Company Overview - ACLCables

ACLCables

Valuation

FY24E and FY25E
Revenue	12000	13000	25000

Period		3Q24E	4Q24E	FY24E	1Q25	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Revenue

Valuation		Rs.Million	Price per Share (Rs.)	Share	Adjusted Valuation
DCF Valuation				%
Price to Earnings				%
Price to Book Value				%
Price to Sales				%
EV to EBITDA				%
Blended Valuation (Rs.)

Options

Checkbox

REVENUE		FY25E to FY29E
Manufacturing Cables	YoY%	-2.9
Manufacturing PVC Compound	YoY%	-73.4
Others	YoY%	0
Segment	YoY%	0
Other	YoY%	0
nan	YoY%	nan
COSTS
Excise Duty	% of Rev.	nan
COGS	% of Rev.	74.3
Administration	% of Rev.	3.9
Selling & Distribution	% of Rev.	5.2
Capital Expenditure	% of Rev.	0.5
OTHER
Depreciation charge	% of Rev.	1.2
2.1 Accounts and notes receivables	% of Rev.	22.4
2.2 Inventories	% of COGS	51.4
2.3 Prepayments	% of Rev.	0
2.4 Accounts payable	% of COGS	7.8
2.5 Other	% of COGS	0.0
Issuance of debt	Rs.Millions	N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate	%	nan
Long Term Debt Current Portion	Rs.Millions	0.0
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions	Rs.Millions	0.0
Right of Use Assets - Amortisation Rate	%	37.6
Intangible Assets - Additions	Rs.Millions	0.0
Intangible Assets - Amortisation Rate	%	0.0
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	12.6
Lease Liabilities Current Portion	Rs.Millions	9.7
Average Interest Income Rate	%	839.4
Effective Tax Rate (%)	%	0

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REVENUE		FY25E to FY29E
Manufacturing Cables	YoY%
Manufacturing PVC Compound	YoY%
Others	YoY%
Segment	YoY%
Other	YoY%
nan	YoY%
COSTS
Excise Duty	% of Rev.
COGS	% of Rev.
Administration	% of Rev.
Selling & Distribution	% of Rev.
Capital Expenditure	% of Rev.
OTHER
Depreciation charge	% of Rev.
2.1 Accounts and notes receivables	% of Rev.
2.2 Inventories	% of COGS
2.3 Prepayments	% of Rev.
2.4 Accounts payable	% of COGS
2.5 Other	% of COGS
Issuance of debt	Rs.Millions	N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate
Long Term Debt Current Portion	Rs.Millions
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions	Rs.Millions
Right of Use Assets - Amortisation Rate	%
Intangible Assets - Additions	Rs.Millions
Intangible Assets - Amortisation Rate	%
Lease Repayments	Rs.	N/A
Lease Liabilities Current Portion	Rs.Millions
Lease Interest Rate	%
Average Interest Income Rate	%
Effective Tax Rate (%)	%

Standard
Customized

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
	Total Revenue		22,619.1	35,328.7	30,146.8	6,551.8	6,969.9	29,196.3	8,725.8
	YoY%		2107.3	5619.0	-1466.8				-315.3	3318.1

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Manufacturing Cables	22,474.6	35,111.0	30,022.9	0.0	6,549.8	6,960.3	29,163.4	8,701.6
	YoY	21.2	56.2	-14.5				-2.9	32.9
SC01	Manufacturing Cables	22,474.6	35,111.0	30,022.9				29,163.4
	LY YoY%	21.2	56.2	-14.5				-2.9		-2.9	-2.9	-2.9	-2.9	-2.9
SC02	Manufacturing Cables	22,474.6	35,111.0	30,022.9				29,163.4
	LY YoY%	21.2	56.2	-14.5				-2.9
SC03	Manufacturing Cables	22,474.6	35,111.0	30,022.9				29,163.4
	LY YoY%	21.2	56.2	-14.5				-2.9

2	Manufacturing PVC Compound	144.5	217.7	123.9	0.0	2.0	9.6	32.9	24.2
	YoY	13.3	50.6	-43.1				-73.4	1116.9
SC01	Manufacturing PVC Compound	144.5	217.7	123.9				32.9
	LY YoY%	13.3	50.6	-43.1				-73.4		-73.4	-73.4	-73.4	-73.4	-73.4
SC02	Manufacturing PVC Compound	144.5	217.7	123.9				32.9
	LY YoY%	13.3	50.6	-43.1				-73.4
SC03	Manufacturing PVC Compound	144.5	217.7	123.9				32.9
	LY YoY%	13.3	50.6	-43.1				-73.4

3	Others	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	YoY	nan	nan	nan				0	nan
SC01	Others	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0		0	0	0	0	0
SC02	Others	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0
SC03	Others	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0

4	Segment	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	YoY	nan	nan	nan				0	nan
SC01	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0		0	0	0	0	0
SC02	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0
SC03	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0

5	Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	0	0	0	0				0	0
SC01	Other	0.0	0.0	0.0				0.0
	LY YoY%	0	0	0				0		0	0	0	0	0
SC02	Other	0.0	0.0	0.0				0.0
	LY YoY%	0	0	0				0
SC03	Other	0.0	0.0	0.0				0.0
	LY YoY%	0	0	0				0

6	nan	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan	nan
SC01	nan	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan		nan	nan	nan	nan	nan
SC02	nan	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan
SC03	nan	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan

	Std vs. Cus. Revenue	22,619.1	35,328.7	30,146.8	6,551.8	6,969.9	29,196.3
SC01	S01Total Revenue	22,619.1	35,328.7	30,146.8	6,551.8	6,969.9	29,196.3
SC02	S02Total Revenue	22,619.1	35,328.7	30,146.8	6,551.8	6,969.9	29,196.3
SC03	S03Total Revenue	22,619.1	35,328.7	30,146.8	6,551.8	6,969.9	29,196.3

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		22,619.1	35,328.7	30,146.8			29,196.3	8,725.8
	YoY%		2107.3	5619.0	-1466.8				-315.3	3318.1

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Manufacturing Cables

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	YoY%
	nan	nan	nan	nan		nan
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Segment Revenue	nan	nan	nan	nan
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
2	Manufacturing PVC Compound

