Company Overview

DCSL

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
Liquor bottles	YoY%	-6.5
nan	YoY%	0
nan	YoY%	nan
nan	YoY%	nan
nan	YoY%	nan
0	YoY%	nan
COSTS
Excise Duty	% of Rev.	59.9
COGS	% of Rev.	16.9
Administration	% of Rev.	1.9
Selling & Distribution	% of Rev.	0.7
Capital Expenditure	% of Rev.	0.1
OTHER
Depreciation charge	% of Rev.	0.5
2.1 Accounts and notes receivables	% of Rev.	6.3
2.2 Inventories	% of COGS	37.9
2.3 Prepayments	% of Rev.	4.0
2.4 Accounts payable	% of COGS	28.7
2.5 Other	% of COGS	nan
ii. Borrowings	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	%	44.2
Intangible Assets - Additions	Rs.Millions	0.0
Intangible Assets - Amortisation Rate	%	0.0
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	1327.2
Lease Liabilities Current Portion	Rs.Millions	608.8
iii. Blended Interest income rate	%	0
vi. Tax Rate	%	39.6

-->

REVENUE		FY25E to FY29E
Liquor bottles	YoY%
nan	YoY%
nan	YoY%
nan	YoY%
nan	YoY%
0	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
ii. Borrowings	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	%
iii. Blended Interest income rate	%
vi. Tax Rate	%

Standard
Customized

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
	Total Revenue		92,830.2	107,057.4	123,357.9	29,742.7	27,549.6	115,396.2	32,383.0
	YoY%		13.7	15.3	15.2				-6.5	8.9

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Liquor bottles	92,830.2	107,057.4	123,357.9	30,682.6	29,742.7	27,549.6	115,396.2	32,383.0
	YoY	13.7	15.3	15.2				-6.5	8.9
SC01	Liquor bottles	92,830.2	107,057.4	123,357.9				115,396.2
	LY YoY%	13.7	15.3	15.2				-6.5		-6.5	-6.5	-6.5	-6.5	-6.5
SC02	Liquor bottles	92,830.2	107,057.4	123,357.9				115,396.2
	LY YoY%	13.7	15.3	15.2				-6.5
SC03	Liquor bottles	92,830.2	107,057.4	123,357.9				115,396.2
	LY YoY%	13.7	15.3	15.2				-6.5

2	nan	0.0	0.0	0.0	0.0	0.0	0.0
	YoY	0				0	0.0
SC01	nan	0.0				0.0
	LY YoY%	0				0		0	0	0	0	0
SC02	nan	0.0				0.0
	LY YoY%	0				0
SC03	nan	0.0				0.0
	LY YoY%	0				0

3	nan	nan	nan	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

4	nan	nan	nan	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

5	nan	nan	nan	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

6	0	nan	nan	nan	nan	nan
	0	nan	nan	nan	nan	nan
SC01	0	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan		nan	nan	nan	nan	nan
SC02	0	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan
SC03	0	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan

	Std vs. Cus. Revenue	92,830.2	107,057.4	123,357.9	29,742.7	27,549.6	115,396.2
SC01	S01Total Revenue	92,830.2	107,057.4	123,357.9	29,742.7	27,549.6	115,396.2
SC02	S02Total Revenue	92,830.2	107,057.4	123,357.9	29,742.7	27,549.6	115,396.2
SC03	S03Total Revenue	92,830.2	107,057.4	123,357.9	29,742.7	27,549.6	115,396.2

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		92,830.2	107,057.4	123,357.9			115,396.2	32,383.0
	YoY%		13.7	15.3	15.2				-6.5	8.9

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Liquor bottles

	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	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		}	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	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
4	nan
	nan	nan	nan	nan			nan
	YoY%
	nan	nan	nan	nan			nan
	YoY%
	Segment Revenue	nan	nan	nan	nan	nan
	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	63,592.1	73,988.7	66,399.2	69,142.0	20,227.1
	- As a % of sales	68.5%	69.1%	53.8%	59.9%	62.5%
SC01	Excise Duty	63,592.1	73,988.7	66,399.2	69,142.0	20,227.1
	- As a % of sales	68.5%	69.1%	53.8%	59.9%	62.5%	59.9%	59.9%	59.9%	59.9%	59.9%
SC02	Excise Duty	63,592.1	73,988.7	66,399.2	69,142.0	20,227.1
	- As a % of sales	68.5%	69.1%	53.8%	59.9%	62.5%
SC03	Excise Duty	63,592.1	73,988.7	66,399.2	69,142.0	20,227.1
	-As a % of Sales	68.5%	69.1%	53.8%	59.9%	62.5%
	Excise Duty selection
	Excise Duty % selection

	Rs. Millions	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E	4Q25E	FY28E	FY29E
1	Cost of Sales	15,576.8	17,718.1	24,201.3	5,869.7	5,744.0	5,117.8	20,066.9	4,721.6
	Depreciation	484.9	484.2	507.6				523.2	238.5
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Cost of Sales net of Depreciation	15,091.9	17,234.0	23,693.7	5,869.7	5,744.0	5,117.8	19,543.7	4,483.1
	- As a % of sales	16.3%	16.1%	19.2%	18.7%	18.9%	18.1%	16.9%	13.8%
SC01	COGS	15,576.8	17,718.1	24,201.3				20,066.9	4,721.6
	Depreciation	484.9	484.2	507.6				523.2	238.5
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	COGS	15,091.9	17,234.0	23,693.7				19,543.7	4,483.1
	- As a % of sales	16.3%	16.1%	19.2%				16.9%	13.8%	16.9%	16.9%	16.9%	16.9%	16.9%
SC02	COGS	15,576.8	17,718.1	24,201.3				20,066.9	4,721.6
	Depreciation	484.9	484.2	507.6				523.2	238.5
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	COGS	15,091.9	17,234.0	23,693.7				19,543.7	4,483.1
	- As a % of sales	16.3%	16.1%	19.2%				16.9%	13.8%	17.4%	17.4%	17.4%	17.4%	17.4%
SC03	COGS	15,576.8	17,718.1	24,201.3				20,066.9	4,721.6
	Depreciation	484.9	484.2	507.6				523.2	238.5
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	COGS	15,091.9	17,234.0	23,693.7				19,543.7	4,483.1
	- As a % of sales	16.3%	16.1%	19.2%				16.9%	13.8%
	COGS selection
	COGS% selection

