InCred Equities - Hindustan Aeronautics Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	269,279	297,838	332,634	384,308
Operating EBITDA (Rsm)	66,630	72,942	83,917	101,737
Net Profit (Rsm)	42,682	50,841	58,449	71,229
Core EPS (Rs)	63.8	76.0	87.4	106.5
Core EPS Growth	17.5%	19.1%	15.0%	21.9%
FD Core P/E (x)	63.57	53.37	46.42	38.09
DPS (Rs)	25.0	21.9	25.1	30.6
Dividend Yield	0.62%	0.54%	0.62%	0.76%
EV/EBITDA (x)	37.67	34.05	29.35	23.67
P/FCFE (x)	86.60	89.32	71.70	35.63
Net Gearing	(86.4%)	(84.6%)	(79.9%)	(83.9%)
P/BV (x)	11.54	10.00	8.67	7.46
ROE	20.0%	20.1%	20.0%	21.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	269,279	297,838	332,634	384,308
Gross Profit	168,099	178,703	199,581	230,585
Operating EBITDA	66,630	72,942	83,917	101,737
Depreciation And Amortisation	(17,839)	(15,386)	(16,786)	(18,386)
Operating EBIT	48,791	57,557	67,132	83,352
Financial Income/(Expense)	(579)	(579)	(579)	(579)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	11,023	8,345	8,545	8,745
Profit Before Tax (pre-EI)	59,235	65,322	75,098	91,518
Exceptional Items
Pre-tax Profit	59,235	65,322	75,098	91,518
Taxation	(16,552)	(14,481)	(16,648)	(20,289)
Exceptional Income - post-tax
Profit After Tax	42,682	50,841	58,449	71,229
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	42,682	50,841	58,449	71,229
Recurring Net Profit	42,682	50,841	58,449	71,229
Fully Diluted Recurring Net Profit	42,682	50,841	58,449	71,229

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	66,630	72,942	83,917	101,737
Cash Flow from Invt. & Assoc.	(1,700)	(7,620)	(8,820)	(10,220)
Change In Working Capital	4,556	(21,430)	(20,471)	5,953
(Incr)/Decr in Total Provisions	149
Other Non-Cash (Income)/Expense	23,813	15,386	16,786	18,386
Other Operating Cashflow	37,190
Net Interest (Paid)/Received	14,405	7,766	7,966	8,166
Tax Paid	(27,557)	(14,481)	(16,648)	(20,289)
Cashflow From Operations	88,677	37,031	46,798	87,402
Capex	(7,823)	(15,000)	(17,500)	(20,000)
Disposals Of FAs/subsidiaries	51
Acq. Of Subsidiaries/investments	(1,062)
Other Investing Cashflow	(48,509)	8,345	8,545	8,745
Cash Flow From Investing	(57,343)	(6,655)	(8,955)	(11,255)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(16,719)	(14,628)	(16,816)	(20,493)
Preferred Dividends
Other Financing Cashflow	(594)	(579)	(579)	(579)
Cash Flow From Financing	(17,313)	(15,207)	(17,396)	(21,073)
Total Cash Generated	14,020	15,169	20,447	55,074
Free Cashflow To Equity	31,333	30,376	37,843	76,147
Free Cashflow To Firm	31,912	30,955	38,422	76,726

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	203,062	229,488	249,935	305,010
Total Debtors	47,191	52,196	58,294	67,349
Inventories	121,607	134,504	150,218	173,554
Total Other Current Assets	187,092	206,934	231,110	267,012
Total Current Assets	558,950	623,122	689,558	812,925
Fixed Assets	87,112	86,727	87,441	89,055
Total Investments	13,854	13,854	13,854	13,854
Intangible Assets
Total Other Non-Current Assets	0	0	0	0
Total Non-current Assets	100,967	100,581	101,295	102,910
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	31,373	34,701	38,755	44,775
Other Current Liabilities	404,739	417,727	439,190	507,416
Total Current Liabilities	436,112	452,427	477,945	552,191
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions
Total Liabilities	436,112	452,427	477,945	552,191
Shareholders Equity	235,062	271,276	312,908	363,644
Minority Interests
Total Equity	235,062	271,276	312,908	363,644

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	9.4%	10.6%	11.7%	15.5%
Operating EBITDA Growth	23.1%	9.5%	15.0%	21.2%
Operating EBITDA Margin	24.7%	24.5%	25.2%	26.5%
Net Cash Per Share (Rs)	303.63	343.15	373.72	456.07
BVPS (Rs)	351.48	405.63	467.88	543.75
Gross Interest Cover	84.25	99.39	115.92	143.93
Effective Tax Rate	27.9%	22.2%	22.2%	22.2%
Net Dividend Payout Ratio	39.2%	28.8%	28.8%	28.8%
Accounts Receivables Days	63.44	60.90	60.62	59.67
Inventory Days	478.42	392.33	390.53	384.38
Accounts Payables Days	102.76	101.22	100.75	99.17
ROIC (%)	708.2%	206.0%	136.7%	186.1%
ROCE (%)	22.8%	22.7%	23.0%	24.6%
Return On Average Assets	7.0%	7.4%	7.8%	8.4%

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Market Data

Source: Bloomberg