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan		}	nan
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan		}	nan
	YoY%
	Segment Revenue	nan	nan	nan	nan
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
3	Others
	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan		}	nan
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan			nan
	YoY%
	Segment Revenue	nan	nan	nan	nan
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
4	Segment
	nan	nan	nan	nan			nan
	YoY%
	nan	nan	nan	nan			nan
	YoY%
	Segment Revenue	0.0	0.0	0.0	0.0	0.0
	YoY%

	Rs. Millions	FY25E
5
		}
	YoY%
		}
	YoY%
	Segment Revenue
	YoY%

	Rs. Millions	FY25E
6
		}
	YoY%
		}
	YoY%
	Segment Revenue
	YoY%

	Rs. Millions	FY21	FY22	FY23			FY28E	FY29E
1	Excise Duty	nan	nan	nan	nan	nan
	- As a % of sales	nan%	nan%	nan%	nan%	nan%
SC01	Excise Duty	nan	nan	nan	nan	nan
	- As a % of sales	nan%	nan%	nan%	nan%	nan%	nan%	nan%	nan%	nan%	nan%
SC02	Excise Duty	nan	nan	nan	nan	nan
	- As a % of sales	nan%	nan%	nan%	nan%	nan%
SC03	Excise Duty	nan	nan	nan	nan	nan
	-As a % of Sales	nan%	nan%	nan%	nan%	nan%
	Excise Duty selection
	Excise Duty % selection

	Rs. Millions	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E	4Q25E	FY28E	FY29E
1	Cost of Sales	18,779.0	27,396.6	19,158.5	0.0	4,971.4	5,091.9	22,053.0	6,375.5
	Depreciation	352.1	326.5	400.8				347.2	86.3
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	Cost of Sales net of Depreciation	18,426.9	27,070.1	18,757.7	0.0	4,971.4	5,091.9	21,705.7	6,289.1
	- As a % of sales	81.5%	76.6%	62.2%	nan%	-1.5%	-1.3%	74.3%	72.1%
SC01	COGS	18,779.0	27,396.6	19,158.5				22,053.0	6,375.5
	Depreciation	352.1	326.5	400.8				347.2	86.3
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	COGS	18,426.9	27,070.1	18,757.7				21,705.7	6,289.1
	- As a % of sales	81.5%	76.6%	62.2%				74.3%	72.1%	74.3%	74.3%	74.3%	74.3%	74.3%
SC02	COGS	18,779.0	27,396.6	19,158.5				22,053.0	6,375.5
	Depreciation	352.1	326.5	400.8				347.2	86.3
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	COGS	18,426.9	27,070.1	18,757.7				21,705.7	6,289.1
	- As a % of sales	81.5%	76.6%	62.2%				74.3%	72.1%	71.1%	71.1%	71.1%	71.1%	71.1%
SC03	COGS	18,779.0	27,396.6	19,158.5				22,053.0	6,375.5
	Depreciation	352.1	326.5	400.8				347.2	86.3
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	COGS	18,426.9	27,070.1	18,757.7				21,705.7	6,289.1
	- As a % of sales	81.5%	76.6%	62.2%				74.3%	72.1%
	COGS selection
	COGS% selection

2	Administration Expenses	634.6	932.1	1,009.0	0.0	204.1	334.3	1,137.7	264.8
	Amortisation of Intangible Assets	0.2	7.7	0.0				0.0	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration Expenses Net of Amortisation of Intangible Assets	634.4	924.4	1,009.0	0.0	204.1	334.3	1,137.7	264.8
	- As a % of sales	2.8%	2.6%	3.3%	nan%	3.1%	4.8%	3.9%	3.0%
SC01	Administration Expenses	634.6	932.1	1,009.0				1,137.7	264.8
	Amortisation of Intangible Assets	0.2	7.7	0.0				0.0	0.0
SC01	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	634.4	924.4	1,009.0				1,137.7	264.8
	- As a % of sales	2.8%	2.6%	3.3%				3.9%	3.0%	3.9%	3.9%	3.9%	3.9%	3.9%
SC02	Administration Expenses	634.6	932.1	1,009.0				1,137.7	264.8
	Amortisation of Intangible Assets	0.2	7.7	0.0				0.0	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	634.4	924.4	1,009.0				1,137.7	264.8
	- As a % of sales	2.8%	2.6%	3.3%				3.9%	3.0%	3.3%	3.3%	3.3%	3.3%	3.3%
SC03	Administration Expenses	634.6	932.1	1,009.0				1,137.7	264.8
	Amortisation of Intangible Assets	0.2	7.7	0.0				0.0	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	634.4	924.4	1,009.0				1,137.7	264.8
	- As a % of sales	2.8%	2.6%	3.3%				3.9%	3.0%
	Admin selection

	Selling & Distribution Expenses	1,166.2	1,122.2	1,444.3	0.0	322.1	322.5	1,520.2	425.7
	Amortisation of Right of Use Assets	6.9	6.8	7.1				7.0	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
	Selling & Distribution Expenses Net of Amortisation of Intangible Assets	1,159.3	1,115.3	1,437.2	0.0	322.1	322.5	1,513.2	425.7
	- As a % of sales	5.1%	3.2%	4.8%	nan%	4.9%	4.6%	5.2%	4.9%
SC01	S&D	1,166.2	1,122.2	1,444.3				1,520.2	425.7
	Amortisation of Right of Use Assets	6.9	6.8	7.1				6.9	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
	Selling & Distribution	1,159.3	1,115.3	1,437.2				1,513.2	425.7
	- As a % of sales	5.1%	3.2%	4.8%				5.2%	4.9%	5.2%	5.2%	5.2%	5.2%	5.2%
SC02	s&D	1,166.2	1,122.2	1,444.3				1,520.2	425.7
	Amortisation of Right of Use Assets	6.9	6.8	7.1				6.9	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
SC02	Selling & Distribution	1,159.3	1,115.3	1,437.2				1,513.2	425.7
SC02	- As a % of sales	5.1%	3.2%	4.8%				5.2%	4.9%	4.4%	4.4%	4.4%	4.4%	4.4%
SC03	S&D	1,166.2	1,122.2	1,444.3				1,520.2	425.7
	Amortisation of Right of Use Assets	6.9	6.8	7.1				6.9	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
SC03	Selling & Distribution	1,159.3	1,115.3	1,437.2				1,513.2	425.7
	- As a % of sales	5.1%	3.2%	4.8%				5.2%	4.9%
	Sd selection

