (x)	22.43	17.83	15.54	14.49
P/FCFE (x)	49.94	28.88	46.25	(349.28)
Net Gearing	(2.0%)	(18.4%)	(24.1%)	(21.2%)
P/BV (x)	6.10	5.30	4.58	4.58
ROE	15.5%	17.7%	17.7%	17.9%
% 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	134,554	153,766	172,064
Gross Profit	49,577	55,705	63,352	70,546
Operating EBITDA	15,511	18,892	21,273	22,975
Depreciation And Amortisation	(5,387)	(5,818)	(6,283)	(6,786)
Operating EBIT	10,124	13,074	14,990	16,189
Financial Income/(Expense)	(468)	(300)	(200)	(150)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,170	1,345	1,507	1,718
Profit Before Tax (pre-EI)	10,826	14,119	16,296	17,756
Exceptional Items	122
Pre-tax Profit	10,947	14,119	16,296	17,756
Taxation	(2,584)	(3,247)	(3,748)	(4,084)
Exceptional Income - post-tax
Profit After Tax	8,364	10,871	12,548	13,672
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,364	10,871	12,548	13,672
Recurring Net Profit	8,271	10,871	12,548	13,672
Fully Diluted Recurring Net Profit	8,271	10,871	12,548	13,672

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	15,511	18,892	21,273	22,975
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,494	(5,041)	1	8,847
(Incr)/Decr in Total Provisions	421	(236)	232	466
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	702	1,045	1,307	1,568
Tax Paid	(2,584)	(3,247)	(3,748)	(4,084)
Cashflow From Operations	15,544	11,413	19,065	29,771
Capex	(5,819)	(5,659)	(6,194)	(7,224)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,377)	7,334	(4,324)	(22,546)
Cash Flow From Investing	(10,196)	1,675	(10,518)	(29,771)
Debt Raised/(repaid)	1,641	(1,000)	(1,000)	(1,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,847)	(2,128)	(2,269)	(2,269)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(206)	(3,128)	(3,269)	(3,269)
Total Cash Generated	5,142	9,959	5,278	(3,268)
Free Cashflow To Equity	6,989	12,088	7,547	(999)
Free Cashflow To Firm	5,817	13,388	8,747	151

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	10,189	20,149	25,426	22,158
Total Debtors	14,186	16,589	18,536	0
Inventories	9,364	12,165	13,481	0
Total Other Current Assets	5,412	6,344	6,868	7,225
Total Current Assets	39,150	55,246	64,311	29,383
Fixed Assets	28,477	28,659	28,875	36,375
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	44,321	48,231	59,455
Short-term Debt	9,039	8,039	7,039	6,039
Current Portion of Long-Term Debt
Total Creditors	19,743	19,907	23,170	0
Other Current Liabilities	4,306	4,607	4,930	5,275
Total Current Liabilities	33,087	32,552	35,139	11,313
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	33,650	36,346	12,642
Shareholders Equity	57,174	65,917	76,196	76,196
Minority Interests
Total Equity	57,174	65,917	76,196	76,196

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	13.1%	16.4%	14.3%	11.9%
Operating EBITDA Growth	18.6%	21.8%	12.6%	8.0%
Operating EBITDA Margin	13.4%	14.0%	13.8%	13.4%
Net Cash Per Share (Rs)	8.18	86.09	130.72	114.59
BVPS (Rs)	406.46	468.62	541.69	541.69
Gross Interest Cover	21.63	43.58	74.95	107.93
Effective Tax Rate	23.6%	23.0%	23.0%	23.0%
Net Dividend Payout Ratio	22.4%	19.6%	18.1%	16.6%
Accounts Receivables Days	42.32	41.74	41.69	19.66
Inventory Days	49.99	49.83	51.77	24.23
Accounts Payables Days	98.91	91.77	86.95	41.65
ROIC (%)	20.0%	26.9%	26.9%	29.0%
ROCE (%)	16.4%	18.7%	19.1%	19.6%
Return On Average Assets	11.3%	12.4%	12.0%	13.7%

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

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

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Market Data

Source: Bloomberg