Company Overview - AccessEngineering

FY24E and FY25E
Revenue	12000	13000	25000

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Construction		17,300.1	20,334.8	11,601.9	4,507.3	3,084.1	3,149.9			12,633.9
	YoY		nan	1754.2	-4294.6						889.6

2	Construction related material		7,643.2	17,653.2	8,230.8	2,204.2	1,389.2	1,942.6			7,082.3
	YoY		nan	13096.7	-5337.5						-1395.4

3	Property		741.8	841.1	1,499.5	378.8	402.5	823.0			2,939.3
	YoY		nan	1337.5	7828.8						9602.0

4	Automobile		3,881.6	3,193.9	1,931.0	489.8	507.9	499.7			2,173.5
	YoY		nan	-1771.6	-3954.2						1255.7

5	Adjustments and eliminations		-5,729.7	-2,393.4	-2,698.5	-2,020.1	-1,435.1	-517.5			-3,327.9
	0		nan	nan	nan						nan

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		19,698.7	34,317.8	14,705.8	3,352.9	2,487.3	3,895.2			14,145.5
	- As a % of sales		78.4%	83.7%	65.5%	0%	-7.4%	-4.5%			60.6%

2	Administration		662.3	1,011.2	861.0	441.7	160.5	232.2			781.1	0
	- As a % of sales		7.0%	5.4%	10.1%	0%	11.3%	8.4%			8.7%

3	Selling & Distribution		0.0	0.0	32.6	663.1	0.0	17.7			85.1
	- As a % of sales		-0.1%	-0.1%	-0.4%	0%	-1.0%	0.5%			-0.1%

4	Capital Expenditure		1,520.3	5.6	372.4	0.0	17.2	18.9		0	310.8	00	0	00	0
	- As a % of sales		6.4%	0.0%	1.8%	0%	0.4%	0.3%			1.4%

	Fixed Assets - Cost	FY21	FY22	FY23	4Q24E	FY24E	1Q25E	3Q25E	FY28E
1	Balance B/F	11,220.1	12,689.9	14,076.5	14,295.4	0.0	0.0	14,295.4	15,709.9
	Capital Expenditure	1,520.3	5.6	372.4	17.2	18.9	222
	Balance C/F	12,689.9	14,076.5	14,295.4	0.0	0.0		15,709.9

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Balance B/F	6,283.2	6,982.1	7,917.2	0.0	8,725.6	-5,294.6	-5,033.7		8,725.6					9,643.1
Depreciation charge	1,016.6	1,162.6	1,235.2	0.0	292.1	267.8			1,115.9
- As a % of sales	4.3%	2.9%	6.0%	0%	7.4%	4.5%			5.2%
Balance C/F	6,982.1	7,917.2	8,725.6	0.0	-5,294.6	-5,033.7	111	111	9,643.1	111	111	111	111	111	111	111	111	111
Net Book Value at end	5,707.8	6,159.3	5,569.7	0.0	5,294.6	5,033.7			6,066.8

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E
2.1 Accounts and notes receivables	14,185.4	25,160.6	15,587.4	0.0	14,852.1	16,641.3	15,794.4
- As a % of sales	59.5	63.5	75.8	0	376.1	282.2	73.5
Four Qtr Cum. Revenue				5,897.6	9,846.2	15,447.3
Four Qtr Cum. COGS				-3,895.2	-6,382.5	-9,735.4

	2.2 Inventories		8,714.5	14,619.9	15,945.3	0.0	16,557.0	17,384.7			20,341.3
	- As a % of COGS		44.2	42.6	108.4	0	665.7	446.3			143.8

	2.3 Prepayments		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	- As a % of sales		0	0	0	0	0	0			0

	2.4 Accounts payable		17,307.3	25,161.7	28,870.4	0.0	31,811.1	32,475.6			34,061.2
	- As a % of COGS		87.9	73.3	196.3	0	1278.9	833.7			240.8

2.5 Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0
Working Capital				42673.1
Change in Working Capital						438.7

