InCred Equities - Emami Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	38,092	41,429	45,370	49,811
Operating EBITDA (Rsm)	10,251	11,249	12,424	13,761
Net Profit (Rsm)	8,065	10,215	11,328	12,607
Core EPS (Rs)	18.5	21.6	24.1	27.1
Core EPS Growth	11.2%	16.8%	11.8%	12.2%
FD Core P/E (x)	32.58	25.72	23.19	20.84
DPS (Rs)	8.0	11.0	11.0	11.0
Dividend Yield	1.33%	1.83%	1.83%	1.83%
EV/EBITDA (x)	25.04	22.69	20.55	18.50
P/FCFE (x)	35.56	92.08	83.15	65.04
Net Gearing	(22.5%)	(22.1%)	(18.6%)	(17.3%)
P/BV (x)	9.75	7.70	6.48	5.46
ROE	31.4%	30.9%	28.2%	26.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	38,092	41,429	45,370	49,811
Gross Profit	26,150	28,780	31,880	35,397
Operating EBITDA	10,251	11,249	12,424	13,761
Depreciation And Amortisation	(1,782)	(998)	(1,054)	(1,111)
Operating EBIT	8,469	10,251	11,370	12,651
Financial Income/(Expense)	588	660	756	872
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	9,057	10,071	11,286	12,682
Exceptional Items
Pre-tax Profit	9,057	10,911	12,126	13,522
Taxation	(911)	(596)	(698)	(815)
Exceptional Income - post-tax
Profit After Tax	8,146	10,315	11,428	12,707
Minority Interests	(81)	(100)	(100)	(100)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,065	10,215	11,328	12,607
Recurring Net Profit	8,065	9,421	10,536	11,818
Fully Diluted Recurring Net Profit	8,065	9,421	10,536	11,818

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	10,251	11,249	12,424	13,761
Cash Flow from Invt. & Assoc.
Change In Working Capital	409	(7,075)	(3,982)	(4,438)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	681	780	876	992
Net Interest (Paid)/Received	(93)	(120)	(120)	(120)
Tax Paid	(911)	(596)	(698)	(815)
Cashflow From Operations	10,336	4,238	8,500	9,380
Capex	(564)	(1,340)	(1,340)	(1,340)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(2,342)		(4,000)	(4,000)
Other Investing Cashflow
Cash Flow From Investing	(2,906)	(1,340)	(5,340)	(5,340)
Debt Raised/(repaid)	(42)	(44)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(3,492)	(4,802)	(4,802)	(4,802)
Preferred Dividends
Other Financing Cashflow	(3,182)	3,393	1,668	1,570
Cash Flow From Financing	(6,715)	(1,453)	(3,133)	(3,231)
Total Cash Generated	715	1,445	27	809
Free Cashflow To Equity	7,389	2,853	3,160	4,040
Free Cashflow To Firm	7,524	3,018	3,280	4,160

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	6,969	8,414	8,441	9,250
Total Debtors	4,513	7,555	9,903	11,327
Inventories	3,081	5,615	7,162	8,969
Total Other Current Assets	3,023	5,732	6,267	7,975
Total Current Assets	17,586	27,317	31,774	37,521
Fixed Assets	9,994	9,496	8,942	8,332
Total Investments	2,517	2,517	6,517	10,517
Intangible Assets
Total Other Non-Current Assets	5,239	4,432	3,545	2,565
Total Non-current Assets	17,750	16,445	19,004	21,413
Short-term Debt	725	681	681	681
Current Portion of Long-Term Debt
Total Creditors	4,356	4,967	5,416	5,917
Other Current Liabilities	2,019	1,581	1,581	1,581
Total Current Liabilities	7,100	7,229	7,677	8,179
Total Long-term Debt	173	173	173	173
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	173	173	173	173
Total Provisions	1,130	2,167	2,167	2,167
Total Liabilities	8,403	9,569	10,017	10,518
Shareholders Equity	26,948	34,108	40,575	48,131
Minority Interests	(14)	86	186	286
Total Equity	26,934	34,193	40,761	48,416

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	6.5%	8.8%	9.5%	9.8%
Operating EBITDA Growth	8.0%	9.7%	10.5%	10.8%
Operating EBITDA Margin	26.9%	27.2%	27.4%	27.6%
Net Cash Per Share (Rs)	13.91	17.32	17.38	19.24
BVPS (Rs)	61.74	78.14	92.96	110.27
Gross Interest Cover	90.67	78.36	87.68	98.34
Effective Tax Rate	10.1%	5.5%	5.8%	6.0%
Net Dividend Payout Ratio	43.3%	51.2%	45.8%	40.8%
Accounts Receivables Days	45.30	53.16	70.23	77.79
Inventory Days	96.50	125.46	172.84	204.24
Accounts Payables Days	136.04	134.52	140.46	143.49
ROIC (%)	43.5%	35.8%	36.5%	37.3%
ROCE (%)	31.4%	31.9%	31.0%	29.0%
Return On Average Assets	22.2%	22.3%	20.8%	20.0%

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

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

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Market Data

Source: Bloomberg