4	Capital Expenditure	201.0	202.2	185.6	0.0	36.4	43.8	0	141.5	166.7	0	0	0
	- As a % of sales	0.9%	0.6%	0.6%	nan%	0.6%	0.6%		0.5%	1.9%
SC01	Capital Expenditure	201.0	202.2	185.6					141.5	166.7
	- As a % of sales	0.9%	0.6%	0.6%					0.5%					0.5%	0.5%	0.5%	0.5%	0.5%
SC02	Capital Expenditure	201.0	202.2	185.6					141.5	166.7
	- As a % of sales	0.9%	0.6%	0.6%					0.5%					0.6%	0.6%	0.6%	0.6%	0.6%
SC03	Capital Expenditure	201.0	202.2	185.6					141.5	166.7
	- As a % of sales	0.9%	0.6%	0.6%					0.5%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	7,032.5	8,069.1	8,428.6	8,069.1	8,626.6	8,663.0	8,706.7	8,626.6	9,078.8	9,245.5	9,078.8
	Capital Expenditure	201.0	202.2	185.6	0.0	36.4	43.8	222		166.7
	Adjustments	835.5	157.4	12.4					310.7	0.0		0.0
	Balance C/F	8,069.1	8,428.6	8,626.6	8,069.1	8,663.0	8,706.7		9,078.8	9,245.5
SC01	Balance B/F	7,032.5	8,069.1	8,428.6					8,626.6	9,078.8	9,245.5	9,078.8
	Capital Expenditure	201.0	202.2	185.6					141.5	166.7
	Adjustments	835.5	157.4	12.4					310.7	0.0		0.0
	Balance C/F	8,069.1	8,428.6	8,626.6					9,078.8	9,245.5
SC02	Balance B/F	7,032.5	8,069.1	8,428.6					8,626.6	9,078.8	9,245.5	9,078.8
	Capital Expenditure	201.0	202.2	185.6					141.5	166.7
	Adjustments	835.5	157.4	12.4					310.7	0.0		0.0
	Balance C/F	8,069.1	8,428.6	8,626.6					9,078.8	9,245.5
SC03	Balance B/F	7,032.5	8,069.1	8,428.6					8,626.6	9,078.8	9,245.5	9,078.8
	Capital Expenditure	201.0	202.2	185.6					141.5	166.7
	Adjustments	835.5	157.4	12.4					310.7	0.0		0.0
	Balance C/F	8,069.1	8,428.6	8,626.6					9,078.8	9,245.5

1.1	Depreciation (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Balance B/F	2,271.1	2,619.3	2,945.6	2,945.6	3,022.4	3,118.2	3,211.5		3,022.4	2,839.8				2,890.9	2,839.8
	Depreciation charge	352.1	326.5	400.8	0.0	95.8	93.3			347.2	86.3
	- As a % of sales	1.6%	0.9%	1.3%	nan%	1.5%	1.3%			1.2%	1.0%
	Balance C/F	2,619.3	2,945.6	3,022.4	2,945.6	3,118.2	3,211.5	0	0	2,839.8	2,890.9	0	0	0	0	0	0	0	0	0
	Adjustments	-3.9	-0.2	-324.0						-529.7	-35.3					-35.3
	Net Book Value at end	5,449.8	5,483.0	5,604.2	0.0	5,443.6	5,412.3			6,238.9	6,354.6
SC01	Balance B/F	2,271.1	2,619.3	2,945.6						3,022.4	2,839.8				2,890.9	2,839.8
SC01	Depreciation charge	352.1	326.5	400.8						347.2	86.3
	- As a % of sales	1.6%	0.9%	1.3%						1.2%	1.0%						1.2%	1.2%	1.2%	1.2%	1.2%
	Balance C/F	2,619.3	2,945.6	3,022.4						2,839.8	2,890.9
	Adjustments	-3.9	-0.2	-324.0						-529.7	-35.3					-35.3
	Net Book Value at end	5,449.8	5,483.0	5,604.2						6,238.9	6,354.6
SC02	Balance B/F	2,271.1	2,619.3	2,945.6						3,022.4	2,839.8				2,890.9	2,839.8
SC02	Depreciation charge	352.1	326.5	400.8						347.2	86.3
	- As a % of sales	1.6%	0.9%	1.3%						1.2%	1.0%
	Balance C/F	2,619.3	2,945.6	3,022.4						2,839.8	2,890.9
	Adjustments	-3.9	-0.2	-324.0						-529.7	-35.3					-35.3
	Net Book Value at end	5,449.8	5,483.0	5,604.2						6,238.9	6,354.6
SC03	Balance B/F	2,271.1	2,619.3	2,945.6						3,022.4	2,839.8				2,890.9	2,839.8
SC03	Depreciation charge	352.1	326.5	400.8						347.2	86.3
	- As a % of sales	1.6%	0.9%	1.3%						1.2%	1.0%
	Balance C/F	2,619.3	2,945.6	3,022.4						2,839.8	2,890.9
	Adjustments	-3.9	-0.2	-324.0						-529.7	-35.3					-35.3
	Net Book Value at end	5,449.8	5,483.0	5,604.2						6,238.9	6,354.6
SELECT	Depreciation selection
	NBV selection

2	Working Capital

	Rs. Millions	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E	4Q25E	FY28E	FY29E
	2.1 Accounts and notes receivables	8,964.8	8,366.6	6,498.1	0.0	6,517.6	6,390.2	6,551.8	7,597.1
	- As a % of sales	39.6	23.7	21.6	nan	99.5	91.7	22.4	24.0
	Four Qtr Cum. Revenue				6,969.9	13,521.7	nan
	Four Qtr Cum. COGS				-5,091.9	-10,063.3	-10,063.3
SC01	2.1 Accounts and notes receivables	8,964.8	8,366.6	6,498.1				6,551.8
	- As a % of sales	39.6	23.7	21.6				22.4		22.4	22.4	22.4	22.4	22.4
SC02	2.1 Accounts and notes receivables	8,964.8	8,366.6	6,498.1				6,551.8
	- As a % of sales	39.6	23.7	21.6				22.4		22.6	22.6	22.6	22.6	22.6
	Four Qtr Cum. Revenue				6,969.9	13,521.7	nan
SC03	2.1 Accounts and notes receivables	8,964.8	8,366.6	6,498.1				6,551.8
	- As a % of sales	39.6	23.7	21.6				22.4
	Four Qtr Cum. COGS				-5,091.9	-10,063.3	-10,063.3
	Debtors selection