2	Administration Expenses	1,146.5	1,626.9	2,096.3	656.8	387.5	565.2	2,234.0	561.3
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration Expenses Net of Amortisation of Intangible Assets	1,146.5	1,626.9	2,096.3	656.8	387.5	565.2	2,234.0	561.3
	- As a % of sales	1.2%	1.5%	1.7%	2.1%	1.3%	2.1%	1.9%	1.7%
SC01	Administration Expenses	1,146.5	1,626.9	2,096.3				2,234.0	561.3
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
SC01	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration	1,146.5	1,626.9	2,096.3				2,234.0	561.3
	- As a % of sales	1.2%	1.5%	1.7%				1.9%	1.7%	1.9%	1.9%	1.9%	1.9%	1.9%
SC02	Administration Expenses	1,146.5	1,626.9	2,096.3				2,234.0	561.3
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration	1,146.5	1,626.9	2,096.3				2,234.0	561.3
	- As a % of sales	1.2%	1.5%	1.7%				1.9%	1.7%	1.7%	1.7%	1.7%	1.7%	1.7%
SC03	Administration Expenses	1,146.5	1,626.9	2,096.3				2,234.0	561.3
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration	1,146.5	1,626.9	2,096.3				2,234.0	561.3
	- As a % of sales	1.2%	1.5%	1.7%				1.9%	1.7%
	Admin selection

	Selling & Distribution Expenses	579.9	902.6	1,147.1	363.0	201.1	345.7	1,175.0	414.4
	Amortisation of Right of Use Assets	421.4	412.7	459.9				415.3	84.1
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Selling & Distribution Expenses Net of Amortisation of Intangible Assets	158.6	489.9	687.1	363.0	201.1	345.7	759.7	330.2
	- As a % of sales	0.2%	0.5%	0.6%	0.9%	0.4%	0.9%	0.7%	1.0%
SC01	S&D	579.9	902.6	1,147.1				1,175.0	414.4
	Amortisation of Right of Use Assets	421.4	412.7	459.9				421.4	84.1
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Selling & Distribution	158.6	489.9	687.1				759.7	330.2
	- As a % of sales	0.2%	0.5%	0.6%				0.7%	1.0%	0.7%	0.7%	0.7%	0.7%	0.7%
SC02	s&D	579.9	902.6	1,147.1				1,175.0	414.4
	Amortisation of Right of Use Assets	421.4	412.7	459.9				421.4	84.1
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
SC02	Selling & Distribution	158.6	489.9	687.1				759.7	330.2
SC02	- As a % of sales	0.2%	0.5%	0.6%				0.7%	1.0%	0.6%	0.6%	0.6%	0.6%	0.6%
SC03	S&D	579.9	902.6	1,147.1				1,175.0	414.4
	Amortisation of Right of Use Assets	421.4	412.7	459.9				421.4	84.1
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
SC03	Selling & Distribution	158.6	489.9	687.1				759.7	330.2
	- As a % of sales	0.2%	0.5%	0.6%				0.7%	1.0%
	Sd selection

4	Capital Expenditure	63.5	77.2	150.2	0.0	0.0	0.0	0	73.2	53.1	0	0	0
	- As a % of sales	0.1%	0.1%	0.1%	0%	0%	0%		0.1%	0.2%
SC01	Capital Expenditure	63.5	77.2	150.2					73.2	53.1
	- As a % of sales	0.1%	0.1%	0.1%					0.1%					0.1%	0.1%	0.1%	0.1%	0.1%
SC02	Capital Expenditure	63.5	77.2	150.2					73.2	53.1
	- As a % of sales	0.1%	0.1%	0.1%					0.1%					0.1%	0.1%	0.1%	0.1%	0.1%
SC03	Capital Expenditure	63.5	77.2	150.2					73.2	53.1
	- As a % of sales	0.1%	0.1%	0.1%					0.1%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	8,544.9	8,595.7	8,669.8	0.0	8,817.6	8,817.6	8,817.6	8,817.6	15,626.8	15,679.8	15,626.8
	Capital Expenditure	63.5	77.2	150.2	0.0	0.0	0.0	222		53.1
	Adjustments	-12.7	-3.0	-2.4					6,736.0	0.0		0.0
	Balance C/F	8,595.7	8,669.8	8,817.6	0.0	8,817.6	8,817.6		15,626.8	15,679.8
SC01	Balance B/F	8,544.9	8,595.7	8,669.8					8,817.6	15,626.8	15,679.8	15,626.8
	Capital Expenditure	63.5	77.2	150.2					73.2	53.1
	Adjustments	-12.7	-3.0	-2.4					6,736.0	0.0		0.0
	Balance C/F	8,595.7	8,669.8	8,817.6					15,626.8	15,679.8
SC02	Balance B/F	8,544.9	8,595.7	8,669.8					8,817.6	15,626.8	15,679.8	15,626.8
	Capital Expenditure	63.5	77.2	150.2					73.2	53.1
	Adjustments	-12.7	-3.0	-2.4					6,736.0	0.0		0.0
	Balance C/F	8,595.7	8,669.8	8,817.6					15,626.8	15,679.8
SC03	Balance B/F	8,544.9	8,595.7	8,669.8					8,817.6	15,626.8	15,679.8	15,626.8
	Capital Expenditure	63.5	77.2	150.2					73.2	53.1
	Adjustments	-12.7	-3.0	-2.4					6,736.0	0.0		0.0
	Balance C/F	8,595.7	8,669.8	8,817.6					15,626.8	15,679.8