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Opening balance	10,784.2	8,963.1	23,046.9	23,046.9	16,238.8	16,391.5	0.0		0.0
Issuance of debt	26,806.6	42,174.0	14,992.0	0.0	152.6	0.0			36,456.8
Repayment of debt	28,753.9	28,090.3	21,800.0	0.0	0.0	-4,084.6			31,437.8
Closing balance	126.3	0.0	0.0	0.0	0.0	0.0			0.0
Adjustments	8,963.2	23,046.9	16,238.8	23,046.9	16,391.5	20,476.1
Interest Expenses	432.2	1,009.1	3,706.6	0.0	0.0	0.0			2,479.2
Average Interest rate (%)	437.7	630.5	1887.0	0	0	0	%	%	1322.4	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Leases - Opening balance	147.8	143.9	262.7	262.3	263.5	237.2	235.2		263.5					267.3
Additions	7.8	2,420.0	122.9	0.0	0.0	0.0
Payments	25.4	2,328.8	55.8	0.0	26.4	2.0			64.1
Closing balance	143.9	262.3	263.5	262.3	237.2	235.2			267.3
Adjustments	-4.8	-0.4	-101.0	0.0	0.0	0.0			-0.0
Lease Interest expenses	18.5	27.5	34.8	0.0	0.0	0.0			29.6
Average Interest rate (%)	12.7	13.6	13.2	0	0	0	%	%	11.2	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			2,208.0	0.0	1,028.2	2,973.9		696.1	3,459.0
ii. Interest Income	557.0	503.8	893.7	408.9	28.4	56.0			390.5
Average Interest Income Rate	10.3	8.7	22.5	0	0.7	1.0	%	%	6.0	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Profit Before Tax	2,406.9	4,613.1	4,377.3	366.2	443.8	1,085.5			4,304.6
Opening balance	126.9	257.2	-9.0	257.2	198.0	175.1	-246.3
Current Income Tax	13.6	-517.5	1,940.9	0.0	0.0	0.0			-2,549.0
Taxes paid	288.0	709.7	181.5	0.0	22.9	421.4	0.0		667.5					-2,549.0
Closing balance - Calculated	257.2	-9.0	198.0	257.2	175.1	-246.3			188.6
Effective Tax Rate (%)	0	0	0	0	0	0	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24
Combined Revenue	23,837.0	39,629.6	20,564.6	3,948.6	5,897.6	21,501.1
COGS	19,698.7	34,317.8	14,705.8	2,487.3	3,895.2
Gross Profit	4,138.4	5,311.8	5,858.8	1,461.3	2,002.4	7,355.6
Administration Exp.	662.3	1,011.2	861.0	160.5	232.2
Selling & Distribution Exp.	0.0	0.0	32.6	0.0	17.7
Depreciation	1,016.6	1,162.6	1,235.2	292.1	267.8	1,115.9
7. Amortisation
Other Operating Expenses	-53.0	-42.8	2,752.4	-7.1	0.0	nan
Operating Income	2,978.8	4,211.7	7,833.7	1,104.1	1,721.1	6,867.8
Interest Expenses	1,129.6	1,537.5	4,757.0			2,986.9
Interest Income	557.0	503.8	893.7	28.4	56.0
Other (Expenses)/Income	0.7	1,435.1	406.9	0.5	24.9	nan
Profit Before Tax	2,406.9	4,613.1	4,377.3	443.8	1,085.5	4,304.6
Tax Expenses	13.6	-517.5	1,940.9	0.0	0.0
Profit After Tax	2,393.3	5,130.2	2,436.3	347.8	4,937.9
Other	0.0	0.0	0.0	0.0	0.0	nan
Net Income	2,393.3	5,130.2	2,436.3	347.8	4,937.9