	2.2 Inventories	7,901.8	9,346.7	11,719.9	0.0	11,347.4	11,422.8	11,327.2	11,626.1
	- As a % of COGS	42.1	34.1	61.2	nan	228.3	224.3	51.4	49.6
SC01	2.2 Inventories	7,901.8	9,346.7	11,719.9				11,327.2
	- As a % of COGS	42.1	34.1	61.2				51.4		51.4	51.4	51.4	51.4	51.4
SC02	2.2 Inventories	7,901.8	9,346.7	11,719.9				11,327.2
	- As a % of COGS	42.1	34.1	61.2				51.4		48.9	48.9	48.9	48.9	48.9
SC03	2.2 Inventories	7,901.8	9,346.7	11,719.9				11,327.2
	- As a % of COGS	42.1	34.1	61.2				51.4
	Stocks selection
	Stocks share selection

	2.3 Prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	- As a % of sales	0	0	0	nan	0	0	0	0
SC01	2.3 Prepayments	0.0	0.0	0.0				0.0
	- As a % of sales	0	0	0				0		0	0	0	0	0
SC02	2.3 Prepayments	0.0	0.0	0.0				0.0
	- As a % of sales	0	0	0				0		0.0	0.0	0.0	0.0	0.0
SC03	2.3 Prepayments	0.0	0.0	0.0				0.0
	- As a % of sales	0	0	0				0
	Prepayment selection

	2.4 Accounts payable	6,551.5	5,085.1	900.2	0.0	479.9	1,173.4	1,729.4	886.6
	- As a % of COGS	34.9	18.6	4.7	nan	9.7	23.0	7.8	3.8
SC01	2.4 Accounts payable	6,551.5	5,085.1	900.2				1,729.4
	- As a % of COGS	34.9	18.6	4.7				7.8		7.8	7.8	7.8	7.8	7.8
SC02	2.4 Accounts payable	6,551.5	5,085.1	900.2				1,729.4
	- As a % of COGS	34.9	18.6	4.7				7.8		10.4	10.4	10.4	10.4	10.4
SC03	2.4 Accounts payable	6,551.5	5,085.1	900.2				1,729.4
	- As a % of COGS	34.9	18.6	4.7				7.8
	Payable selection
	Payable Share selection

2.5 Other
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0
2.5 Other
- As a % of COGS	0.0	0.0	0.0					0.0		0.0	0.0	0.0	0.0	0.0
2.5 Other
- As a % of COGS	0.0	0.0	0.0					0.0
2.5 Other
- As a % of COGS	0.0	0.0	0.0					0.0
Other selection
Other Share selection
Working Capital
SC01 Working Capital
SC02 Working Capital
SC03 Working CapitalXXXXX
SC04 & 05 Change in WC						1,168.0	-2,186.9
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						1,168.0	-2,186.9
SC01 Change in WC - Balance Period
SC02 Change in WC						1,168.0	-2,186.9
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						1,168.0	-2,186.9
SC03 Change in WC - Balance Period
CWC selection
CWC selection - Balance Period

3	Interest Bearing Debt (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Opening balance	1,130.4	1,094.9	1,507.3	1,507.3	705.7	705.7	705.7		705.7	335.2				269.2	335.2
	Issuance of debt	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Repayment of debt	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Net of Payments	-35.5	412.4	-801.6						-370.5	-66.0					-66.0
	Adjustments	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0					0.0
	Closing balance	1,094.9	1,507.3	705.7	1,507.3	705.7	705.7			335.2	269.2
	Current Portion of Long Term Debt	0.0	0.0	0.0						0.0	0.0
	Interest Expenses	nan	nan	nan	nan	nan	nan			nan	nan
	Average Interest rate (%)	nan	nan	nan	nan	nan	nan	%	%	nan	nan	%	%	%		%	%	%	%	%
SC01	Opening balance	1,130.4	1,094.9	1,507.3						705.7	335.2				269.2	335.2
	Issuance of debt	0.0	0.0	0.0						0.0	0.0					0.0	0.0	0.0	0.0	0.0
	Repayment of debt	0.0	0.0	0.0						0.0	0.0
	Net of Payments	-35.5	412.4	-801.6						-370.5	-66.0					-66.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Closing balance	1,094.9	1,507.3	705.7						335.2	269.2
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Interest Expenses	nan	nan	nan						nan	nan
	Average Interest rate (%)	nan	nan	nan						nan						nan	nan	nan	nan	nan
SC02	Opening balance	1,130.4	1,094.9	1,507.3						705.7	335.2			269.2	335.2
	Issuance of debt	0.0	0.0	0.0						0.0	0.0				0.0	0.0	0.0	0.0	0.0
	Repayment of debt	0.0	0.0	0.0						0.0	0.0
	Net of Payments	-35.5	412.4	-801.6						-370.5	-66.0
	Closing balance	1,094.9	1,507.3	705.7						335.2	269.2
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Interest Expenses	nan	nan	nan						nan	nan
	Average Interest rate (%)	nan	nan	nan						nan
SC03	Opening balance	1,130.4	1,094.9	1,507.3						705.7	335.2				269.2	335.2
	Issuance of debt	0.0	0.0	0.0						0.0	0.0
	Repayment of debt	0.0	0.0	0.0						0.0	0.0
	Net of Payments	-35.5	412.4	-801.6						-370.5	-66.0					-66.0
	Closing balance	1,094.9	1,507.3	705.7						335.2	269.2
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Interest Expenses	nan	nan	nan						nan	nan
	Average Interest rate (%)	nan	nan	nan						nan							%	%	%	%	%
	Int. Rate Expense selection
	Int. Expense selection
	Debt Borrowing selection
	Debt Repay selection
	Debt NET PAY Selection
	Debt Bal BS selection
	Current Portion of LT Debt selection
	LT Int Exp Rate selection

Short Term Debt (Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
Opening balance	4,261.9	2,591.6	4,504.0	2,687.3	1,500.1	1,649.6	1,500.1
Issuance of debt	0.0	0.0	0.0	0.0	0.0
Repayment of debt	0.0	0.0	0.0	0.0	0.0
Net of Payments	-1,670.2	1,896.7	-1,816.7	-1,187.2	149.5
Adjustments	0.0	15.7	0.0	0.0	0.0		0.0
Closing balance	2,591.6	4,504.0	2,687.3	1,500.1	1,649.6
Interest Expenses	nan	nan	nan	nan	nan
Average Interest rate (%)	nan	nan	nan	nan	nan		%	%	%	%	%