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	2,874.3	3,346.5	3,830.7	0.0	4,335.9	4,465.9	4,596.1		4,335.9	7,549.8				7,795.9	7,549.8
	Depreciation charge	484.9	484.2	507.6	127.7	130.1	130.2			523.2	238.5
	- As a % of sales	0.5%	0.5%	0.4%	0.4%	0.4%	0.5%			0.5%	0.7%
	Balance C/F	3,346.5	3,830.7	4,335.9	0.0	4,465.9	4,596.1	0	0	7,549.8	7,795.9	0	0	0	0	0	0	0	0	0
	Adjustments	-12.7	0.0	-2.4						2,690.7	7.7					7.7
	Net Book Value at end	5,249.1	4,839.1	4,481.7	4,481.7	4,355.0	4,230.6			8,077.0	7,883.9
SC01	Balance B/F	2,874.3	3,346.5	3,830.7						4,335.9	7,549.8				7,795.9	7,549.8
SC01	Depreciation charge	484.9	484.2	507.6						523.2	238.5
	- As a % of sales	0.5%	0.5%	0.4%						0.5%	0.7%						0.5%	0.5%	0.5%	0.5%	0.5%
	Balance C/F	3,346.5	3,830.7	4,335.9						7,549.8	7,795.9
	Adjustments	-12.7	0.0	-2.4						2,690.7	7.7					7.7
	Net Book Value at end	5,249.1	4,839.1	4,481.7						8,077.0	7,883.9
SC02	Balance B/F	2,874.3	3,346.5	3,830.7						4,335.9	7,549.8				7,795.9	7,549.8
SC02	Depreciation charge	484.9	484.2	507.6						523.2	238.5
	- As a % of sales	0.5%	0.5%	0.4%						0.5%	0.7%
	Balance C/F	3,346.5	3,830.7	4,335.9						7,549.8	7,795.9
	Adjustments	-12.7	0.0	-2.4						2,690.7	7.7					7.7
	Net Book Value at end	5,249.1	4,839.1	4,481.7						8,077.0	7,883.9
SC03	Balance B/F	2,874.3	3,346.5	3,830.7						4,335.9	7,549.8				7,795.9	7,549.8
SC03	Depreciation charge	484.9	484.2	507.6						523.2	238.5
	- As a % of sales	0.5%	0.5%	0.4%						0.5%	0.7%
	Balance C/F	3,346.5	3,830.7	4,335.9						7,549.8	7,795.9
	Adjustments	-12.7	0.0	-2.4						2,690.7	7.7					7.7
	Net Book Value at end	5,249.1	4,839.1	4,481.7						8,077.0	7,883.9
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	3,646.1	4,127.8	5,156.9	5,156.9	3,153.1	3,465.3	7,256.6	4,755.1
	- As a % of sales	3.9	3.9	4.2	16.8	10.6	12.6	6.3	4.0
	Four Qtr Cum. Revenue				27,549.6	57,292.3	87,974.9
	Four Qtr Cum. COGS				-5,117.8	-10,861.8	-16,731.5
SC01	2.1 Accounts and notes receivables	3,646.1	4,127.8	5,156.9				7,256.6
	- As a % of sales	3.9	3.9	4.2				6.3		6.3	6.3	6.3	6.3	6.3
SC02	2.1 Accounts and notes receivables	3,646.1	4,127.8	5,156.9				7,256.6
	- As a % of sales	3.9	3.9	4.2				6.3		4.8	4.8	4.8	4.8	4.8
	Four Qtr Cum. Revenue				27,549.6	57,292.3	87,974.9
SC03	2.1 Accounts and notes receivables	3,646.1	4,127.8	5,156.9				7,256.6
	- As a % of sales	3.9	3.9	4.2				6.3
	Four Qtr Cum. COGS				-5,117.8	-10,861.8	-16,731.5
	Debtors selection

	2.2 Inventories	4,640.8	3,381.0	6,822.8	6,822.8	6,611.5	6,045.1	7,612.1	6,311.6
	- As a % of COGS	29.8	19.1	28.2	116.2	115.1	118.1	37.9	34.3
SC01	2.2 Inventories	4,640.8	3,381.0	6,822.8				7,612.1
	- As a % of COGS	29.8	19.1	28.2				37.9		37.9	37.9	37.9	37.9	37.9
SC02	2.2 Inventories	4,640.8	3,381.0	6,822.8				7,612.1
	- As a % of COGS	29.8	19.1	28.2				37.9		28.4	28.4	28.4	28.4	28.4
SC03	2.2 Inventories	4,640.8	3,381.0	6,822.8				7,612.1
	- As a % of COGS	29.8	19.1	28.2				37.9
	Stocks selection
	Stocks share selection

	2.3 Prepayments	3,461.1	2,105.8	4,421.0	0.0	0.0	0.0	4,572.1	5,171.4
	- As a % of sales	3.7	2.0	3.6	0	0	0	4.0	4.4
SC01	2.3 Prepayments	3,461.1	2,105.8	4,421.0				4,572.1
	- As a % of sales	3.7	2.0	3.6				4.0		4.0	4.0	4.0	4.0	4.0
SC02	2.3 Prepayments	3,461.1	2,105.8	4,421.0				4,572.1
	- As a % of sales	3.7	2.0	3.6				4.0		3.2	3.2	3.2	3.2	3.2
SC03	2.3 Prepayments	3,461.1	2,105.8	4,421.0				4,572.1
	- As a % of sales	3.7	2.0	3.6				4.0
	Prepayment selection

