Company Overview

Haycarb

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
Activated Carbon	YoY%	-30.2
Environmental Engineering	YoY%	17.2
0	YoY%	nan
0	YoY%	nan
0	YoY%	nan
0	YoY%	nan
COSTS
Excise Duty	% of Rev.	nan
COGS	% of Rev.	67.2
Administration	% of Rev.	15.1
Selling & Distribution	% of Rev.	0.6
Capital Expenditure	% of Rev.	4.2
OTHER
Depreciation charge	% of Rev.	2.0
2.1 Accounts and notes receivables	% of Rev.	15.5
2.2 Inventories	% of COGS	38.5
2.3 Prepayments	% of Rev.	0
2.4 Accounts payable	% of COGS	14.1
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	%	4070.7
Long Term Debt Current Portion	Rs.Millions	255.8
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions	Rs.Millions	323.5
Right of Use Assets - Amortisation Rate	%	34.4
Intangible Assets - Additions	Rs.Millions	80.5
Intangible Assets - Amortisation Rate	%	0.0
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	6.4
Lease Liabilities Current Portion	Rs.Millions	86.0
Average Interest Income Rate	%	20.6
Effective Tax Rate (%)	%	2960.0

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REVENUE		FY25E to FY29E
Activated Carbon	YoY%
Environmental Engineering	YoY%
0	YoY%
0	YoY%
0	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
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		25,484.6	33,160.5	60,943.3	10,215.4	11,391.1	43,179.2	10,059.3
	YoY%		11.7	30.1	83.8				-29.1	-1.5

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Activated Carbon	23,198.0	30,872.1	59,646.8	0.0	0.0	0.0	41,659.6	9,785.8
	YoY	nan	33.1	93.2				-30.2	0
SC01	Activated Carbon	23,198.0	30,872.1	59,646.8				41,659.6
	LY YoY%	nan	33.1	93.2				-30.2		-30.2	-30.2	-30.2	-30.2	-30.2
SC02	Activated Carbon	23,198.0	30,872.1	59,646.8				41,659.6
	LY YoY%	nan	33.1	93.2				-30.2
SC03	Activated Carbon	23,198.0	30,872.1	59,646.8				41,659.6
	LY YoY%	nan	33.1	93.2				-30.2

2	Environmental Engineering	2,286.6	2,288.3	1,296.4	0.0	0.0	0.0	1,519.6	273.5
	YoY	nan	0.1	-43.3				17.2	0
SC01	Environmental Engineering	2,286.6	2,288.3	1,296.4				1,519.6
	LY YoY%	nan	0.1	-43.3				17.2		17.2	17.2	17.2	17.2	17.2
SC02	Environmental Engineering	2,286.6	2,288.3	1,296.4				1,519.6
	LY YoY%	nan	0.1	-43.3				17.2
SC03	Environmental Engineering	2,286.6	2,288.3	1,296.4				1,519.6
	LY YoY%	nan	0.1	-43.3				17.2

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

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

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

6	0	0.0	0.0	0.0	0.0	0.0
	YoY	nan	nan	nan	nan	0
SC01	0	0.0	0.0	0.0	0.0
	LY YoY%	nan	nan	nan	nan		nan	nan	nan	nan	nan
SC02	0	0.0	0.0	0.0	0.0
	LY YoY%	nan	nan	nan	nan
SC03	0	0.0	0.0	0.0	0.0
	LY YoY%	nan	nan	nan	nan

	Std vs. Cus. Revenue	25,484.6	33,160.5	60,943.3	10,215.4	11,391.1	43,179.2
SC01	S01Total Revenue	25,484.6	33,160.5	60,943.3	10,215.4	11,391.1	43,179.2
SC02	S02Total Revenue	25,484.6	33,160.5	60,943.3	10,215.4	11,391.1	43,179.2
SC03	S03Total Revenue	25,484.6	33,160.5	60,943.3	10,215.4	11,391.1	43,179.2

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		25,484.6	33,160.5	60,943.3			43,179.2	10,059.3
	YoY%		11.7	30.1	83.8				-29.1	-1.5

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Activated Carbon

	nan
	Revenue (USD m)	0.0	157.3	169.2	136.4
	Activated carbon revenue (USD)	0.0	146.4	165.6	131.6
	Revenue per MT (USD)	0.0	3,168.2	3,310.6	2,756.0
	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
	Activate Carbon Sales Volume (MT)	46,070.0	46,222.0	50,025.0	47,754.0
	YoY%
	Selling price per activated carbon (Rs./MT)	503,537.6	667,910.0	1,192,340.4		872,379.6
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Segment Revenue	23,198.0	30,872.1	59,646.8	41,659.6
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
2	Environmental Engineering

	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
	Environmental engineering revenue (Rs.)	2,286.6	2,288.3	1,296.4		}	1,519.6
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	driver2b	1.0	1.0	1.0		}	1.0
	YoY%
	Segment Revenue	2,286.6	2,288.3	1,296.4	1,519.6
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
3	0
	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	0
	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	17,947.7	25,942.7	46,064.4	0.0	7,400.3	8,223.3	29,910.4	7,307.8
	Depreciation	560.1	604.6	834.3				881.7	253.6
	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	17,387.6	25,338.0	45,230.0	0.0	7,400.3	8,223.3	29,028.7	7,054.2
	- As a % of sales	68.2%	76.4%	74.2%	nan%	-2.3%	-2.1%	67.2%	70.1%
SC01	COGS	17,947.7	25,942.7	46,064.4				29,910.4	7,307.8
	Depreciation	560.1	604.6	834.3				881.7	253.6
	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	17,387.6	25,338.0	45,230.0				29,028.7	7,054.2
	- As a % of sales	68.2%	76.4%	74.2%				67.2%	70.1%	67.2%	67.2%	67.2%	67.2%	67.2%
SC02	COGS	17,947.7	25,942.7	46,064.4				29,910.4	7,307.8
	Depreciation	560.1	604.6	834.3				881.7	253.6
	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	17,387.6	25,338.0	45,230.0				29,028.7	7,054.2
	- As a % of sales	68.2%	76.4%	74.2%				67.2%	70.1%	72.6%	72.6%	72.6%	72.6%	72.6%
SC03	COGS	17,947.7	25,942.7	46,064.4				29,910.4	7,307.8
	Depreciation	560.1	604.6	834.3				881.7	253.6
	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	17,387.6	25,338.0	45,230.0				29,028.7	7,054.2
	- As a % of sales	68.2%	76.4%	74.2%				67.2%	70.1%
	COGS selection
	COGS% selection