SC01	Opening balance	4,261.9	2,591.6	4,504.0	2,687.3	1,500.1	1,649.6	1,500.1
	Issuance of debt	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments	-1,670.2	1,896.7	-1,816.7	-1,187.2	149.5
	Adjustments	0.0	15.7	0.0	0.0	0.0		0.0
	Closing balance	2,591.6	4,504.0	2,687.3	1,500.1	1,649.6
	Interest Expenses	nan	nan	nan	nan	nan
	Average Interest rate (%)	nan	nan	nan	nan	nan

SC02	Opening balance	4,261.9	2,591.6	4,504.0	2,687.3	1,500.1	1,649.6	1,500.1
	Issuance of debt	0.0	0.0	0.0	0.0	0.0
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments	-1,670.2	1,896.7	-1,816.7	-1,187.2	149.5
	Adjustments	0.0	15.7	0.0	0.0	0.0		0.0
	Closing balance	2,591.6	4,504.0	2,687.3	1,500.1	1,649.6
	Interest Expenses	nan	nan	nan	nan	nan
	Average Interest rate (%)	nan	nan	nan	nan	nan

SC03	Opening balance	4,261.9	2,591.6	4,504.0	2,687.3	1,500.1	1,649.6	1,500.1
	Issuance of debt	0.0	0.0	0.0	0.0	0.0
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments	-1,670.2	1,896.7	-1,816.7	-1,187.2	149.5
	Adjustments	0.0	15.7	0.0	0.0	0.0		0.0
	Closing balance	2,591.6	4,504.0	2,687.3	1,500.1	1,649.6
	Interest Expenses	nan	nan	nan	nan	nan
	Average Interest rate (%)	nan	nan	nan	nan	nan
	Short Term Int. Expense selection
	Short Term Debt Bal. Selection

Overdraft(Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
Opening balance	928.9	162.7	353.7	888.2	69.3	413.6	69.3
Issuance of debt	nan	nan	nan	nan	nan
Repayment of debt	0.0	0.0	0.0	0.0	0.0
Net of Payments
Adjustments	-766.1	191.0	534.5	-819.0	344.3		344.3
Closing balance	162.7	353.7	888.2	69.3	413.6
Interest Expenses	0.0	0.0	0.0	0.0	0.0
Average Interest rate (%)	0	0	0	0	0		%	%	%	%	%

SC01	Opening balance	928.9	162.7	353.7	888.2	69.3	413.6	69.3
	Issuance of debt	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance	162.7	353.7	888.2	69.3	413.6
	Adjustments	-766.1	191.0	534.5	-819.0	344.3		344.3
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0

SC02	Opening balance	928.9	162.7	353.7	888.2	69.3	413.6	69.3
	Issuance of debt	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance	162.7	353.7	888.2	69.3	413.6
	Adjustments	-766.1	191.0	534.5	-819.0	344.3		344.3
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0

SC03	Opening balance	928.9	162.7	353.7	888.2	69.3	413.6	69.3
	Issuance of debt	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance	162.7	353.7	888.2	69.3	413.6
	Adjustments	-766.1	191.0	534.5	-819.0	344.3		344.3
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0
	OD Term Int. Expense selection
	OD Term Debt Bal. Selection

Interest Expenses (Rs. Millions)	FY21	FY22	FY23
Interest on bank borrowings and current accounts	411.6	474.7	939.9	429.4	0.0
Rate	8.2%	14.9%	43.9%	22.5%	0.0%
Interest	0.0	0.0	0.0	0.0	0.0
Rate	0.0%	0.0%	0.0%	0.0%	0.0%
LT Interest	0.0	0.0	0.0	0.0	0.0
Rate	0.0%	0.0%	0.0%	0.0%	0.0%
ST Interest	4.6	4.7	3.7	2.8	0.0
Rate	13.1%	13.9%	12.3%	12.6%	0.0%
OD Interest	416.2	479.4	943.6	432.2	0.0

4	Leases (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Lease - Opening balance	36.2	34.5	33.6	33.6	26.3	26.3	26.3		26.3	17.9				17.6	17.9
	Additions	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Payments	9.4	14.8	14.5	0.0	0.0	0.0			11.2	0.3
	Adjustments	3.1	9.2	3.5	0.0	0.0	0.0			-0.1	0.0					0.0
	Lease Interest expenses	4.6	4.7	3.7	0.0	0.0	0.0			2.8	0.0
	Average Interest Rate	13.1	13.9	12.3	0	0	0	%	%	12.6	0	%	%	%
	Closing balance	34.5	33.6	26.3	33.6	26.3	26.3			17.9	17.6
	Lease Liabilities - Current Portion	5.5	7.0	8.5						9.7	9.7
SC01	Lease - Opening balance	36.2	34.5	33.6						26.3	17.9				17.6	17.9
	Additions	0.0	0.0	0.0					0.0	0.0						0.0
	Payments	9.4	14.8	14.5						11.2	0.3					11.2	11.2	11.2	11.2	11.2
	Closing balance	34.5	33.6	26.3						17.9	17.6
	Adjustments	3.1	9.2	3.5						-0.1	0.0					0.0
	Lease Interest expenses	4.6	4.7	3.7						2.8	0.0
	Average Interest rate (%)	13.1	13.9	12.3						12.6						12.6	12.6	12.6	12.6	12.6
SC02	Lease - Opening balance	36.2	34.5	33.6						26.3	17.9				17.6	17.9
	Additions	0.0	0.0	0.0						0.0	0.0					0.0
	Payments	9.4	14.8	14.5						11.2	0.3					11.2
	Adjustments	3.1	9.2	3.5						-0.1	0.0					0.0
	Closing balance	34.5	33.6	26.3						17.9	17.6
	Lease Interest expenses	4.6	4.7	3.7						2.8	0.0
	Average Interest rate (%)	13.1	13.9	12.3						12.6
SC03	Lease - Opening balance	36.2	34.5	33.6						26.3	17.9				17.6	17.9
	Lease Additions	0.0	0.0	0.0						0.0	0.0
	Payments	9.4	14.8	14.5						11.2	0.3
	Adjustments	3.1	9.2	3.5						-0.1	0.0					0.0
	Closing balance	34.5	33.6	26.3						17.9	17.6
	Lease Interest expenses	4.6	4.7	3.7						2.8	0.0
	Average Interest rate (%)	13.1	13.9	12.3						12.6						%	%	%	%	%
	Lease Int. Rate selection
	Lease Int. selection
	Lease Addition Selection
	Lease repay selection
	Lease bal C/F selection