	2.4 Accounts payable	3,494.1	7,545.6	4,586.5	0.0	0.0	0.0	5,760.5	10,154.2
	- As a % of COGS	22.4	42.6	19.0	0	0	0	28.7	55.2
SC01	2.4 Accounts payable	3,494.1	7,545.6	4,586.5				5,760.5
	- As a % of COGS	22.4	42.6	19.0				28.7		28.7	28.7	28.7	28.7	28.7
SC02	2.4 Accounts payable	3,494.1	7,545.6	4,586.5				5,760.5
	- As a % of COGS	22.4	42.6	19.0				28.7		30.1	30.1	30.1	30.1	30.1
SC03	2.4 Accounts payable	3,494.1	7,545.6	4,586.5				5,760.5
	- As a % of COGS	22.4	42.6	19.0				28.7
	Payable selection
	Payable Share selection

2.5 Other
- As a % of COGS	nan	nan	nan	0.0	0.0	0.0		nan	nan
2.5 Other
- As a % of COGS	nan	nan	nan					nan		nan	nan	nan	nan	nan
2.5 Other
- As a % of COGS	nan	nan	nan					nan
2.5 Other
- As a % of COGS	nan	nan	nan					nan
Other selection
Other Share selection
Working Capital
SC01 Working Capital
SC02 Working Capital
SC03 Working CapitalXXXXX
SC04 & 05 Change in WC						127.3	2,832.0
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						127.3	2,832.0
SC01 Change in WC - Balance Period
SC02 Change in WC						127.3	2,832.0
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						127.3	2,832.0
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
	i. Balance B/F	0.0	0.0	0.0	nan	nan	nan	nan		0.0	0.0				0.0	0.0
	ii. Borrowings	0.0	0.0	0.0	nan	nan	nan			0.0	0.0
	iii. Repayments	0.0	0.0	0.0	nan	nan	nan			0.0	0.0
	Net of Payments	nan	nan	nan						nan	nan					nan
	Adjustments	0.0	0.0	0.0	nan	nan	nan			0.0	0.0					0.0
	iv. Balance C/F	0.0	0.0	0.0	nan	nan	nan			0.0	0.0
	Current Portion of Long Term Debt	0.0	0.0	0.0						0.0	0.0
	vi. Interest expenses	0.0	0.0	0.0	nan	nan	nan			0.0	0.0
	vii. Blended Interest expenses rate	nan	nan	nan	nan	nan	nan	%	%	nan	nan	%	%	%		%	%	%	%	%
SC01	i. Balance B/F	0.0	0.0	0.0						0.0	0.0				0.0	0.0
	ii. Borrowings	0.0	0.0	0.0						0.0	0.0					0.0	0.0	0.0	0.0	0.0
	iii. Repayments	0.0	0.0	0.0						0.0	0.0
	Net of Payments	nan	nan	nan						nan	nan					nan
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	iv. Balance C/F	0.0	0.0	0.0						0.0	0.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	vi. Interest expenses	0.0	0.0	0.0						0.0	0.0
	vii. Blended Interest expenses rate	nan	nan	nan						nan						nan	nan	nan	nan	nan
SC02	i. Balance B/F	0.0	0.0	0.0						0.0	0.0			0.0	0.0
	ii. Borrowings	0.0	0.0	0.0						0.0	0.0				0.0	0.0	0.0	0.0	0.0
	iii. Repayments	0.0	0.0	0.0						0.0	0.0
	Net of Payments	nan	nan	nan						nan	nan
	iv. Balance C/F	0.0	0.0	0.0						0.0	0.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	vi. Interest expenses	0.0	0.0	0.0						0.0	0.0
	vii. Blended Interest expenses rate	nan	nan	nan						nan
SC03	i. Balance B/F	0.0	0.0	0.0						0.0	0.0				0.0	0.0
	ii. Borrowings	0.0	0.0	0.0						0.0	0.0
	iii. Repayments	0.0	0.0	0.0						0.0	0.0
	Net of Payments	nan	nan	nan						nan	nan					nan
	iv. Balance C/F	0.0	0.0	0.0						0.0	0.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	vi. Interest expenses	0.0	0.0	0.0						0.0	0.0
	vii. Blended Interest expenses 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
i. Balance B/F	5,187.8	13.0	10.0	4.6	2,715.5	0.0	2,715.5
ii. Borrowings	27,565.0	4,235.0	0.0	12,422.0	3,130.0
iii. Repayments	32,727.1	4,238.0	5.5	9,714.1	5,848.1
Net of Payments	-5,162.1	-3.0	-5.5	2,707.9	-2,718.1
Adjustments	-12.7	0.0	0.1	3.0	2.6		2.6
iv. Balance C/F	13.0	10.0	4.6	2,715.5	0.0
vi. Interest expenses	107.1	0.9	1.4	12.4	0.0
vii. Blended Interest expenses rate	411.7	740.0	1867.9	90.9	0.0		%	%	%	%	%

SC01	i. Balance B/F	5,187.8	13.0	10.0	4.6	2,715.5	0.0	2,715.5
	ii. Borrowings	27,565.0	4,235.0	0.0	12,422.0	3,130.0		12,422.0	12,422.0	12,422.0	12,422.0	12,422.0
	iii. Repayments	32,727.1	4,238.0	5.5	9,714.1	5,848.1
	Net of Payments	-5,162.1	-3.0	-5.5	2,707.9	-2,718.1
	v. Average Debt balance	-12.7	0.0	0.1	3.0	2.6		2.6
	iv. Balance C/F	13.0	10.0	4.6	2,715.5	0.0
	vi. Interest expenses	107.1	0.9	1.4	12.4	0.0
	vii. Blended Interest expenses rate	411.7	740.0	1867.9	90.9	0.0

SC02	i. Balance B/F	5,187.8	13.0	10.0	4.6	2,715.5	0.0	2,715.5
	ii. Borrowings	27,565.0	4,235.0	0.0	12,422.0	3,130.0
	iii. Repayments	32,727.1	4,238.0	5.5	9,714.1	5,848.1
	Net of Payments	-5,162.1	-3.0	-5.5	2,707.9	-2,718.1
	v. Average Debt balance	-12.7	0.0	0.1	3.0	2.6		2.6
	iv. Balance C/F	13.0	10.0	4.6	2,715.5	0.0
	vi. Interest expenses	107.1	0.9	1.4	12.4	0.0
	vii. Blended Interest expenses rate	411.7	740.0	1867.9	90.9	0.0