2	Administration Expenses	2,975.5	4,128.2	6,254.7	0.0	1,440.2	1,661.4	6,558.5	1,525.4
	Amortisation of Intangible Assets	13.3	13.7	15.7				22.4	6.2
	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	2,962.3	4,114.4	6,239.1	0.0	1,440.2	1,661.4	6,536.1	1,525.4
	- As a % of sales	11.6%	12.4%	10.2%	nan%	14.0%	14.5%	15.1%	15.1%
SC01	Administration Expenses	2,975.5	4,128.2	6,254.7				6,558.5	1,525.4
	Amortisation of Intangible Assets	13.3	13.7	15.7				22.4	6.2
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	2,962.3	4,114.4	6,239.1				6,536.1	1,519.2
	- As a % of sales	11.6%	12.4%	10.2%				15.1%	15.1%	15.1%	15.1%	15.1%	15.1%	15.1%
SC02	Administration Expenses	2,975.5	4,128.2	6,254.7				6,558.5	1,525.4
	Amortisation of Intangible Assets	13.3	13.7	15.7				22.4	6.2
	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	2,962.3	4,114.4	6,239.1				6,536.1	1,519.2
	- As a % of sales	11.6%	12.4%	10.2%				15.1%	15.1%	12.6%	12.6%	12.6%	12.6%	12.6%
SC03	Administration Expenses	2,975.5	4,128.2	6,254.7				6,558.5	1,525.4
	Amortisation of Intangible Assets	13.3	13.7	15.7				22.4	6.2
	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	2,962.3	4,114.4	6,239.1				6,536.1	1,519.2
	- As a % of sales	11.6%	12.4%	10.2%				15.1%	15.1%
	Admin selection

	Selling & Distribution Expenses	219.9	260.6	550.5	0.0	125.5	106.4	367.2	111.1
	Amortisation of Right of Use Assets	50.8	64.1	64.6				97.6	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	169.1	196.4	485.9	0.0	125.5	106.4	269.6	111.1
	- As a % of sales	0.7%	0.6%	0.8%	nan%	1.2%	0.9%	0.6%	1.1%
SC01	S&D	219.9	260.6	550.5				367.2	111.1
	Amortisation of Right of Use Assets	50.8	64.1	64.6				50.8	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	169.1	196.4	485.9				269.6	111.1
	- As a % of sales	0.7%	0.6%	0.8%				0.6%	1.1%	0.6%	0.6%	0.6%	0.6%	0.6%
SC02	s&D	219.9	260.6	550.5				367.2	111.1
	Amortisation of Right of Use Assets	50.8	64.1	64.6				50.8	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	169.1	196.4	485.9				269.6	111.1
SC02	- As a % of sales	0.7%	0.6%	0.8%				0.6%	1.1%	0.7%	0.7%	0.7%	0.7%	0.7%
SC03	S&D	219.9	260.6	550.5				367.2	111.1
	Amortisation of Right of Use Assets	50.8	64.1	64.6				50.8	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	169.1	196.4	485.9				269.6	111.1
	- As a % of sales	0.7%	0.6%	0.8%				0.6%	1.1%
	Sd selection

4	Capital Expenditure	969.8	1,677.7	1,646.1	0.0	273.8	261.1	0	1,811.2	640.7	0	0	0
	- As a % of sales	3.8%	5.1%	2.7%	nan%	2.7%	2.3%		4.2%	6.4%
SC01	Capital Expenditure	969.8	1,677.7	1,646.1					1,811.2	640.7
	- As a % of sales	3.8%	5.1%	2.7%					4.2%					4.2%	4.2%	4.2%	4.2%	4.2%
SC02	Capital Expenditure	969.8	1,677.7	1,646.1					1,811.2	640.7
	- As a % of sales	3.8%	5.1%	2.7%					4.2%					4.0%	4.0%	4.0%	4.0%	4.0%
SC03	Capital Expenditure	969.8	1,677.7	1,646.1					1,811.2	640.7
	- As a % of sales	3.8%	5.1%	2.7%					4.2%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	9,776.0	11,205.9	14,804.3	nan	17,307.0	17,580.8	17,841.8	17,307.0	17,643.6	20,117.5	17,643.6
	Capital Expenditure	969.8	1,677.7	1,646.1	0.0	273.8	261.1	222		640.7
	Adjustments	628.0	2,875.0	641.8					-1,682.5	1,833.2		1,833.2
	Balance C/F	11,205.9	14,804.3	17,307.0	nan	17,580.8	17,841.8		17,643.6	20,117.5
SC01	Balance B/F	9,776.0	11,205.9	14,804.3					17,307.0	17,643.6	20,117.5	17,643.6
	Capital Expenditure	969.8	1,677.7	1,646.1					1,811.2	640.7
	Adjustments	628.0	2,875.0	641.8					-1,682.5	1,833.2		1,833.2
	Balance C/F	11,205.9	14,804.3	17,307.0					17,643.6	20,117.5
SC02	Balance B/F	9,776.0	11,205.9	14,804.3					17,307.0	17,643.6	20,117.5	17,643.6
	Capital Expenditure	969.8	1,677.7	1,646.1					1,811.2	640.7
	Adjustments	628.0	2,875.0	641.8					-1,682.5	1,833.2		1,833.2
	Balance C/F	11,205.9	14,804.3	17,307.0					17,643.6	20,117.5
SC03	Balance B/F	9,776.0	11,205.9	14,804.3					17,307.0	17,643.6	20,117.5	17,643.6
	Capital Expenditure	969.8	1,677.7	1,646.1					1,811.2	640.7
	Adjustments	628.0	2,875.0	641.8					-1,682.5	1,833.2		1,833.2
	Balance C/F	11,205.9	14,804.3	17,307.0					17,643.6	20,117.5