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	FY25E
Profit Before Tax	From IS	2,406.9	4,613.1	4,377.3	443.8	1,085.5		4,304.6
Depreciation	From OA 1.1	1,016.6	1,162.6	1,235.2	292.1	267.8		1,115.9
Change in Working Capital	From OA 2	5,734.6	-9,494.9	11,881.7	nan	nan		438.7
Income Tax Paid	From OA 5	288.0	709.7	181.5	22.9	421.4		667.5
Other		-394.9	-1,636.4	-3,800.1	79.0	77.6		-825.4
Net Cash Flow from / (used in) Operating Activities		8,528.6	-5,994.9	13,644.5	nan	nan		4,486.5
Capital Expenditure	From CA 4	1,520.3	5.6	372.4	17.2	18.9		310.8
Other		-4,277.8	-1,870.6	-8,677.4	-2,357.1	-1,187.3		-4,266.9
Cash Flows from Investing Activities		-5,808.3	-4,477.2	-9,172.8	-2,377.0	nan		-4,619.3
Borrowings		26,806.5	42,174.0	14,991.9	8,876.2	13,663.7		36,456.8
Debt Repayments		23,929.8	21,800.0	21,800.0	8,588.3	9,360.1		31,437.2
10. Lease Additions
Lease Repayments		25.4	55.8	55.8	26.4	2.0		64.1
Other		-5,324.1	-1,102.8	-750.0	-0.6	0.6		-500.6
Net Cash flows from / (used in) Financing Activities		-2,472.8	10,653.4	-7,613.9	260.9<	4,302.1		4,455.0
Other		0.0	0.0	0.0	0.0	0.0		0.0
Net Increase/(Decrease) in Cash and Cash Equivalents		247.6	181.3	-3,142.1	nan	nan		4,322.1
Balance adjustments as per company		327.1	130.9	1,761.1	nan	nan		201.9
Cash and CE at Start		1,648.2	1,895.8	2,077.1	-1,065.0	0.0	4Q	-1,065.0	3,257.1
Cash and CE at End		1,895.8	2,077.1	-1,065.0	nan			3,257.1