SC03	i. Balance B/F	5,187.8	13.0	10.0	4.6	2,715.5	0.0	2,715.5
	ii. Borrowings	27,565.0	4,235.0	0.0	12,422.0	3,130.0
	iii. Repayments	32,727.1	4,238.0	5.5	9,714.1	5,848.1
	Net of Payments	-5,162.1	-3.0	-5.5	2,707.9	-2,718.1
	v. Average Debt balance	-12.7	0.0	0.1	3.0	2.6		2.6
	iv. Balance C/F	13.0	10.0	4.6	2,715.5	0.0
	vi. Interest expenses	107.1	0.9	1.4	12.4	0.0
	vii. Blended Interest expenses rate	411.7	740.0	1867.9	90.9	0.0
	Short Term Int. Expense selection
	Short Term Debt Bal. Selection

Overdraft(Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
i. Balance B/F	0.0	0.1	0.0	0.0	15.4	1,680.8	15.4
ii. Borrowings	nan	nan	nan	nan	nan
iii. Repayments	nan	nan	nan	nan	nan
Net of Payments
Adjustments	0.1	-0.0	-0.0	15.4	1,665.4		1,665.4
iv. Balance C/F	0.1	0.0	0.0	15.4	1,680.8
vi. Interest expenses	nan	nan	nan	nan	nan
vii. Blended Interest expenses rate	10712.1	345.4	447.5	1236.3	0.0		%	%	%	%	%

SC01	i. Balance B/F	0.0	0.1	0.0	0.0	15.4	1,680.8	15.4
	ii. Borrowings	nan	nan	nan	nan	nan
	iii. Repayments	nan	nan	nan	nan	nan
	Net of Payments
	iv. Balance C/F	0.1	0.0	0.0	15.4	1,680.8
	Adjustments	0.1	-0.0	-0.0	15.4	1,665.4		1,665.4
	vi. Interest expenses	nan	nan	nan	nan	nan
	vii. Blended Interest expenses rate	10712.1	345.4	447.5	1236.3	0.0

SC02	i. Balance B/F	0.0	0.1	0.0	0.0	15.4	1,680.8	15.4
	ii. Borrowings	nan	nan	nan	nan	nan
	iii. Repayments	nan	nan	nan	nan	nan
	Net of Payments
	iv. Balance C/F	0.1	0.0	0.0	15.4	1,680.8
	Adjustments	0.1	-0.0	-0.0	15.4	1,665.4		1,665.4
	vi. Interest expenses	nan	nan	nan	nan	nan
	vii. Blended Interest expenses rate	10712.1	345.4	447.5	1236.3	0.0

SC03	i. Balance B/F	0.0	0.1	0.0	0.0	15.4	1,680.8	15.4
	ii. Borrowings	nan	nan	nan	nan	nan
	iii. Repayments	nan	nan	nan	nan	nan
	Net of Payments
	iv. Balance C/F	0.1	0.0	0.0	15.4	1,680.8
	Adjustments	0.1	-0.0	-0.0	15.4	1,665.4		1,665.4
	vi. Interest expenses	nan	nan	nan	nan	nan
	vii. Blended Interest expenses rate	10712.1	345.4	447.5	1236.3	0.0
	OD Term Int. Expense selection
	OD Term Debt Bal. Selection

Interest Expenses (Rs. Millions)	FY21	FY22	FY23
Interest Expense on Bank Loan and Overdrafts	107.1	3.5	4.5	12.4	0.0
Rate	4.1%	29.9%	61.2%	0.9%	0.0%
nan	nan	nan	nan	nan	nan
Rate	nan%	nan%	nan%	nan%	nan%
nan	nan	nan	nan	nan	nan
Rate	nan%	nan%	nan%	nan%	nan%
Interest Expense on Lease Liability	271.2	257.4	202.0	133.2	0.0
Rate	14.7%	15.6%	14.1%	13.3%	0.0%
Total Interest Expenses	378.3	260.8	206.5	145.6	0.0