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	4,604.2	5,469.3	7,550.7	nan	8,781.2	7,662.9	7,822.9		8,781.2	8,609.6				8,863.2	8,609.6
	Depreciation charge	560.1	604.6	834.3	0.0	237.7	244.3			881.7	253.6
	- As a % of sales	2.2%	1.8%	1.4%	nan%	2.3%	2.1%			2.0%	2.5%
	Balance C/F	5,469.3	7,550.7	8,781.2	nan	7,662.9	7,822.9	0	0	8,609.6	8,863.2	0	0	0	0	0	0	0	0	0
	Adjustments	279.5	1,451.2	370.6						-1,078.9	0.0					0.0
	Net Book Value at end	6,424.3	8,895.7	10,214.3	nan	9,917.9	10,019.0			10,838.3	11,254.3
SC01	Balance B/F	4,604.2	5,469.3	7,550.7						8,781.2	8,609.6				8,863.2	8,609.6
SC01	Depreciation charge	560.1	604.6	834.3						881.7	253.6
	- As a % of sales	2.2%	1.8%	1.4%						2.0%	2.5%						2.0%	2.0%	2.0%	2.0%	2.0%
	Balance C/F	5,469.3	7,550.7	8,781.2						8,609.6	8,863.2
	Adjustments	279.5	1,451.2	370.6						-1,078.9	0.0					0.0
	Net Book Value at end	6,424.3	8,895.7	10,214.3						10,838.3	11,254.3
SC02	Balance B/F	4,604.2	5,469.3	7,550.7						8,781.2	8,609.6				8,863.2	8,609.6
SC02	Depreciation charge	560.1	604.6	834.3						881.7	253.6
	- As a % of sales	2.2%	1.8%	1.4%						2.0%	2.5%
	Balance C/F	5,469.3	7,550.7	8,781.2						8,609.6	8,863.2
	Adjustments	279.5	1,451.2	370.6						-1,078.9	0.0					0.0
	Net Book Value at end	6,424.3	8,895.7	10,214.3						10,838.3	11,254.3
SC03	Balance B/F	4,604.2	5,469.3	7,550.7						8,781.2	8,609.6				8,863.2	8,609.6
SC03	Depreciation charge	560.1	604.6	834.3						881.7	253.6
	- As a % of sales	2.2%	1.8%	1.4%						2.0%	2.5%
	Balance C/F	5,469.3	7,550.7	8,781.2						8,609.6	8,863.2
	Adjustments	279.5	1,451.2	370.6						-1,078.9	0.0					0.0
	Net Book Value at end	6,424.3	8,895.7	10,214.3						10,838.3	11,254.3
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	4,316.4	8,473.5	6,709.9	0.0	5,420.2	6,956.9	6,711.3	7,232.9
	- As a % of sales	16.9	25.6	11.0	nan	53.1	61.1	15.5	33.7
	Four Qtr Cum. Revenue				11,391.1	21,606.5	21,606.5
	Four Qtr Cum. COGS				-8,223.3	-15,623.6	-15,623.6
SC01	2.1 Accounts and notes receivables	4,316.4	8,473.5	6,709.9				6,711.3
	- As a % of sales	16.9	25.6	11.0				15.5		15.5	15.5	15.5	15.5	15.5
SC02	2.1 Accounts and notes receivables	4,316.4	8,473.5	6,709.9				6,711.3
	- As a % of sales	16.9	25.6	11.0				15.5		17.4	17.4	17.4	17.4	17.4
	Four Qtr Cum. Revenue				11,391.1	21,606.5	21,606.5
SC03	2.1 Accounts and notes receivables	4,316.4	8,473.5	6,709.9				6,711.3
	- As a % of sales	16.9	25.6	11.0				15.5
	Four Qtr Cum. COGS				-8,223.3	-15,623.6	-15,623.6
	Debtors selection

