InCred Equities - Exide Industries Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	165,881	182,755	202,776	225,235
Operating EBITDA (Rsm)	18,932	21,602	24,509	26,935
Net Profit (Rsm)	10,770	12,252	14,117	15,735
Core EPS (Rs)	12.7	14.4	16.6	18.5
Core EPS Growth	2.3%	13.8%	15.2%	11.5%
FD Core P/E (x)	31.04	27.29	23.68	21.25
DPS (Rs)	7.5	9.0	10.0	10.0
Dividend Yield	1.91%	2.29%	2.54%	2.54%
EV/EBITDA (x)	12.33	10.49	9.01	7.87
P/FCFE (x)	68.01	35.45	36.30	46.83
Net Gearing	(0.8%)	(2.0%)	(2.5%)	(1.6%)
P/BV (x)	2.31	2.24	2.16	2.07
ROE	7.8%	8.4%	9.3%	9.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	165,881	182,755	202,776	225,235
Gross Profit	51,991	59,013	66,108	73,001
Operating EBITDA	18,932	21,602	24,509	26,935
Depreciation And Amortisation	(5,039)	(5,815)	(6,368)	(6,801)
Operating EBIT	13,892	15,787	18,141	20,135
Financial Income/(Expense)	(439)	(500)	(450)	(400)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	962	1,048	1,132	1,245
Profit Before Tax (pre-EI)	14,415	16,336	18,823	20,980
Exceptional Items
Pre-tax Profit	14,415	16,336	18,823	20,980
Taxation	(3,646)	(4,084)	(4,706)	(5,245)
Exceptional Income - post-tax
Profit After Tax	10,770	12,252	14,117	15,735
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	10,770	12,252	14,117	15,735
Recurring Net Profit	10,770	12,252	14,117	15,735
Fully Diluted Recurring Net Profit	10,770	12,252	14,117	15,735

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	18,932	21,602	24,509	26,935
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,671)	(922)	(1,796)	(2,521)
(Incr)/Decr in Total Provisions	2,525	480	705	745
Other Non-Cash (Income)/Expense	86
Other Operating Cashflow
Net Interest (Paid)/Received	523	548	682	845
Tax Paid	(3,868)	(3,594)	(4,141)	(4,616)
Cashflow From Operations	14,527	18,115	19,959	21,389
Capex	(4,505)	(3,435)	(5,500)	(4,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(5,107)	(5,250)	(5,250)	(10,250)
Other Investing Cashflow
Cash Flow From Investing	(9,612)	(8,685)	(10,750)	(14,250)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(6,375)	(7,650)	(8,500)	(8,500)
Preferred Dividends
Other Financing Cashflow	50	50	50	50
Cash Flow From Financing	(6,325)	(7,600)	(8,450)	(8,450)
Total Cash Generated	(1,410)	1,829	759	(1,311)
Free Cashflow To Equity	4,915	9,429	9,209	7,139
Free Cashflow To Firm	5,354	9,929	9,659	7,539

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	1,159	3,007	3,816	2,555
Total Debtors	16,485	17,523	18,878	20,330
Inventories	38,274	40,056	42,777	45,664
Total Other Current Assets	2,419	2,600	2,750	2,900
Total Current Assets	58,337	63,186	68,221	71,449
Fixed Assets	28,320	27,756	26,887	24,087
Total Investments	99,719	104,719	109,719	119,719
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	128,040	132,475	136,607	143,806
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	28,431	30,042	32,222	33,940
Other Current Liabilities	10,653	11,186	11,745	12,333
Total Current Liabilities	39,084	41,228	43,967	46,272
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	4,683	5,408	6,218	7,106
Total Liabilities	43,768	46,636	50,185	53,378
Shareholders Equity	144,423	149,025	154,642	161,877
Minority Interests
Total Equity	144,423	149,025	154,642	161,877

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	3.5%	10.2%	11.0%	11.1%
Operating EBITDA Growth	1.2%	14.1%	13.5%	9.9%
Operating EBITDA Margin	11.4%	11.8%	12.1%	12.0%
Net Cash Per Share (Rs)	1.36	3.54	4.49	3.01
BVPS (Rs)	169.91	175.32	181.93	190.44
Gross Interest Cover	31.65	31.57	40.31	50.34
Effective Tax Rate	25.3%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio	59.2%	62.4%	60.2%	54.0%
Accounts Receivables Days	31.27	32.25	30.87	29.90
Inventory Days	113.40	115.52	110.61	106.02
Accounts Payables Days	82.73	86.24	83.14	79.32
ROIC (%)	30.7%	34.0%	38.8%	42.5%
ROCE (%)	9.8%	10.4%	11.5%	12.2%
Return On Average Assets	6.3%	6.7%	7.3%	7.7%

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

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

More Reports

Market Data

Source: Bloomberg