4	Leases (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Leases - Opening balance	2,020.0	1,665.1	1,642.9	1,283.2	1,220.0	1,083.3	946.6		1,220.0	787.0				629.5	787.0
	Additions	0.0	0.0	0.0	177.5	177.5			66.6	0.0
	Payments	626.1	620.1	624.9	128.7	177.5	177.5			632.8	159.6
	Adjustments	0.0	340.6	0.0	0.0	0.0	-136.7			66.6	2.1					2.1
	Lease Interest expenses	271.2	257.4	202.0	0.0	0.0	0.0			133.2	0.0
	Average Interest Rate	1471.7	1556.0	1411.1	0	0	0	%	%	1327.2	0.0	%	%	%
	Closing balance	1,665.1	1,642.9	1,220.0	1,220.0	1,083.3	946.6			787.0	629.5
	Lease Liabilities - Current Portion	323.7	422.9	496.2						608.8	341.2
SC01	Leases - Opening balance	2,020.0	1,665.1	1,642.9						1,220.0	787.0				629.5	787.0
	Additions	0.0	0.0	0.0					66.6	0.0						66.6
	Payments	626.1	620.1	624.9						632.8	159.6					632.8	632.8	632.8	632.8	632.8
	Closing balance	1,665.1	1,642.9	1,220.0						787.0	629.5
	Adjustments	0.0	340.6	0.0						66.6	2.1					2.1
	Lease Interest expenses	271.2	257.4	202.0						133.2	0.0
	Blended Interest rate (%)	1471.7	1556.0	1411.1						1327.2						1327.2	1327.2	1327.2	1327.2	1327.2
SC02	Leases - Opening balance	2,020.0	1,665.1	1,642.9						1,220.0	787.0				629.5	787.0
	Additions	0.0	0.0	0.0						66.6	0.0					66.6
	Payments	626.1	620.1	624.9						632.8	159.6					632.8
	Adjustments	0.0	340.6	0.0						66.6	2.1					2.1
	Closing balance	1,665.1	1,642.9	1,220.0						787.0	629.5
	Lease Interest expenses	271.2	257.4	202.0						133.2	0.0
	Blended Interest rate (%)	1471.7	1556.0	1411.1						1327.2
SC03	Leases - Opening balance	2,020.0	1,665.1	1,642.9						1,220.0	787.0				629.5	787.0
	Lease Additions	0.0	0.0	0.0						66.6	0.0
	Payments	626.1	620.1	624.9						632.8	159.6
	Adjustments	0.0	340.6	0.0						66.6	2.1					2.1
	Closing balance	1,665.1	1,642.9	1,220.0						787.0	629.5
	Lease Interest expenses	271.2	257.4	202.0						133.2	0.0
	Blended Interest rate (%)	1471.7	1556.0	1411.1						1327.2						%	%	%	%	%
	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	1,892.4	1,471.0	1,398.8	938.9	578.6	550.4	578.6
	Additions	0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	340.6	0.0	55.0	55.9		55.9
	Amortisation	421.4	412.7	459.9	415.3	84.1
	Rate	22.3	28.1	32.9	44.2	14.5
	Closing balance	1,471.0	1,398.8	938.9	578.6	550.4
SC01	Opening balance	1,892.4	1,471.0	1,398.8	938.9	578.6	550.4	578.6	578.6	578.6	578.6	578.6
	Additions	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	340.6	0.0	55.0	55.9		55.9
	Amortisation/Depreciation	421.4	412.7	459.9	415.3	84.1
	Rate	22.3	28.1	32.9	44.2	14.5		44.2	44.2	44.2	44.2	44.2
	Closing balance	1,471.0	1,398.8	938.9	578.6	550.4
SC02	Opening balance	1,892.4	1,471.0	1,398.8	938.9	578.6	550.4	578.6	578.6	578.6	578.6	578.6
	Additions	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	340.6	0.0	55.0	55.9		55.9
	Amortisation/Depreciation	421.4	412.7	459.9	415.3	84.1
	Rate	22.3	28.1	32.9	44.2	14.5		35.1	35.1	35.1	35.1	35.1
	Closing balance	1,471.0	1,398.8	938.9	578.6	550.4
SC03	Opening balance	1,892.4	1,471.0	1,398.8	938.9	578.6	550.4	578.6
	Additions	0.0	0.0	0.0	0.0	0.0
	Amortisation/Depreciation	421.4	412.7	459.9	415.3	84.1
	Adjustments	0.0	340.6	0.0	55.0	55.9		55.9
	Closing balance	1,471.0	1,398.8	938.9	578.6	550.4
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance	0.0	0.0	0.0	0.0	55.1	0.0	55.1
	Additions	0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	55.1	-55.1		-55.1
	Amortisation	0.0	0.0	0.0	0.0	0.0
	Rate	0.0	0.0	0.0	0.0	0.0
	Closing balance	0.0	0.0	0.0	55.1	0.0
SC01	Opening balance	0.0	0.0	0.0	0.0	55.1	0.0	55.1	55.1	55.1	55.1	55.1
	Additions	0.0	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	55.1	-55.1		-55.1
	Amortisation/Depreciation	0.0	0.0	0.0	0.0	0.0
	Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance	0.0	0.0	0.0	55.1	0.0
SC02	Opening balance	0.0	0.0	0.0	0.0	55.1	0.0	55.1	55.1	55.1	55.1	55.1
	Additions	0.0	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	55.1	-55.1		-55.1
	Amortisation/Depreciation	0.0	0.0	0.0	0.0	0.0
	Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance	0.0	0.0	0.0	55.1	0.0
SC03	Opening balance	0.0	0.0	0.0	0.0	55.1	0.0	55.1
	Additions	0.0	0.0	0.0	0.0	0.0
	Amortisation/Depreciation	0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	55.1	-55.1		-55.1
	Closing balance	0.0	0.0	0.0	55.1	0.0
	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			6,830.2	1,451.2	10,854.1	1,004.8		1,451.2	553.7					553.7
	Interest Income	137.5	385.2	1,665.7	557.8	493.8	282.5			1,041.2	72.2
	Blended Interest Income Rate	0.0	0.0	0	37.8	4.5	27.6	%	%	0	0.0	%	%	%			%	%	%	%
SC01	ii. Interest Income	137.5	385.2	1,665.7	557.8	493.8	282.5			1,041.2	72.2
	iii. Blended Interest income rate	0.0	0.0	0	37.8	4.5	27.6	%	%	0						0	0	0	0	0
SC02	ii. Interest Income	137.5	385.2	1,665.7	557.8	493.8	282.5			1,041.2	72.2
	iii. Blended Interest income rate	0.0	0.0	0	37.8	4.5	27.6	%	%	0		%	%	%
SC03	i. Cash & CE Balance C/F			6,830.2					1,451.2						553.7
	ii. Interest Income	137.5	385.2	1,665.7						1,041.2	72.2
	iii. Blended Interest income rate	0.0	0.0	0						0						%	%	%	%	%
	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	11,934.3	13,184.9	31,068.0	7,748.6	7,039.0	4,893.8			23,753.8	6,566.9
	Tax B/F	1,298.5	6,918.6	7,669.0	9,751.6	10,084.3	7,547.0	6,546.2		10,084.3	9,392.4				8,361.2	9,392.4
	Tax Provision for the Year	4,852.0	5,289.8	12,476.0	2,835.7	2,796.4	2,028.6			9,589.4	2,801.8
	Adjustments	4,227.6	1,247.2	3,046.1						226.4	-1,143.7					-1,143.7
	Taxes paid (prov. for the previous year)	3,459.5	5,786.5	13,106.9	4,042.1	3,751.8	2,530.1	2,028.6		10,507.7	2,689.2
	Tax C/F	6,918.6	7,669.0	10,084.3	10,084.3	7,547.0	6,546.2			9,392.4	8,361.2
	Tax Rate	39.3	39.2	39.3	0	0	0	%	%	39.6	0.0	%	%	%		%	%	%	%	%
SC01	ii. Balance B/F	1,298.5	6,918.6	7,669.0						10,084.3	10,084.3				8,361.2	9,392.4
	iii. Tax provision for the year	4,852.0	5,289.8	12,476.0						9,589.4	2,801.8
	iv. Taxes paid (provision for the previous year)	3,459.5	5,786.5	13,106.9						10,507.7	2,689.2					9,589.4
	Adjustments	4,227.6	1,247.2	3,046.1						226.4	-1,143.7					-1,143.7
	v. Balance C/F	6,918.6	7,669.0	10,084.3						9,392.4	8,361.2
	vi. Tax Rate	39.3	39.2	39.3						39.6						39.6	39.6	39.6	39.6	39.6
SC02	ii. Balance B/F	1,298.5	6,918.6	7,669.0						10,084.3	10,084.3				8,361.2	9,392.4
	iii. Tax provision for the year	4,852.0	5,289.8	12,476.0						9,589.4	2,801.8
	iv. Taxes paid (provision for the previous year)	3,459.5	5,786.5	13,106.9						10,507.7	2,689.2					9,589.4
	Adjustments	4,227.6	1,247.2	3,046.1						226.4	-1,143.7					-1,143.7
	v. Balance C/F	6,918.6	7,669.0	10,084.3						9,392.4	8,361.2
	vi. Tax Rate	39.3	39.2	39.3						39.6
SC03	ii. Balance B/F	1,298.5	6,918.6	7,669.0						10,084.3	10,084.3				8,361.2	9,392.4
	iii. Tax provision for the year	4,852.0	5,289.8	12,476.0						9,589.4	2,801.8
	iv. Taxes paid (provision for the previous year)	3,459.5	5,786.5	13,106.9						10,507.7	2,689.2					9,589.4
	Adjustments	4,227.6	1,247.2	3,046.1						226.4	-1,143.7					-1,143.7
	v. Balance C/F	6,918.6	7,669.0	10,084.3						9,392.4	8,361.2
	vi. Tax Rate	39.3	39.2	39.3						39.6
	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	Liquor bottles	YoY
2	nan	YoY
3	nan	nan
4	nan	nan
5	nan	nan
6	0	0
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	92,830.2	107,057.4	123,357.9	29,742.7	27,549.6	115,396.2	32,383.0
Excise Duty	63,592.1	73,988.7	66,399.2			69,142.0	20,227.1
COGS	15,576.8	17,718.1	24,201.3	5,744.0	5,117.8	20,066.9	4,721.6
Gross Profit	13,661.3	15,350.5	32,757.4	7,160.2	5,537.9	26,187.3	7,434.3
Other Income	240.3	239.5	94.7			79.9	70.9	0	70.9
Administration Exp.	1,146.5	1,626.9	2,096.3	387.5	565.2	2,234.0	561.3
Selling & Distribution Exp.	579.9	902.6	1,147.1	201.1	345.7	1,175.0	414.4
Depreciation	484.9	484.2	507.6			523.2	238.5
Amortisation	421.4	412.7	459.9			415.3	84.1
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Operating Income	12,175.1	13,060.5	29,608.8	6,588.0	4,650.5	22,858.1	6,529.5
Interest Expenses	378.3	260.8	206.5			145.6	34.8
Interest Income	137.5	385.2	1,665.7	493.8	282.5		72.2
Other (Expenses)/Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Profit Before Tax	11,934.3	13,184.9	31,068.0	7,039.0	4,893.8	23,753.8	6,566.9
Tax Expenses	-4,666.1	-5,199.1	-12,224.7	2,796.4	2,028.6	-9,413.7	-2,801.8
Profit After Tax	7,268.2	7,985.8	18,843.4	4,242.6	2,865.2	14,340.0	3,765.1
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	7,268.2	7,985.8	18,843.4	4,242.6	2,865.2		3,765.1