	2.2 Inventories	8,621.0	15,807.1	13,986.8	0.0	12,557.5	11,396.6	11,506.7	12,115.1
	- As a % of COGS	48.0	60.9	30.4	nan	169.7	138.6	38.5	78.0
SC01	2.2 Inventories	8,621.0	15,807.1	13,986.8				11,506.7
	- As a % of COGS	48.0	60.9	30.4				38.5		38.5	38.5	38.5	38.5	38.5
SC02	2.2 Inventories	8,621.0	15,807.1	13,986.8				11,506.7
	- As a % of COGS	48.0	60.9	30.4				38.5		43.3	43.3	43.3	43.3	43.3
SC03	2.2 Inventories	8,621.0	15,807.1	13,986.8				11,506.7
	- As a % of COGS	48.0	60.9	30.4				38.5
	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	1,886.8	3,398.8	3,703.8	0.0	3,395.2	4,039.0	4,203.9	3,981.3
	- As a % of COGS	10.5	13.1	8.0	nan	45.9	49.1	14.1	25.6
SC01	2.4 Accounts payable	1,886.8	3,398.8	3,703.8				4,203.9
	- As a % of COGS	10.5	13.1	8.0				14.1		14.1	14.1	14.1	14.1	14.1
SC02	2.4 Accounts payable	1,886.8	3,398.8	3,703.8				4,203.9
	- As a % of COGS	10.5	13.1	8.0				14.1		11.7	11.7	11.7	11.7	11.7
SC03	2.4 Accounts payable	1,886.8	3,398.8	3,703.8				4,203.9
	- As a % of COGS	10.5	13.1	8.0				14.1
	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						3,294.1	-933.5
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						3,294.1	-933.5
SC01 Change in WC - Balance Period
SC02 Change in WC						3,294.1	-933.5
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						3,294.1	-933.5
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	254.8	679.1	982.6	982.6	0.0	0.0	440.7		300.8	509.5				840.1	509.5
	Issuance of debt	566.9	507.8	200.0	0.0	625.0	0.0			636.1	397.5
	Repayment of debt	152.4	272.3	917.3	0.0	42.9	87.6			419.7	67.9
	Net of Payments	414.5	235.5	-717.3						216.4	329.6					329.6
	Adjustments	9.8	67.9	35.5	0.0	0.0	0.0			-7.7	1.0					1.0
	Closing balance	679.1	982.6	300.8	982.6	526.9	440.7			509.5	840.1
	Current Portion of Long Term Debt	211.6	305.4	160.6						255.8	378.0
	Interest Expenses	22.2	47.2	124.8	0.0	0.0	0.0			164.9	0.0
	Average Interest rate (%)	475.8	568.1	1944.4	0	0	0	%	%	4070.7	0	%	%	%		%	%	%	%	%
SC01	Opening balance	254.8	679.1	982.6						300.8	509.5				840.1	509.5
	Issuance of debt	566.9	507.8	200.0						636.1	397.5					636.1	636.1	636.1	636.1	636.1
	Repayment of debt	152.4	272.3	917.3						419.7	67.9
	Net of Payments	414.5	235.5	-717.3						216.4	329.6					329.6
	Adjustments	9.8	67.9	35.5						-7.7	1.0					1.0
	Closing balance	679.1	982.6	300.8						509.5	840.1
	Adjustments	9.8	67.9	35.5						-7.7	1.0					1.0
	Interest Expenses	22.2	47.2	124.8						164.9	0.0
	Average Interest rate (%)	475.8	568.1	1944.4						4070.7						4070.7	4070.7	4070.7	4070.7	4070.7
SC02	Opening balance	254.8	679.1	982.6						300.8	509.5			840.1	509.5
	Issuance of debt	566.9	507.8	200.0						636.1	397.5				448.0	448.0	448.0	448.0	448.0
	Repayment of debt	152.4	272.3	917.3						419.7	67.9
	Net of Payments	414.5	235.5	-717.3						216.4	329.6
	Closing balance	679.1	982.6	300.8						509.5	840.1
	Adjustments	9.8	67.9	35.5						-7.7	1.0					1.0
	Interest Expenses	22.2	47.2	124.8						164.9	0.0
	Average Interest rate (%)	475.8	568.1	1944.4						4070.7
SC03	Opening balance	254.8	679.1	982.6						300.8	509.5				840.1	509.5
	Issuance of debt	566.9	507.8	200.0						636.1	397.5
	Repayment of debt	152.4	272.3	917.3						419.7	67.9
	Net of Payments	414.5	235.5	-717.3						216.4	329.6					329.6
	Closing balance	679.1	982.6	300.8						509.5	840.1
	Adjustments	9.8	67.9	35.5						-7.7	1.0					1.0
	Interest Expenses	22.2	47.2	124.8						164.9	0.0
	Average Interest rate (%)	475.8	568.1	1944.4						4070.7							%	%	%	%	%
	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	2,087.2	3,338.0	8,918.5	5,561.4	2,722.3	2,722.3	2,722.3
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	1,250.8	5,580.6	-3,357.1	-2,839.1	0.0
Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
Closing balance	3,338.0	8,918.5	5,561.4	2,722.3	2,722.3
Interest Expenses	204.6	429.7	1,470.8	406.1	0.0
Average Interest rate (%)	754.4	701.2	2031.5	980.4	0		%	%	%	%	%

SC01	Opening balance	2,087.2	3,338.0	8,918.5	5,561.4	2,722.3	2,722.3	2,722.3
	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	1,250.8	5,580.6	-3,357.1	-2,839.1	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance	3,338.0	8,918.5	5,561.4	2,722.3	2,722.3
	Interest Expenses	204.6	429.7	1,470.8	406.1	0.0
	Average Interest rate (%)	754.4	701.2	2031.5	980.4	0

SC02	Opening balance	2,087.2	3,338.0	8,918.5	5,561.4	2,722.3	2,722.3	2,722.3
	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	1,250.8	5,580.6	-3,357.1	-2,839.1	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance	3,338.0	8,918.5	5,561.4	2,722.3	2,722.3
	Interest Expenses	204.6	429.7	1,470.8	406.1	0.0
	Average Interest rate (%)	754.4	701.2	2031.5	980.4	0

SC03	Opening balance	2,087.2	3,338.0	8,918.5	5,561.4	2,722.3	2,722.3	2,722.3
	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	1,250.8	5,580.6	-3,357.1	-2,839.1	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance	3,338.0	8,918.5	5,561.4	2,722.3	2,722.3
	Interest Expenses	204.6	429.7	1,470.8	406.1	0.0
	Average Interest rate (%)	754.4	701.2	2031.5	980.4	0
	Short Term Int. Expense selection
	Short Term Debt Bal. Selection