4.1	Right of Use Asset (Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
	Opening balance	40.5	36.6	28.8	21.7	15.8	15.5	15.8
	Additions	0.0	0.0	0.0	0.0	0.0
	Adjustments	3.0	-1.0	0.0	1.1	-0.2		-0.2
	Amortisation	6.9	6.8	7.1	7.0	0.0
	Amortisation Rate	17.9	20.9	28.0	37.6	0.0
	Closing balance	36.6	28.8	21.7	15.8	15.5
SC01	Opening balance	40.5	36.6	28.8	21.7	15.8	15.5	15.8	15.8	15.8	15.8	15.8
	Additions	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	3.0	-1.0	0.0	1.1	-0.2		-0.2
	Amortisation	6.9	6.8	7.1	7.0	0.0
	Amortisation Rate	17.9	20.9	28.0	37.6	0.0		37.6	37.6	37.6	37.6	37.6
	Closing balance	36.6	28.8	21.7	15.8	15.5
SC02	Opening balance	40.5	36.6	28.8	21.7	15.8	15.5	15.8	15.8	15.8	15.8	15.8
	Additions	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	3.0	-1.0	0.0	1.1	-0.2		-0.2
	Amortisation	6.9	6.8	7.1	7.0	0.0
	Amortisation Rate	17.9	20.9	28.0	37.6	0.0		28.8	28.8	28.8	28.8	28.8
	Closing balance	36.6	28.8	21.7	15.8	15.5
SC03	Opening balance	40.5	36.6	28.8	21.7	15.8	15.5	15.8
	Additions	0.0	0.0	0.0	0.0	0.0
	Amortisation	6.9	6.8	7.1	7.0	0.0
	Adjustments	3.0	-1.0	0.0	1.1	-0.2		-0.2
	Closing balance	36.6	28.8	21.7	15.8	15.5
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance	88.8	76.0	68.3	68.3	68.3	68.3	68.3
	Additions	6.9	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	19.8	7.7	0.0	0.0	0.0
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0
	Closing balance	76.0	68.3	68.3	68.3	68.3
SC01	Opening balance	88.8	76.0	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3
	Additions	6.9	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	19.8	7.7	0.0	0.0	0.0
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance	76.0	68.3	68.3	68.3	68.3
SC02	Opening balance	88.8	76.0	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3
	Additions	6.9	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	19.8	7.7	0.0	0.0	0.0
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance	76.0	68.3	68.3	68.3	68.3
SC03	Opening balance	88.8	76.0	68.3	68.3	68.3	68.3	68.3
	Additions	6.9	0.0	0.0	0.0	0.0
	Amortisation	19.8	7.7	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance	76.0	68.3	68.3	68.3	68.3
	ia addition selection
	ia repay selection
	ia bal C/F selection

5	Interest Income (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Cash & CE B/F			7,598.0	0.0	8,052.0	9,001.1		8,933.0	8,759.6					8,759.6
	Interest Income	92.0	921.9	1,345.4	0.0	0.0	0.0			735.3	0.0
	Blended Interest Income Rate	363.7	1213.3	1506.1	0	0	0	%	%	839.4	0	%	%	%			%	%	%	%
SC01	ii. Interest Income	92.0	921.9	1,345.4	0.0	0.0	0.0			735.3	0.0
	Average Interest Income Rate	363.7	1213.3	1506.1	0	0	0	%	%	839.4						839.4	839.4	839.4	839.4	839.4
SC02	ii. Interest Income	92.0	921.9	1,345.4	0.0	0.0	0.0			735.3	0.0
	Average Interest Income Rate	363.7	1213.3	1506.1	0	0	0	%	%	839.4		%	%	%
SC03	i. Cash & CE Balance C/F			7,598.0					8,933.0						8,759.6
	ii. Interest Income	92.0	921.9	1,345.4						735.3	0.0
	Average Interest Income Rate	363.7	1213.3	1506.1						839.4						%	%	%	%	%
	Int. Income selection
	Int. Income Rate selection

6	Tax (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Profit Before Tax	1,941.7	6,237.3	9,165.1	nan	1,080.3	1,265.4			4,662.9	1,967.9
	Tax B/F	569.7	646.4	1,299.6	1,299.6	2,322.7	1,997.7	1,329.8		2,322.7	2,086.2				2,182.1	2,086.2
	Tax Provision for the Year	302.5	1,168.8	2,055.4	0.0	0.0	0.0			1,375.8	493.2
	Adjustments	0.0	-2.4	-15.1						19.3	0.0					0.0
	Taxes paid (prov. for the previous year)	224.9	502.4	978.5	0.0	325.0	667.9	0.0		1,439.6	397.3
	Tax C/F	646.4	1,299.6	2,322.7	1,299.6	1,997.7	1,329.8			2,086.2	2,182.1
	Tax Rate	0	0	0	0	0	0	%	%	0	0	%	%	%		%	%	%	%	%
SC01	Opening balance	569.7	646.4	1,299.6						2,322.7	2,322.7				2,182.1	2,086.2
	Current Income Tax	302.5	1,168.8	2,055.4						1,375.8	493.2
	Taxes paid	224.9	502.4	978.5						1,439.6	397.3					1,375.8
	Adjustments	0.0	-2.4	-15.1						19.3	0.0					0.0
	Closing balance	646.4	1,299.6	2,322.7						2,086.2	2,182.1
	Effective Tax Rate (%)	0	0	0						0						0	0	0	0	0
SC02	Opening balance	569.7	646.4	1,299.6						2,322.7	2,322.7				2,182.1	2,086.2
	Current Income Tax	302.5	1,168.8	2,055.4						1,375.8	493.2
	Taxes paid	224.9	502.4	978.5						1,439.6	397.3					1,375.8
	Adjustments	0.0	-2.4	-15.1						19.3	0.0					0.0
	Closing balance	646.4	1,299.6	2,322.7						2,086.2	2,182.1
	Effective Tax Rate (%)	0	0	0						0
SC03	Opening balance	569.7	646.4	1,299.6						2,322.7	2,322.7				2,182.1	2,086.2
	Current Income Tax	302.5	1,168.8	2,055.4						1,375.8	493.2
	Taxes paid	224.9	502.4	978.5						1,439.6	397.3					1,375.8
	Adjustments	0.0	-2.4	-15.1						19.3	0.0					0.0
	Closing balance	646.4	1,299.6	2,322.7						2,086.2	2,182.1
	Effective Tax Rate (%)	0	0	0						0
	Tax prov. selection
	Tax paid selection
	Tax bal C/F selection
	Tax Rate selection
	PBT SC 04 & 05 STD VS CUS
	PBT SC 01 FLAT RATE
	PBT SC 02 AVG RATE
	PBT SC 03 FLAT RATE

