InCred Equities - Marico Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	108,310	123,008	137,824	153,834
Operating EBITDA (Rsm)	21,390	23,598	28,117	30,460
Net Profit (Rsm)	16,290	16,875	20,953	23,500
Core EPS (Rs)	12.6	13.1	16.2	18.2
Core EPS Growth	21.7%	3.6%	24.2%	12.2%
FD Core P/E (x)	58.17	56.15	45.22	40.32
DPS (Rs)	7.9	8.9	10.9	12.1
Dividend Yield	1.26%	1.42%	1.73%	1.92%
EV/EBITDA (x)	43.61	39.47	33.17	30.62
P/FCFE (x)	66.78	277.38	53.80	53.80
Net Gearing	(41.5%)	(32.5%)	(29.1%)	(29.1%)
P/BV (x)	23.84	19.89	20.31	16.78
ROE	41.7%	38.6%	44.4%	45.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	108,310	123,008	137,824	153,834
Gross Profit	54,430	60,153	68,129	76,220
Operating EBITDA	21,390	23,598	28,117	30,460
Depreciation And Amortisation	(1,780)	(2,254)	(2,729)	(3,203)
Operating EBIT	19,610	21,344	25,388	27,257
Financial Income/(Expense)	1,550	(522)	556	1,982
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	21,160	20,822	25,943	29,239
Exceptional Items
Pre-tax Profit	21,160	20,822	25,943	29,239
Taxation	(4,580)	(3,747)	(4,791)	(5,539)
Exceptional Income - post-tax
Profit After Tax	16,580	17,075	21,153	23,700
Minority Interests	(290)	(200)	(200)	(200)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	16,290	16,875	20,953	23,500
Recurring Net Profit	16,290	16,875	20,953	23,500
Fully Diluted Recurring Net Profit	16,290	16,875	20,953	23,500

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	21,390	23,598	28,117	30,460
Cash Flow from Invt. & Assoc.
Change In Working Capital	7,790	6,757	(2,830)	(7,152)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	2,080	198	1,296	2,722
Net Interest (Paid)/Received	(530)	(720)	(740)	(740)
Tax Paid	(4,580)	(3,747)	(4,791)	(5,539)
Cashflow From Operations	26,150	26,086	21,051	19,751
Capex	(4,170)	2,118	(4,700)	(4,700)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(7,790)	(3,000)	(3,000)	(3,000)
Cash Flow From Investing	(11,960)	(4,412)	(7,700)	(7,700)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(4,530)	(13,484)	(16,436)	(18,203)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(4,530)	(13,484)	(16,436)	(18,203)
Total Cash Generated	9,660	(10,243)	1,872	1,872
Free Cashflow To Equity	14,190	3,416	17,611	17,611
Free Cashflow To Firm	14,720	4,136	18,351	18,351

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	21,520	22,917	21,789	21,789
Total Debtors	12,710	20,788	26,176	32,425
Inventories	12,350	22,331	20,867	23,290
Total Other Current Assets	6,100	5,968	6,716	7,520
Total Current Assets	52,680	69,348	71,597	71,597
Fixed Assets	18,370	20,736	22,707	24,204
Total Investments	2,300	2,300	2,300	2,300
Intangible Assets	9,460	5,708	5,708	5,708
Total Other Non-Current Assets	(1,910)	(1,910)	(1,910)	(1,910)
Total Non-current Assets	28,220	27,810	29,852	29,852
Short-term Debt	3,830	3,830	3,830	3,830
Current Portion of Long-Term Debt
Total Creditors	13,630	38,378	40,204	42,504
Other Current Liabilities
Total Current Liabilities	17,460	42,208	44,034	46,334
Total Long-term Debt		20	20	20
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities		20	20	20
Total Provisions	220	157	173	196
Total Liabilities	17,680	29,277	30,898	30,898
Shareholders Equity	39,750	47,641	46,657	56,454
Minority Interests	2,910	2,910	2,910	2,910
Total Equity	42,660	50,551	49,567	59,364

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	12.2%	13.6%	12.0%	11.6%
Operating EBITDA Growth	5.6%	10.3%	19.1%	8.3%
Operating EBITDA Margin	19.7%	19.2%	20.4%	19.8%
Net Cash Per Share (Rs)	13.71	14.78	13.91	13.91
BVPS (Rs)	30.81	36.93	36.17	43.76
Gross Interest Cover	37.00	29.64	34.31	36.83
Effective Tax Rate	21.6%	18.0%	18.5%	18.9%
Net Dividend Payout Ratio	73.0%	79.9%	78.4%	77.5%
Accounts Receivables Days	39.43	49.70	62.19	69.52
Inventory Days	87.08	100.70	113.12	103.83
Accounts Payables Days	99.72	151.01	205.77	194.48
ROIC (%)	45.1%	50.5%	52.1%	52.1%
ROCE (%)	42.6%	39.9%	38.2%	38.2%
Return On Average Assets	19.7%	17.6%	17.7%	17.7%

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

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

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Market Data

Source: Bloomberg