Overdraft(Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
Opening balance	744.8	767.4	1,104.4	1,057.5	1,144.0	459.6	1,144.0
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	22.5	337.0	-46.9	86.5	-684.4		-684.4
Closing balance	767.4	1,104.4	1,057.5	1,144.0	459.6
Interest Expenses	0.0	0.0	0.0	0.0	0.0
Average Interest rate (%)	0	0	0	0	0		%	%	%	%	%

SC01	Opening balance	744.8	767.4	1,104.4	1,057.5	1,144.0	459.6	1,144.0
	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	767.4	1,104.4	1,057.5	1,144.0	459.6
	Adjustments	22.5	337.0	-46.9	86.5	-684.4		-684.4
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0

SC02	Opening balance	744.8	767.4	1,104.4	1,057.5	1,144.0	459.6	1,144.0
	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	767.4	1,104.4	1,057.5	1,144.0	459.6
	Adjustments	22.5	337.0	-46.9	86.5	-684.4		-684.4
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0

SC03	Opening balance	744.8	767.4	1,104.4	1,057.5	1,144.0	459.6	1,144.0
	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	767.4	1,104.4	1,057.5	1,144.0	459.6
	Adjustments	22.5	337.0	-46.9	86.5	-684.4		-684.4
	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
LT Interest	22.2	47.2	124.8	164.9	0.0
Rate	4.8%	5.7%	19.4%	40.7%	0.0%
ST Interest	204.6	429.7	1,470.8	406.1	0.0
Rate	7.5%	7.0%	20.3%	9.8%	0.0%
OD Interest	0.0	0.0	0.0	0.0	0.0
Rate	0.0%	0.0%	0.0%	0.0%	0.0%
Lease Interest	16.4	15.7	8.9	25.3	0.0
Rate	10.3%	10.9%	4.5%	6.4%	0.0%
Total Interest Expenses	243.2	492.7	1,604.5	596.3	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	141.2	175.9	113.4	0.0	292.9	255.2	228.0		292.9	502.5				485.3	502.5
	Additions	82.5	0.0	261.5	37.7	27.2			323.5	0.0
	Payments	66.8	80.4	71.0	0.0	37.7	27.2			120.2	32.8
	Adjustments	2.5	2.1	-20.2	0.0	0.0	0.0			-19.0	15.7					15.7
	Lease Interest expenses	16.4	15.7	9.2	0.0	0.0	0.0			25.3	0.0
	Average Interest Rate	10.3	10.9	4.5	0	0	0	%	%	6.4	0	%	%	%
	Closing balance	175.9	113.4	292.9	0.0	255.2	228.0			502.5	485.3
	Lease Liabilities - Current Portion	63.2	59.4	86.7						86.0	77.7
SC01	Lease - Opening balance	141.2	175.9	113.4						292.9	502.5				485.3	502.5
	Additions	82.5	0.0	261.5					323.5	0.0						323.5
	Payments	66.8	80.4	71.0						120.2	32.8					120.2	120.2	120.2	120.2	120.2
	Closing balance	175.9	113.4	292.9						502.5	485.3
	Adjustments	2.5	2.1	-20.2						-19.0	15.7					15.7
	Lease Interest expenses	16.4	15.7	9.2						25.3	0.0
	Average Interest rate (%)	10.3	10.9	4.5						6.4						6.4	6.4	6.4	6.4	6.4
SC02	Lease - Opening balance	141.2	175.9	113.4						292.9	502.5				485.3	502.5
	Additions	82.5	0.0	261.5						323.5	0.0					323.5
	Payments	66.8	80.4	71.0						120.2	32.8					120.2
	Adjustments	2.5	2.1	-20.2						-19.0	15.7					15.7
	Closing balance	175.9	113.4	292.9						502.5	485.3
	Lease Interest expenses	16.4	15.7	9.2						25.3	0.0
	Average Interest rate (%)	10.3	10.9	4.5						6.4
SC03	Lease - Opening balance	141.2	175.9	113.4						292.9	502.5				485.3	502.5
	Lease Additions	82.5	0.0	261.5						323.5	0.0
	Payments	66.8	80.4	71.0						120.2	32.8
	Adjustments	2.5	2.1	-20.2						-19.0	15.7					15.7
	Closing balance	175.9	113.4	292.9						502.5	485.3
	Lease Interest expenses	16.4	15.7	9.2						25.3	0.0
	Average Interest rate (%)	10.3	10.9	4.5						6.4						%	%	%	%	%
	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	130.6	163.8	105.9	283.5	490.9	468.1	490.9
	Additions	82.5	0.0	261.2	323.5	0.0
	Adjustments	1.5	6.2	-19.0	-18.4	-22.8		-22.8
	Amortisation	50.8	64.1	64.6	97.6	0.0
	Amortisation Rate	38.9	39.1	61.0	34.4	0.0
	Closing balance - Calculated	163.8	105.9	283.5	490.9	468.1
SC01	Opening balance	130.6	163.8	105.9	283.5	490.9	468.1	490.9	490.9	490.9	490.9	490.9
	Additions	82.5	0.0	261.2	323.5	0.0		323.5	323.5	323.5	323.5	323.5
	Adjustments	1.5	6.2	-19.0	-18.4	-22.8		-22.8
	Amortisation	50.8	64.1	64.6	97.6	0.0
	Amortisation Rate	38.9	39.1	61.0	34.4	0.0		34.4	34.4	34.4	34.4	34.4
	Closing balance - Calculated	163.8	105.9	283.5	490.9	468.1
SC02	Opening balance	130.6	163.8	105.9	283.5	490.9	468.1	490.9	490.9	490.9	490.9	490.9
	Additions	82.5	0.0	261.2	323.5	0.0		194.9	194.9	194.9	194.9	194.9
	Adjustments	1.5	6.2	-19.0	-18.4	-22.8		-22.8
	Amortisation	50.8	64.1	64.6	97.6	0.0
	Amortisation Rate	38.9	39.1	61.0	34.4	0.0		44.9	44.9	44.9	44.9	44.9
	Closing balance - Calculated	163.8	105.9	283.5	490.9	468.1
SC03	Opening balance	130.6	163.8	105.9	283.5	490.9	468.1	490.9
	Additions	82.5	0.0	261.2	323.5	0.0
	Amortisation	50.8	64.1	64.6	97.6	0.0
	Adjustments	1.5	6.2	-19.0	-18.4	-22.8		-22.8
	Closing balance - Calculated	163.8	105.9	283.5	490.9	468.1
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance	226.9	233.1	258.5	289.4	347.4	341.2	347.4
	Additions	18.8	38.1	46.1	80.5	0.0
	Adjustments	0.7	1.0	0.5	-0.1	0.0		0.0
	Amortisation	13.3	13.7	15.7	22.4	6.2