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	11,934.3	13,184.9	31,068.0	7,039.0	4,893.8		23,753.8	6,566.9
Depreciation	From OA 1.1	484.9	484.2	507.6	130.1	130.2		523.2	238.5
Right of Use Asset - Amortisation		421.4	412.7	459.9					415.3	84.1
Intangible Asset Amortisation		0.0	0.0	0.0				0.0	0.0
Change in Working Capital	From OA 2	2,283.3	4,206.1	-6,824.7	139.9	4,944.5		127.3	2,832.0
CWC Adjustment											-4,764.5	-4,764.5
Income Tax Paid	From OA 5	3,459.5	5,786.5	13,106.9	3,751.8	2,530.1		10,507.7	2,689.2
Other		284.6	-227.6	-5,050.0	-248.0	-3,668.8		3,595.4	-2,714.5		0	-2,714.5
Net Cash Flow from / (used in) Operating Activities		11,949.0	12,273.8	7,054.0	3,393.2	3,853.7		17,907.2	4,317.9
Capital Expenditure	From CA 4	63.5	77.2	150.2	0.0	0.0		73.2	53.1
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	0.0	0.0	0.0					0.0	0.0
Other		176.1	496.6	1,681.2	419.5	292.6		-2,977.5	56.1		0	56.1
Cash Flows from Investing Activities		112.6	419.4	1,531.1	419.5	292.6		-3,050.7	3.1
Borrowings		27,565.0	4,235.0	0.0	0.0	0.0		12,422.0	3,130.0
Debt Repayments		32,727.1	4,238.0	5.5	0.0	0.0		9,714.1	5,848.1
Net of Borrowings/ Repayments		-5,162.1	-3.0	-5.5				2,707.9	-2,718.1
Adjustments to match published numbers												1,668.0	1,668.0
Lease Additions
Lease Repayments		626.1	620.1	624.9	177.5	177.5		632.8	159.6
Other		-4,581.8	-7,173.6	-13,333.7	-2.4	-8,047.9		-17,844.4	-496.2		0	-496.2
Net Cash flows from / (used in) Financing Activities		-10,370.0	-7,796.7	-13,964.1	-180.0<	-8,225.5		-15,769.3	-3,373.9
Other		nan	nan	nan	nan	nan		nan	13.2			13.2
Net Increase/(Decrease) in Cash and Cash Equivalents		1,691.6	4,896.4	-5,379.0	3,632.7	-4,079.1		-912.8	947.0
Favourable/Unfavourable Balances		0.1	0.0	0.0	2,125.1	-3,645.0		15.4	1,680.8
Cash and CE at Start		242.2	1,933.8	6,830.2	5,096.2	8,729.0	4Q	1,451.2	551.6		3,179.4	538.4
Cash and CE at End		1,933.8	6,830.2	1,451.2	8,729.0			538.4	1,498.6