	Item
REVENUE
1	Manufacturing Cables	YoY
2	Manufacturing PVC Compound	YoY
3	Others	YoY
4	Segment	YoY
5	Other	0
6	nan	nan
7	Total Revenue	YoY%
COSTS
1	COGS	- As a % of sales
2	Administration	- As a % of sales
3	Selling & Distribution	- As a % of sales
4	Capital Expenditure	- As a % of sales
OTHER
1	Depreciation charge	- As a % of sales
2	2.1 Accounts and notes receivables	- As a % of sales
2	2.2 Inventories	- As a % of COGS
2	2.3 Prepayments	- As a % of sales
2	2.4 Accounts payable	- As a % of COGS
2	2.5 Other	- As a % of COGS
3	Debt Borowwings	Rs.
3	Debt Repayments	Rs.
3	Blended Interest Rate	%
4	Lease Repayments	Rs.
4	Lease Interest Rate	%
5	Blended Interest Income Rate	%
6	Tax Rate	%
7	ST Debt Interest Rate	%
7	OD Debt Interest Rate	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24	1Q25	9M FY25E	FY25E
Combined Revenue	22,619.1	35,328.7	30,146.8	6,551.8	6,969.9	29,196.3	8,725.8
Excise Duty	nan	nan	nan			nan	nan
COGS	18,779.0	27,396.6	19,158.5	4,971.4	5,091.9	22,053.0	6,375.5
Gross Profit	3,840.2	7,932.1	10,988.3	1,580.4	1,878.0	7,143.4	2,350.4
Other Income	424.8	166.0	472.2			202.8	19.3	0	19.3
Administration Exp.	634.6	932.1	1,009.0	204.1	334.3	1,137.7	264.8
Selling & Distribution Exp.	1,166.2	1,122.2	1,444.3	322.1	322.5	1,520.2	425.7
Depreciation	352.1	326.5	400.8			347.2	86.3
Amortisation	7.1	14.5	7.1			7.0	0.0
Other Operating Expenses	-152.4	-197.4	71.8	0.0	0.0	131.3	0.0		0.0
Operating Income	2,311.7	5,846.4	9,079.0	1,087.3	1,259.9	4,819.5	1,679.1
Interest Expenses	569.5	684.9	1,393.7			1,013.4	0.0
Interest Income	92.0	921.9	1,345.4	0.0	0.0		0.0
Other (Expenses)/Income	107.4	153.9	134.4	-7.0	5.5	121.6	288.9		288.9
Profit Before Tax	1,941.7	6,237.3	9,165.1	1,080.3	1,265.4	4,662.9	1,967.9
Tax Expenses	188.0	1,123.3	2,152.5	0.0	0.0	1,217.1	493.2
Profit After Tax	1,753.7	5,114.0	7,012.5	804.7	849.9	3,445.8	1,474.7
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	1,753.7	5,114.0	7,012.5	804.7	849.9		1,474.7

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	1,941.7	6,237.3	9,165.1	1,080.3	1,265.4		4,662.9	1,967.9
Depreciation	From OA 1.1	352.1	326.5	400.8	95.8	93.3		347.2	86.3
Right of Use Asset - Amortisation		6.9	6.8	7.1					7.0	0.0
Intangible Asset Amortisation		0.2	7.7	0.0				0.0	0.0
Change in Working Capital	From OA 2	1,771.0	-2,313.1	-4,689.5	-67.4	745.4		1,168.0	-2,186.9
CWC Adjustment											0.0	0.0
Income Tax Paid	From OA 5	224.9	502.4	978.5	325.0	667.9		1,439.6	397.3
Other		-516.6	-1,268.1	-1,345.2	-47.3	118.9		-983.2	-141.4		0	-141.4
Net Cash Flow from / (used in) Operating Activities		3,330.4	2,494.7	2,559.7	736.5	1,555.1		3,762.4	-671.4
Capital Expenditure	From CA 4	201.0	202.2	185.6	36.4	43.8		141.5	166.7
Acquisition of Right to Use Assets	From CA 4	0.0	0.0	0.0					0.0	0.0
Acquisition of Intangible Assets	From CA 4	6.9	0.0	0.0					0.0	0.0
Other		-168.3	549.6	1,402.4	0.0	0.0		-1,003.3	-495.0		0	-495.0
Cash Flows from Investing Activities		-376.2	347.5	1,216.9	-36.4	-43.7		-1,144.8	-661.7
Borrowings		0.0	0.0	0.0	0.0	0.0		0.0	0.0
Debt Repayments		0.0	0.0	0.0	0.0	0.0		0.0	0.0
Net of Borrowings/ Repayments		-1,705.8	2,309.1	-2,618.3				-1,557.7	83.5
Adjustments to match published numbers												344.3	344.3
Lease Additions
Lease Repayments		4.9	1.2	1.3	0.0	0.0		1.4	0.3
Other		-208.8	-273.4	-356.6	0.0	-416.2		-412.9	-24.3		0	-24.3
Net Cash flows from / (used in) Financing Activities		-1,919.5	2,034.4	-2,976.1	-919.2<	-910.5		-1,971.9	58.9
Other		0.0	0.0	0.0	0.0	0.0		0.0	0.0			0.0
Net Increase/(Decrease) in Cash and Cash Equivalents		1,034.8	4,876.6	800.5	-219.0	600.8		645.6	-1,274.2
Favourable/Unfavourable Balances		162.7	353.7	888.3	226.3	574.6		69.3	413.6
Cash and CE at Start		1,332.9	2,367.6	7,244.3	8,044.7	7,825.7	4Q	8,044.7	8,690.3		7,829.7	8,690.3
Cash and CE at End		2,367.6	7,244.3	8,044.7	7,825.7			8,690.3	7,416.2