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0
	Closing balance - Calculated	233.1	258.5	289.4	347.4	341.2
SC01	Opening balance	226.9	233.1	258.5	289.4	347.4	341.2	347.4	347.4	347.4	347.4	347.4
	Additions	18.8	38.1	46.1	80.5	0.0		80.5	80.5	80.5	80.5	80.5
	Adjustments	0.7	1.0	0.5	-0.1	0.0		0.0
	Amortisation	13.3	13.7	15.7	22.4	6.2
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance - Calculated	233.1	258.5	289.4	347.4	341.2
SC02	Opening balance	226.9	233.1	258.5	289.4	347.4	341.2	347.4	347.4	347.4	347.4	347.4
	Additions	18.8	38.1	46.1	80.5	0.0		54.9	54.9	54.9	54.9	54.9
	Adjustments	0.7	1.0	0.5	-0.1	0.0		0.0
	Amortisation	13.3	13.7	15.7	22.4	6.2
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance - Calculated	233.1	258.5	289.4	347.4	341.2
SC03	Opening balance	226.9	233.1	258.5	289.4	347.4	341.2	347.4
	Additions	18.8	38.1	46.1	80.5	0.0
	Amortisation	13.3	13.7	15.7	22.4	6.2
	Adjustments	0.7	1.0	0.5	-0.1	0.0		0.0
	Closing balance - Calculated	233.1	258.5	289.4	347.4	341.2
	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			3,117.7	0.0	6,111.8	5,553.5		5,072.9	6,722.1					6,722.1
	Interest Income	372.8	2,321.0	3,392.7	0.0	343.6	318.6			1,392.8	548.3
	Blended Interest Income Rate	15.9	70.4	65.5	0	5.6	5.6	%	%	20.6	9.5	%	%	%			%	%	%	%
SC01	ii. Interest Income	372.8	2,321.0	3,392.7	0.0	343.6	318.6			1,392.8	548.3
	Average Interest Income Rate	15.9	70.4	65.5	0	5.6	5.6	%	%	20.6						20.6	20.6	20.6	20.6	20.6
SC02	ii. Interest Income	372.8	2,321.0	3,392.7	0.0	343.6	318.6			1,392.8	548.3
	Average Interest Income Rate	15.9	70.4	65.5	0	5.6	5.6	%	%	20.6		%	%	%
SC03	i. Cash & CE Balance C/F			3,117.7					5,072.9						6,722.1
	ii. Interest Income	372.8	2,321.0	3,392.7						1,392.8	548.3
	Average Interest Income Rate	15.9	70.4	65.5						20.6						%	%	%	%	%
	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	4,490.3	4,656.0	8,258.0	0.0	1,060.3	1,519.2			6,113.3	1,212.2
	Tax B/F	228.4	594.4	377.6	428.8	645.3	38.3	-397.3		609.5	731.4				522.3	731.4
	Tax Provision for the Year	923.8	934.8	1,752.5	0.0	0.0	0.0			1,807.6	355.4
	Adjustments	3.6	-90.3	491.2						-110.3	-56.6					-56.6
	Taxes paid (prov. for the previous year)	555.3	1,010.2	1,976.0	0.0	607.0	435.5	0.0		1,575.4	507.9
	Tax C/F	600.5	428.8	645.3	428.8	38.3	-397.3			731.4	522.3
	Tax Rate	0	2010.0	2120.0	0	0	0	%	%	2960.0	0	%	%	%		%	%	%	%	%
SC01	Opening balance	228.4	594.4	377.6						609.5	609.5				522.3	731.4
	Current Income Tax	923.8	934.8	1,752.5						1,807.6	355.4
	Taxes paid	555.3	1,010.2	1,976.0						1,575.4	507.9					1,807.6
	Adjustments	3.6	-90.3	491.2						-110.3	-56.6					-56.6
	Closing balance	600.5	428.8	645.3						731.4	522.3
	Effective Tax Rate (%)	0	2010.0	2120.0						2960.0						2960.0	2960.0	2960.0	2960.0	2960.0
SC02	Opening balance	228.4	594.4	377.6						609.5	609.5				522.3	731.4
	Current Income Tax	923.8	934.8	1,752.5						1,807.6	355.4
	Taxes paid	555.3	1,010.2	1,976.0						1,575.4	507.9					1,807.6
	Adjustments	3.6	-90.3	491.2						-110.3	-56.6					-56.6
	Closing balance	600.5	428.8	645.3						731.4	522.3
	Effective Tax Rate (%)	0	2010.0	2120.0						2960.0
SC03	Opening balance	228.4	594.4	377.6						609.5	609.5				522.3	731.4
	Current Income Tax	923.8	934.8	1,752.5						1,807.6	355.4
	Taxes paid	555.3	1,010.2	1,976.0						1,575.4	507.9					1,807.6
	Adjustments	3.6	-90.3	491.2						-110.3	-56.6					-56.6
	Closing balance	600.5	428.8	645.3						731.4	522.3
	Effective Tax Rate (%)	0	2010.0	2120.0						2960.0
	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	Activated Carbon	YoY
2	Environmental Engineering	YoY
3	0	YoY
4	0	YoY
5	0	YoY
6	0	YoY
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	25,484.6	33,160.5	60,943.3	10,215.4	11,391.1	43,179.2	10,059.3
Excise Duty	nan	nan	nan			nan	nan
COGS	17,947.7	25,942.7	46,064.4	7,400.3	8,223.3	29,910.4	7,307.8
Gross Profit	7,536.9	7,217.8	14,878.9	2,815.1	3,167.8	13,268.8	2,751.5
Other Income	94.3	250.0	200.6			178.0	36.7	0	36.7
Administration Exp.	2,975.5	4,128.2	6,254.7	1,440.2	1,661.4	6,558.5	1,525.4
Selling & Distribution Exp.	219.9	260.6	550.5	125.5	106.4	367.2	111.1
Depreciation	560.1	604.6	834.3			881.7	253.6
Amortisation	64.1	77.9	80.3			120.0	6.2
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Operating Income	4,435.7	3,079.1	8,274.3	1,287.6	1,444.8	6,521.1	1,151.7
Interest Expenses	324.0	722.7	3,411.4			1,791.9	483.7
Interest Income	372.8	2,321.0	3,392.7	343.6	318.6		548.3
Other (Expenses)/Income	5.8	-21.3	2.4	-2.6	-4.1	-8.8	-4.1		-4.1
Profit Before Tax	4,490.3	4,656.0	8,258.0	1,060.3	1,519.2	6,113.3	1,212.2
Tax Expenses	923.8	934.8	1,752.5	0.0	0.0	1,807.6	355.4
Profit After Tax	3,566.5	3,721.1	6,505.5	765.7	1,064.8	4,305.6	856.8
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	3,566.5	3,721.1	6,505.5	765.7	1,064.8		856.8