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	5,249.1	4,839.1	4,481.7	4,355.0	4,230.6			8,077.0	7,883.9
Net Investment in Sub Lease		50.3	35.8	20.1	19.2	17.2	15.1	15.1	0.0	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1
Goodwill		0.0	0.0	0.0	0.0	0.0	0.0	0.0	143.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Intangible Assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	55.1	0.0	0.0	0.0	0.0
Right of Use Asset		1,471.0	1,398.8	938.9	959.1	753.5	550.4	550.4	578.6	550.4	550.4	550.4	550.4
Other non current financial investments		1,873.8	1,611.7	1,900.5	2,028.0	2,554.9	2,911.7	2,911.7	2,465.4	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7
Other		0.0	0.0	0.0	0.0	0.0	201.4	201.4	0.0	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4
Non Current Assets		8,644.2	7,885.5	7,341.3	7,361.2	7,556.2			11,319.8	11,562.5
Inventories	From OA 2.2	4,640.8	3,381.0	6,822.8	6,611.5	6,045.1			7,612.1	6,311.6
Trade and Other Receivables	From OA 2.1	3,646.1	4,127.8	5,156.9	3,153.1	3,465.3			7,256.6	4,755.1
Prepayments	From OA 2.3	3,461.1	2,105.8	4,421.0	0.0	0.0			4,572.1	5,171.4
Other Receivables		0.0	0.0	0.0	3,153.1	3,465.3	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 Financial Assets		73.4	35.7	39.1	36.6	29.3	1,054.2	1,054.2	110.9	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2
Income Tax Recoverable		672.5	596.1	4,480.8	560.4	4,023.0	2,995.8	2,995.8	710.1	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8
Cash and Cash Equivalent	From CFS	1,933.8	6,830.2	1,451.2	10,854.1	1,004.8			553.7	3,179.4
Current Assets		14,427.7	17,076.7	22,371.8	24,368.9	18,032.8			20,815.6	23,467.6
Total Assets		23,071.9	24,962.2	29,713.0	31,730.1	25,589.0				35,030.1
Equities and Liabilities
Stated Capital		3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0
Reserves	6,912.3	2,409.7	2,409.7	2,335.4	2,462.9	2,989.8	5,263.2	5,263.2	4,172.0	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2
Retained Earnings		3,671.5	1,325.9	6,912.3	2,953.5	5,970.1			3,448.8	3,115.9
Adjustments for Reported Number discprencies															-4,097.9
Other		3,000.0														-4,097.9
nan		nan	nan	nan	nan	nan	0.0	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest		0.0	0.0	0.0	0.0	0.0	21.6	21.6	23.5	21.6	21.6	21.6	21.6	21.6	21.6	21.6	21.6	21.6	21.6
Total Equity		9,081.3	6,372.5	12,247.7	8,416.3	11,959.9			10,644.3	11,400.8
Long Term Debt	From OA 3	0.0	0.0	0.0	0.0	0.0			0.0	0.0
Financing and Lease Payables	From OA 4	1,341.4	1,220.0	723.8					178.2	288.4
Defined Benefit Obligation (Net)		259.3	175.0	313.2	311.5	299.1	308.5	308.5	358.0	308.5	308.5	308.5	308.5	308.5	308.5	308.5	308.5	308.5	308.5
Deferred Tax Liability (Net)		1,583.1	1,523.2	1,232.1	1,378.8	1,247.8	2,095.9	2,095.9	1,977.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9
Other liabilities		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		3,183.7	2,918.2	2,269.0	2,467.7	2,197.6			2,514.1	2,692.8
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	3,494.1	7,545.6	4,586.5	0.0	0.0			5,760.5	10,154.2
13. Amounts due to related parties		nan	nan	nan	nan	nan	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	6,918.6	7,669.0	10,084.3	7,547.0	6,546.2			9,392.4	8,361.2
Lease Liabilities		323.7	422.9	496.2					608.8	341.2
Other Accruals	From OA 2.5
Other		57.4	24.0	24.7	0.1	22.2	399.1	399.1	484.4	399.1	399.1	399.1	399.1	399.1	399.1	399.1	399.1	399.1	399.1
Short term borrowings		13.0	10.0	4.6					2,715.5	0.0
Bank overdraft		0.1	0.0	0.0					15.4	1,680.8
Bank overdraft		0.1	0.0	0.0	2,125.1	0.0	1,680.8	nan	15.4	1,680.8	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		10,806.9	15,671.6	15,196.3	9,978.2	6,864.3			18,977.0	20,936.5
Total Equity and Liabilities		23,071.9	24,962.2	29,713.0	20,862.2	21,021.8			32,135.4	35,030.1
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		1,906.8
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		4,600.0
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			10,644.3
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		4,600.0	4,600.0	4,600.0
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	1398.847	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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