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - Net Book value	From OA 1	5,707.8	6,159.3	5,569.7	5,294.6	5,033.7			6,066.8
2. Right-of-use assets		10,573.1	17,831.5	21,307.7	34,955.0	34,991.5	35,050.0	35,050.0	36,362.6	35,050.0	35,050.0	35,050.0	35,050.0	35,050.0	35,050.0	35,050.0	35,050.0	35,050.0
3. Intangible assets		6,605.1	1,768.8	11,721.0	1,851.0	1,991.8	2,537.6	2,537.6	2,263.4	2,537.6	2,537.6	2,537.6	2,537.6	2,537.6	2,537.6	2,537.6	2,537.6	2,537.6
4. Investment in an associate		1,235.1	1,257.8	578.3	575.6	570.9	561.7	561.7	563.7	561.7	561.7	561.7	561.7	561.7	561.7	561.7	561.7	561.7
5. Other financial assets		228.8	2,736.7	2,674.6	3,947.3	3,938.7	3,720.1	nan	2,610.7	nan	nan	nan	nan	nan	nan	nan	nan	nan
6. Deferred income tax assets		48.0	0.5	0.5	0.5	0.5	0.5	0.5	1.4	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
Other		1,290.1	3,811.2	2,559.9	791.2	nan	6,817.5	6,817.5	6,383.4	6,817.5	6,817.5	6,817.5	6,817.5	6,817.5	6,817.5	6,817.5	6,817.5	6,817.5
Non Current Assets		25,688.0	33,565.8	44,411.8	47,415.2	nan			54,252.0
Inventories	From OA 2.2	8,714.5	14,619.9	15,945.3	16,557.0	17,384.7			20,341.3
Trade and Other Receivables	From OA 2.1	14,185.4	25,160.6	15,587.4	14,852.1	16,641.3			15,794.4
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			0.0
Other		348.4	599.2	285.7	233.9	209.9	86.5	86.5	348.0	86.5	86.5	86.5	86.5	86.5	86.5	86.5	86.5	86.5
12. Other financial assets		3,120.4	3,557.4	3,220.2	3,079.0	2,774.2	2,984.0	2,984.0	2,920.8	2,984.0	2,984.0	2,984.0	2,984.0	2,984.0	2,984.0	2,984.0	2,984.0	2,984.0
13. Income tax recoverable		1,779.9	2,136.0	2,569.3	1,660.9	1,465.5	1,585.8	1,585.8	1,416.9	1,585.8	1,585.8	1,585.8	1,585.8	1,585.8	1,585.8	1,585.8	1,585.8	1,585.8
Cash and Cash Equivalents	From CFS	2,223.0	2,208.0	696.1	1,028.2	2,973.9			3,459.0
Current Assets		30,371.5	48,281.1	38,304.0	37,411.0	41,449.6			44,280.3
Total Assets		56,059.5	81,846.9	82,715.9	84,826.2	nan
Equities and Liabilities
1. Stated capital		9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0	9,000.0
2. Reserves	19,741.3	580.2	580.2	815.6	791.9	812.2	812.0	812.0	816.0	812.0	812.0	812.0	812.0	812.0	812.0	812.0	812.0	812.0
Retained Earnings		14,245.3	18,610.2	19,741.3	20,176.8	25,031.7			26,018.2
nan		nan	nan	nan	nan	nan	0.0	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan
Equity attributable to equity holders of parent
5. Non-controlling interest		2,689.3	2,460.6	2,415.1	2,395.7	2,407.2	2,465.9	2,465.9	2,408.8	2,465.9	2,465.9	2,465.9	2,465.9	2,465.9	2,465.9	2,465.9	2,465.9	2,465.9
Total Equity		26,514.8	30,647.3	31,972.0	32,364.4	37,251.1			38,243.0
Long Term Debt	From OA 3	6,166.8	18,847.0	12,786.6	12,985.7	18,354.3			17,029.6
Financing and Lease Payables	From OA 4	143.9	262.3	263.5	237.2	235.2			267.3
Government grants		5.3	5.0	4.8	4.8	4.7	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6
Defined benefit obligations		426.2	323.5	261.0	242.3	236.4	370.4	370.4	366.3	370.4	370.4	370.4	370.4	370.4	370.4	370.4	370.4	370.4
Deferred tax liability		1,980.8	2,116.6	2,958.6	2,951.4	2,973.5	3,069.4	3,069.4	3,383.2	3,069.4	3,069.4	3,069.4	3,069.4	3,069.4	3,069.4	3,069.4	3,069.4	3,069.4
Non Current Liabilities		8,694.8	21,419.5	16,233.3	16,337.3	21,722.2			20,961.9
Current Maturities of Long Term Debt	Added to LT debt in the forecast	2,796.4	2,796.4	3,452.2	3,405.7	2,121.8			4,228.3
Trade Payables	From OA 2.4	17,307.3	25,161.7	28,870.4	31,811.1	32,475.6			34,061.2
13. Amounts due to related parties		nan	nan	nan	nan	nan	0.0	0.0	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	257.2	-9.0	198.0	175.1	-246.3			188.6
Other Accruals	From OA 2.5	0	0	0	0	0
Other		62.1	107.7	135.1	81.2	294.1	367.5	367.5	404.6	367.5	367.5	367.5	367.5	367.5	367.5	367.5	367.5	367.5
Bank Overdraft		327.1	130.9	1,761.1	384.2	220.4	176.0	nan	201.9	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		20,850.0	29,780.1	34,510.6	36,124.4	35,416.9			39,327.4
Total Equity and Liabilities		56,059.5	81,846.9	82,715.9	84,826.2	94,390.2			98,532.3

DCF Valuation
Relative Valuation

DCF Enterprise Value

Period	Notes	FY25E
1. EBIT	From FF 6
2. Tax	From OA 4
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. Discount factor	Calculation
11. Present Value of Free Cash Flows	7*10=11

12. DCF Enterprise Value
13. Net (Debt)/Cash		-15,193.4
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		1,000.0
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			38,243.0
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		1,000.0	1,000.0	1,000.0
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	2736.746067	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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Period		3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Revenue
YoY %
EBITDA
EBITDA Margin %
Net Profit
Net Profit Margin %
Free Cash Flow

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.)