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	4,490.3	4,656.0	8,258.0	1,060.3	1,519.2		6,113.3	1,212.2
Depreciation	From OA 1.1	560.1	604.6	834.3	237.7	244.3		881.7	253.6
Right of Use Asset - Amortisation		50.8	64.1	64.6					97.6	0.0
Intangible Asset Amortisation		13.3	13.7	15.7				22.4	6.2
Change in Working Capital	From OA 2	-2,610.7	-10,705.9	2,530.9	2,010.1	692.6		3,294.1	-933.5
CWC Adjustment											419.2	419.2
Income Tax Paid	From OA 5	555.3	1,010.2	1,976.0	607.0	435.5		1,575.4	507.9
Other		117.3	3,563.2	394.4	-445.7	-309.8		-956.8	174.9		0	174.9
Net Cash Flow from / (used in) Operating Activities		2,065.8	-2,814.5	10,122.0	2,260.6	1,716.5		7,876.8	205.6
Capital Expenditure	From CA 4	969.8	1,677.7	1,646.1	273.8	261.1		1,811.2	640.7
Acquisition of Right to Use Assets	From CA 4	82.5	0.0	261.2					323.5	0.0
Acquisition of Intangible Assets	From CA 4	18.8	38.1	46.1					80.5	0.0
Other		167.3	211.0	334.3	62.5	159.3		514.6	124.4		0	124.4
Cash Flows from Investing Activities		-903.9	-1,504.8	-1,619.1	-211.2	-108.6		-1,700.6	-516.3
Borrowings		566.9	507.8	200.0	625.0	0.0		636.1	397.5
Debt Repayments		152.4	272.3	917.3	42.9	87.6		419.7	67.9
Net of Borrowings/ Repayments		414.5	235.5	-717.3				216.4	329.6
Adjustments to match published numbers												-684.4	-684.4
Lease Additions
Lease Repayments		66.8	80.4	71.0	37.7	27.2		120.2	32.8
Other		-1,592.4	-971.4	-2,355.4	0.0	-369.7		-1,870.6	-290.3		0	-290.3
Net Cash flows from / (used in) Financing Activities		-1,244.7	-816.3	-3,143.6	544.4<	-484.5		-1,774.4	6.5
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		-82.8	-5,135.5	5,359.2	2,593.7	1,123.5		4,401.9	-304.2
Favourable/Unfavourable Balances		4,105.3	10,022.9	6,618.9	5,064.1	3,382.3		3,866.3	3,181.9
Cash and CE at Start		-1,686.9	-1,769.7	-6,905.2	-1,546.0	1,047.7	4Q	-1,546.0	2,855.8		5,733.5	2,855.8
Cash and CE at End		-1,769.7	-6,905.2	-1,546.0	1,047.7			2,855.8	2,551.6

