InCred Equities - Jindal Steel and Power

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	500,268	497,650	540,332	571,162
Operating EBITDA (Rsm)	102,258	94,942	117,161	118,680
Net Profit (Rsm)	59,636	28,212	53,690	49,725
Core EPS (Rs)	59.5	36.2	53.6	49.6
Core EPS Growth	44.5%	(39.2%)	48.0%	(7.4%)
FD Core P/E (x)	16.18	34.21	17.97	19.41
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	10.58	11.87	9.86	9.78
P/FCFE (x)	116.66	(43.86)	91.72	46.63
Net Gearing	25.0%	33.0%	35.1%	33.0%
P/BV (x)	2.18	2.05	1.84	1.68
ROE	14.4%	7.9%	10.8%	9.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	500,268	497,650	540,332	571,162
Gross Profit	280,068	262,052	290,455	302,668
Operating EBITDA	102,258	94,942	117,161	118,680
Depreciation And Amortisation	(28,218)	(27,676)	(28,719)	(30,200)
Operating EBIT	74,040	67,266	88,443	88,480
Financial Income/(Expense)	(12,942)	(13,121)	(14,521)	(15,922)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,566	1,675	1,675	1,675
Profit Before Tax (pre-EI)	62,664	55,821	75,597	74,234
Exceptional Items		(12,295)
Pre-tax Profit	62,664	43,526	75,597	74,234
Taxation	(2,979)	(14,979)	(21,906)	(24,509)
Exceptional Income - post-tax
Profit After Tax	59,685	28,548	53,690	49,725
Minority Interests	(49)	(336)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	59,636	28,212	53,690	49,725
Recurring Net Profit	59,636	36,276	53,690	49,725
Fully Diluted Recurring Net Profit	59,636	36,276	53,690	49,725

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	102,258	94,942	117,161	118,680
Cash Flow from Invt. & Assoc.
Change In Working Capital	(36,522)	(36,880)	20,346	(4,102)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	17,133	30,031	76	82
Other Operating Cashflow	(15,077)	(27,456)	(27,616)	(31,420)
Net Interest (Paid)/Received	(14,459)	(13,121)	(14,521)	(15,922)
Tax Paid	6,751	14,979	21,906	24,509
Cashflow From Operations	60,084	62,495	117,352	91,826
Capex	(84,266)	(94,500)	(131,830)	(81,130)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	825
Cash Flow From Investing	(83,441)	(94,500)	(131,830)	(81,130)
Debt Raised/(repaid)	31,630	10,000	25,000	10,000
Proceeds From Issue Of Shares	(1,608)
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(16,212)	(13,121)	(14,521)	(15,922)
Cash Flow From Financing	13,811	(3,121)	10,479	(5,922)
Total Cash Generated	(9,547)	(35,125)	(3,999)	4,775
Free Cashflow To Equity	8,273	(22,005)	10,522	20,696
Free Cashflow To Firm	(8,898)	(18,884)	43	26,618

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	46,938	11,813	7,813	12,588
Total Debtors	16,645	19,044	23,539	27,810
Inventories	70,774	69,350	73,644	77,329
Total Other Current Assets	43,125	79,988	83,431	86,875
Total Current Assets	177,483	180,194	188,428	204,602
Fixed Assets	554,012	620,836	723,947	774,877
Total Investments	1,491	1,491	1,491	1,491
Intangible Assets	554	554	554	554
Total Other Non-Current Assets	53,612	53,612	53,612	53,612
Total Non-current Assets	609,669	676,494	779,605	830,535
Short-term Debt	58,378	58,378	58,378	58,378
Current Portion of Long-Term Debt
Total Creditors	46,815	46,241	49,751	52,825
Other Current Liabilities	54,902	56,434	85,502	89,725
Total Current Liabilities	160,096	161,053	193,631	200,929
Total Long-term Debt	100,585	110,585	135,585	145,585
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	15,443	46,738	46,738	46,738
Total Non-current Liabilities	116,028	157,323	182,323	192,323
Total Provisions	63,522	62,258	62,334	62,415
Total Liabilities	339,645	380,634	438,288	455,668
Shareholders Equity	443,160	471,708	525,398	575,123
Minority Interests	4,346	4,346	4,346	4,346
Total Equity	447,507	476,054	529,744	579,470

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(5.1%)	(0.5%)	8.6%	5.7%
Operating EBITDA Growth	2.9%	(7.2%)	23.4%	1.3%
Operating EBITDA Margin	20.4%	19.1%	21.7%	20.8%
Net Cash Per Share (Rs)	(111.76)	(156.77)	(185.70)	(190.92)
BVPS (Rs)	442.10	470.58	524.14	573.75
Gross Interest Cover	5.72	5.13	6.09	5.56
Effective Tax Rate	4.8%	34.4%	29.0%	33.0%
Net Dividend Payout Ratio
Accounts Receivables Days	9.63	13.09	14.38	16.41
Inventory Days	107.45	108.54	104.44	102.62
Accounts Payables Days	77.76	72.08	70.11	69.72
ROIC (%)	11.6%	9.1%	10.7%	10.1%
ROCE (%)	11.9%	9.8%	11.9%	10.9%
Return On Average Assets	9.8%	6.6%	7.5%	6.6%

(91) 22 4161 1562 satish.kumar@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com

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Market Data

Source: Bloomberg