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - NBV	From OA 1	5,449.8	5,483.0	5,604.2	5,443.6	5,412.3			6,238.9	6,354.6
Investment in subsidiaries		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial assets at fair value through other comprehensive income		469.9	547.0	868.5	870.9	883.9	893.4	893.4	883.4	893.4	893.4	893.4	893.4	893.4	893.4	893.4	893.4	893.4	893.4
Intangible Assets		76.0	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3
Right Use of Assets		36.6	28.8	21.7	21.2	20.8	15.5	nan	15.8	15.5	nan	nan	nan
0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other		1,791.1	2,181.5	2,397.6	2,434.5	2,441.9	2,856.3	2,856.3	2,790.6	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3
Non Current Assets		7,823.3	8,308.5	8,960.3	8,838.4	8,827.1			9,997.0	10,188.2
Inventories	From OA 2.2	7,901.8	9,346.7	11,719.9	11,347.4	11,422.8			11,327.2	11,626.1
Trade and Other Receivables	From OA 2.1	8,964.8	8,366.6	6,498.1	6,517.6	6,390.2			6,551.8	7,597.1
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			0.0	0.0
Other		0.0	0.0	0.0	0.0	0.0	2,183.5	2,183.5	1,632.6	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5
Other Financial Assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Recoverable		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalent	From CFS	2,530.4	7,598.0	8,933.0	8,052.0	9,001.1			8,759.6	7,829.7
Current Assets		19,397.0	25,311.3	27,150.9	25,917.0	26,814.1			28,271.2	29,236.5
Total Assets		27,220.3	33,619.8	36,111.2	34,755.5	35,641.2				39,424.6
Equities and Liabilities
Stated Capital		299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5
Reserves	18,749.2	4,092.5	4,092.5	3,968.1	4,004.5	3,968.1	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9
Retained Earnings		8,919.9	13,071.1	18,749.2	19,028.3	19,777.1			21,314.7	22,566.4
Adjustments for Reported Number discprencies															-223.0
Other		299.5														-223.0
Other Adjustments		21.1	-46.1	483.3	713.0	479.2	400.6	400.6	381.5	400.6	400.6	400.6	400.6	400.6	400.6	400.6	400.6	400.6	400.6
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest		1,947.1	2,724.2	3,958.1	3,769.8	4,148.2	4,595.3	4,595.3	4,381.9	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3
Total Equity		15,280.1	20,141.0	27,458.3	27,815.1	28,672.1			31,006.5	32,490.7
Long Term Debt	From OA 3	1,094.9	1,507.3	705.7	638.6	548.7			335.2	269.2
Financing and Lease Payables	From OA 4	29.0	26.6	17.9					8.1	7.9
Defined benefit obligations		423.8	285.5	387.3	400.3	416.4	446.5	446.5	455.0	446.5	446.5	446.5	446.5	446.5	446.5	446.5	446.5	446.5	446.5
Deferred income tax liabilities		434.8	410.0	735.1	735.1	735.1	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7
0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Liabilities		1,982.5	2,229.3	1,846.0	1,792.0	1,719.1			1,867.1	1,792.3
Current Maturities of Long Term Debt		0.0	0.0	0.0	0.0	0.0			0.0	0.0
Trade Payables	From OA 2.4	6,551.5	5,085.1	900.2	479.9	1,173.4			1,729.4	886.6
13. Amounts due to related parties		nan	nan	nan	1,835.2	1,430.9	0.0	0.0	nan	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Liabilities	From OA 6	646.4	1,299.6	2,322.7	1,997.7	1,329.8			2,086.2	2,182.1
Lease Liabilities		5.5	7.0	8.5					9.7	9.7
Other Accruals	From OA 2.5
Other		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Short Term Loans		2,591.6	4,504.0	2,687.3					1,500.1	1,649.6
Bank Overdraft		162.7	353.7	888.2					69.3	413.6
Bank Overdraft		162.7	353.7	888.2	619.0	617.9	413.6	nan	69.3	413.6	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		9,957.7	11,249.4	6,806.9	6,983.6	6,680.9			5,394.7	5,141.6
Total Equity and Liabilities		27,220.3	33,619.8	36,111.2	36,590.7	37,072.1			38,268.2	39,424.6
Check

DCF Valuation
Relative Valuation

DCF Enterprise Value

Rs. Millions	Notes	Jul - Mar FY25E	FY26E	FY27E	FY28E	FY29E
1. EBIT	From FF 6
2. Tax	From OA 6
3. Depreciation	From OA 1
4. Adjustments	User Input
5. Capital Expenditure	From CA 4
6. Changes in Working Capital	From OA 2
7. Free Cash Flow
8. Terminal Value
9. Total Free Cash Flow
10. Time for discount rate	Calculation	0.75	1.75	2.75	3.75	4.75
10. Discount factor	Calculation
11. Present Value of Free Cash Flows	7*10=11

12. DCF Enterprise Value
13. Net (Debt)/Cash		7,129.4
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		239,574.7
17. Price per Share (Rs.)

Weighted Average Costs of Capital (WACC)

	Symbol		User Input	Reference	Source for Reference
1. Risk Free Rate	Rf		%	18.8%	SL 10yr bond yield
2. Long term cost of debt	Kd		%	25.0%	Weighted avg. int. rate
3. Equity risk premium	Rp		%	10.0%	External Source
4. Beta	B		%	125.0%	CSE
5.Tax Rate	t		%	30.0%	SL tax rate
6. Debt Weighting	Wd		%	50.0%
7. Equity Weighting	We		%	50.0%
8. Cost of Equity	Ke	1+(3*4)=8		25.0%
9. WACC	Dr	(6(2(1-5)))+(7*8)=9		21.0%
10. Terminal Growth Rate			%	5.0%

	Notes	Price to Earnings	Price to Book Value	Price to Sales
1. Earnings/Book Value/Sales			31,006.5
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		239,574.7	239,574.7	239,574.7
5. Price per Share(Rs.)

Peer Multiples	Notes		Price to Earnings		Price to Book Value		Price to Sales





Average
Adjustment
Adjusted Multiple

Date	Research Organisation	Recommendation	Target Price (Rs.)
0	28.754	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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