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	6,424.3	8,895.7	10,214.3	9,917.9	10,019.0			10,838.3	11,254.3
Investments in equity accounted investees		615.3	590.3	592.8	590.1	586.1	579.8	579.8	583.9	579.8	579.8	579.8	579.8	579.8	579.8	579.8	579.8	579.8	579.8
Deferred tax Assets		62.4	132.8	244.2	239.0	241.8	240.4	240.4	240.0	240.4	240.4	240.4	240.4	240.4	240.4	240.4	240.4	240.4	240.4
Intangible Assets		233.1	258.5	289.4	284.1	285.4	341.2	341.2	347.4	341.2	341.2	341.2	341.2
Right Use of Assets		163.8	105.9	283.5	237.1	225.4	468.1	nan	490.9	468.1	nan	nan	nan
nan		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
Other		1,932.7	1,378.9	1,184.7	1,190.7	1,374.3	1,582.4	1,582.4	1,285.2	1,582.4	1,582.4	1,582.4	1,582.4	1,582.4	1,582.4	1,582.4	1,582.4	1,582.4	1,582.4
Non Current Assets		9,431.7	11,362.1	12,808.7	12,459.0	12,731.8			13,785.7	14,466.3
Inventories	From OA 2.2	8,621.0	15,807.1	13,986.8	12,557.5	11,396.6			11,506.7	12,115.1
Trade and Other Receivables	From OA 2.1	4,316.4	8,473.5	6,709.9	5,420.2	6,956.9			6,711.3	7,232.9
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			0.0	0.0
Amounts due from equity accounted investees		38.1	63.6	101.8	106.7	112.1	74.0	74.0	127.2	74.0	74.0	74.0	74.0	74.0	74.0	74.0	74.0	74.0	74.0
Other Financial Assets		15.2	177.2	104.2	70.2	122.1	38.4	38.4	47.9	38.4	38.4	38.4	38.4	38.4	38.4	38.4	38.4	38.4	38.4
Income Tax Recoverable		634.8	1,010.8	1,406.9	1,581.1	1,140.9	1,148.5	1,148.5	1,313.4	1,148.5	1,148.5	1,148.5	1,148.5	1,148.5	1,148.5	1,148.5	1,148.5	1,148.5	1,148.5
Cash and Cash Equivalent	From CFS	2,335.6	3,117.7	5,072.9	6,111.8	5,553.5			6,722.1	5,733.5
Current Assets		15,961.2	28,650.0	27,382.5	25,847.5	25,282.1			26,428.6	26,342.4
Total Assets		25,392.9	40,012.1	40,191.2	38,306.5	38,013.9				40,808.7
Equities and Liabilities
Stated Capital		331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8	331.8
Reserves	20,918.8	686.3	686.3	891.3	891.3	891.3	891.3	891.3	891.3	891.3	891.3	891.3	891.3	891.3	891.3	891.3	891.3	891.3	891.3
Retained Earnings		12,383.1	16,845.4	20,918.8	20,625.6	21,314.4			21,682.0	22,597.9
Adjustments for Reported Number discprencies															59.2
Other		331.8														59.2
nan		nan	nan	nan	891.3	891.3	0.0	0.0	nan	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest		1,751.3	2,648.6	3,070.7	2,936.2	3,002.7	2,923.6	2,923.6	2,792.8	2,923.6	2,923.6	2,923.6	2,923.6	2,923.6	2,923.6	2,923.6	2,923.6	2,923.6	2,923.6
Total Equity		15,152.4	20,820.6	25,212.6	25,676.2	26,431.5			25,697.8	26,744.7
Long Term Debt	From OA 3	467.6	677.2	140.2	526.9	440.7			253.7	462.1
Financing and Lease Payables	From OA 4	112.7	54.1	206.2					416.5	407.6
Retirement benefit obligation		858.5	1,143.3	1,230.5	1,267.9	208.8	1,811.6	1,811.6	1,737.3	1,811.6	1,811.6	1,811.6	1,811.6	1,811.6	1,811.6	1,811.6	1,811.6	1,811.6	1,811.6
Deferred tax liability		139.5	368.7	136.7	167.4	1,331.3	251.8	251.8	192.2	251.8	251.8	251.8	251.8	251.8	251.8	251.8	251.8	251.8	251.8
nan		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
Non Current Liabilities		1,578.2	2,243.1	1,713.6	2,138.7	2,156.8			2,599.7	2,933.1
Current Maturities of Long Term Debt		211.6	305.4	160.6	5,412.1	3,733.3			255.8	378.0
Trade Payables	From OA 2.4	1,886.8	3,398.8	3,703.8	3,395.2	4,039.0			4,203.9	3,981.3
13. Amounts due to related parties		538.5	547.0	413.9	470.9	451.7	573.5	573.5	393.6	573.5	573.5	573.5	573.5	573.5	573.5	573.5	573.5	573.5	573.5
Income Tax Liabilities	From OA 6	600.5	428.8	645.3	38.3	-397.3			731.4	522.3
Lease Liabilities		63.2	59.4	86.7					86.0	77.7
Other Accruals	From OA 2.5
Other		1,256.3	2,186.0	1,635.8	1,732.0	1,772.3	2,416.3	2,416.3	2,379.8	2,416.3	2,416.3	2,416.3	2,416.3	2,416.3	2,416.3	2,416.3	2,416.3	2,416.3	2,416.3
Interest bearing short term borrowings		3,338.0	8,918.5	5,561.4					2,722.3	2,722.3
Bank Overdraft		767.4	1,104.4	1,057.5					1,144.0	459.6
Bank Overdraft		767.4	1,104.4	1,057.5	0.0	0.0	459.6	nan	1,144.0	459.6	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		8,662.2	16,948.4	13,265.0	11,382.9	10,316.9			11,916.7	11,130.9
Total Equity and Liabilities		25,392.9	40,012.1	40,191.2	39,197.8	38,905.2			40,214.2	40,808.7
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		-1,785.0
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		0.0
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			25,697.8
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		0.0	0.0	0.0
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	105.87	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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