InCred Equities - Emami Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	38,092	41,391	45,239	49,664
Operating EBITDA (Rsm)	10,251	11,119	12,243	13,490
Net Profit (Rsm)	8,065	8,733	9,697	10,771
Core EPS (Rs)	18.5	20.0	22.2	24.7
Core EPS Growth	10.6%	8.3%	11.0%	11.1%
FD Core P/E (x)	31.57	29.16	26.26	23.64
DPS (Rs)
Dividend Yield	2.16%	2.49%	2.49%	2.49%
EV/EBITDA (x)	24.25	22.23	20.01	17.94
P/FCFE (x)	34.46	32.51	29.40	27.35
Net Gearing	(22.5%)	(25.7%)	(30.1%)	(34.4%)
P/BV (x)	9.45	8.68	7.79	6.86
ROE	31.4%	31.0%	31.3%	30.8%
% 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	41,391	45,239	49,664
Gross Profit	26,150	28,394	31,124	34,218
Operating EBITDA	10,251	11,119	12,243	13,490
Depreciation And Amortisation	(1,782)	(2,049)	(2,103)	(2,157)
Operating EBIT	8,469	9,070	10,140	11,333
Financial Income/(Expense)	588	799	806	813
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	9,057	9,869	10,946	12,146
Exceptional Items
Pre-tax Profit	9,057	9,869	10,946	12,146
Taxation	(911)	(1,036)	(1,149)	(1,275)
Exceptional Income - post-tax
Profit After Tax	8,145	8,833	9,797	10,871
Minority Interests	(81)	(100)	(100)	(100)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,065	8,733	9,697	10,771
Recurring Net Profit	8,065	8,733	9,697	10,771
Fully Diluted Recurring Net Profit	8,065	8,733	9,697	10,771

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	10,251	11,119	12,243	13,490
Cash Flow from Invt. & Assoc.
Change In Working Capital	409	(1,248)	(1,438)	(1,919)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	681	844	851	858
Net Interest (Paid)/Received	(93)	(45)	(45)	(45)
Tax Paid	(911)	(1,036)	(1,149)	(1,275)
Cashflow From Operations	10,336	9,633	10,462	11,109
Capex	(564)	(1,800)	(1,800)	(1,800)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(2,342)
Other Investing Cashflow
Cash Flow From Investing	(2,906)	(1,800)	(1,800)	(1,800)
Debt Raised/(repaid)	(42)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(5,500)	(6,329)	(6,329)	(6,329)
Preferred Dividends
Other Financing Cashflow	(1,174)	(17)
Cash Flow From Financing	(6,715)	(6,347)	(6,329)	(6,329)
Total Cash Generated	715	1,487	2,332	2,980
Free Cashflow To Equity	7,389	7,833	8,662	9,309
Free Cashflow To Firm	7,524	7,878	8,706	9,354

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	6,969	8,456	10,788	13,768
Total Debtors	4,513	5,477	6,234	7,347
Inventories	3,081	3,658	4,370	5,205
Total Other Current Assets	3,023	3,097	3,381	3,708
Total Current Assets	17,586	20,688	24,774	30,029
Fixed Assets	9,994	9,745	9,442	9,085
Total Investments	2,517	2,517	2,517	2,517
Intangible Assets
Total Other Non-Current Assets	5,239	5,239	5,239	5,239
Total Non-current Assets	17,750	17,501	17,198	16,841
Short-term Debt	725	725	725	725
Current Portion of Long-Term Debt
Total Creditors	4,356	4,723	5,038	5,395
Other Current Liabilities	2,019	2,019	2,019	2,019
Total Current Liabilities	7,100	7,467	7,782	8,138
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	1,130	1,130	1,130
Total Liabilities	8,403	8,770	9,085	9,441
Shareholders Equity	26,948	29,334	32,701	37,143
Minority Interests	(14)	86	186	286
Total Equity	26,934	29,420	32,887	37,428

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	6.5%	8.7%	9.3%	9.8%
Operating EBITDA Growth	8.0%	8.5%	10.1%	10.2%
Operating EBITDA Margin	26.9%	26.9%	27.1%	27.2%
Net Cash Per Share (Rs)	13.91	17.32	22.66	29.49
BVPS (Rs)	61.74	67.20	74.92	85.09
Gross Interest Cover	90.67	203.37	227.37	254.12
Effective Tax Rate	10.1%	10.5%	10.5%	10.5%
Net Dividend Payout Ratio	68.2%	72.5%	65.3%	58.8%
Accounts Receivables Days	45.30	44.05	47.25	49.91
Inventory Days	96.50	94.63	103.79	113.14
Accounts Payables Days	136.04	127.49	126.21	123.27
ROIC (%)	43.5%	44.3%	46.9%	48.9%
ROCE (%)	29.3%	30.7%	32.1%	31.9%
Return On Average Assets	22.2%	21.9%	22.4%	22.6%

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

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

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg