Company Overview

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	Activated Carbon		23,198.0	30,872.1	59,646.8	0.0	0.0	0.0			41,659.6
	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
	YoY		nan	0.1	-43.3						17.2

3	0		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	YoY		nan	nan	nan						nan

4	0		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	YoY		nan	nan	nan						nan

5	0		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	YoY		nan	nan	nan						nan

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		17,947.7	25,942.7	46,064.4	0.0	7,400.3	8,223.3			29,910.4
	- As a % of sales		68.2%	76.4%	74.2%	nan%	-2.3%	-2.1%			67.2%

2	Administration		2,415.4	3,523.5	5,420.4	0.0	1,202.5	1,417.1			5,676.8	0
	- As a % of sales		11.6%	12.4%	10.2%	nan%	14.0%	14.5%			15.1%

3	Selling & Distribution		219.9	260.6	550.5	0.0	125.5	106.4			367.2
	- As a % of sales		0.7%	0.6%	0.8%	nan%	1.2%	0.9%			0.6%

4	Capital Expenditure		969.8	1,677.7	1,646.1	0.0	273.8	261.1		0	1,811.2	00	0	00	0
	- As a % of sales		3.8%	5.1%	2.7%	nan%	2.7%	2.3%			4.2%

	Fixed Assets - Cost	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25E	3Q25E	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
	Capital Expenditure	969.8	1,677.7	1,646.1	0.0	273.8	261.1	222
	Balance C/F	11,205.9	14,804.3	17,307.0	nan	17,580.8	17,841.8		17,643.6

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	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
Depreciation charge	560.1	604.6	834.3	0.0	237.7	244.3			881.7
- As a % of sales	2.2%	1.8%	1.4%	nan%	2.3%	2.1%			2.0%
Balance C/F	5,469.3	7,550.7	8,781.2	nan	7,662.9	7,822.9	111	111	8,609.6	111	111	111	111	111	111	111	111	111
Net Book Value at end	6,424.3	8,895.7	10,214.3	nan	9,917.9	10,019.0			10,838.3

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E
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
- As a % of sales	16.9	25.6	11.0	nan	53.1	61.1	15.5
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

	2.2 Inventories		8,621.0	15,807.1	13,986.8	0.0	12,557.5	11,396.6			11,506.7
	- As a % of COGS		48.0	60.9	30.4	nan	169.7	138.6			38.5

	2.3 Prepayments		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

	2.4 Accounts payable		1,886.8	3,398.8	3,703.8	0.0	3,395.2	4,039.0			4,203.9
	- As a % of COGS		10.5	13.1	8.0	nan	45.9	49.1			14.1

2.5 Other	3,338.0	8,918.5	5,561.4	0.0	0.0	0.0	2,722.3
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0
Working Capital				42673.1
Change in Working Capital						3,294.1

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Opening balance	254.8	679.1	982.6	982.6	0.0	0.0	440.7		982.6
Issuance of debt	566.9	507.8	200.0	0.0	625.0	0.0			636.1
Repayment of debt	152.4	272.3	917.3	0.0	42.9	87.6			419.7
Closing balance	679.1	982.6	300.8	982.6	526.9	440.7			509.5
Adjustments	9.8	67.9	35.5	0.0	0.0	0.0
Interest Expenses	22.2	47.2	124.8	0.0	0.0	0.0			164.9
Average Interest rate (%)	475.8	568.1	1944.4	0	0	0	%	%	4070.7	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	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
Additions	82.5	0.0	261.5	0.0	0.0	0.0
Payments	66.8	80.4	71.0	0.0	37.7	27.2			120.2
Closing balance	175.9	113.4	292.9	0.0	255.2	228.0			502.5
Adjustments	2.5	2.1	-20.2	0.0	0.0	0.0			-19.0
Lease Interest expenses	16.4	15.7	9.2	0.0	0.0	0.0			25.3
Average Interest rate (%)	10.3	10.9	4.5	0	0	0	%	%	6.4	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			3,117.7	0.0	6,111.8	5,553.5		5,072.9	6,722.1
ii. Interest Income	372.8	2,321.0	3,392.7	0.0	343.6	318.6			1,392.8
Average Interest Income Rate	15.9	70.4	65.5	0	5.6	5.6	%	%	20.6	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	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
Opening balance	228.4	594.4	377.6	428.8	645.3	38.3	-397.3
Current Income Tax	923.8	934.8	1,752.5	0.0	0.0	0.0			1,807.6
Taxes paid	555.3	1,010.2	1,976.0	0.0	607.0	435.5	0.0		1,575.4					1,807.6
Closing balance	600.5	428.8	645.3	428.8	38.3	-397.3			731.4
Effective Tax Rate (%)	0	2010.0	2120.0	0	0	0	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24
Combined Revenue	25,484.6	33,160.5	60,943.3	10,215.4	11,391.1	43,179.2
COGS	17,947.7	25,942.7	46,064.4	7,400.3	8,223.3
Gross Profit	7,536.9	7,217.8	14,878.9	2,815.1	3,167.8	13,268.8
Administration Exp.	2,415.4	3,523.5	5,420.4	1,202.5	1,417.1
Selling & Distribution Exp.	219.9	260.6	550.5	125.5	106.4
Depreciation	560.1	604.6	834.3	237.7	244.3	881.7
7. Amortisation
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0	nan
Operating Income	4,435.7	3,079.1	8,274.3	1,287.6	1,444.8	6,521.1
Interest Expenses	324.0	722.7	3,411.4			1,791.9
Interest Income	372.8	2,321.0	3,392.7	343.6	318.6
Other (Expenses)/Income	5.8	-21.3	2.4	-2.6	-4.1	nan
Profit Before Tax	4,490.3	4,656.0	8,258.0	1,060.3	1,519.2	6,113.3
Tax Expenses	923.8	934.8	1,752.5	0.0	0.0
Profit After Tax	3,566.5	3,721.1	6,505.5	765.7	1,064.8
Other	0.0	0.0	0.0	0.0	0.0	nan
Net Income	3,566.5	3,721.1	6,505.5	765.7	1,064.8

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	FY25E
Profit Before Tax	From IS	4,490.3	4,656.0	8,258.0	1,060.3	1,519.2		6,113.3
Depreciation	From OA 1.1	560.1	604.6	834.3	237.7	244.3		881.7
Change in Working Capital	From OA 2	-2,610.7	-10,705.9	2,530.9	2,010.1	692.6		3,294.1
Income Tax Paid	From OA 5	555.3	1,010.2	1,976.0	607.0	435.5		1,575.4
Other		117.3	3,563.2	394.4	-445.7	-309.8		-956.8
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
Capital Expenditure	From CA 4	969.8	1,677.7	1,646.1	273.8	261.1		1,811.2
Other		167.3	211.0	334.3	62.5	159.3		514.6
Cash Flows from Investing Activities		-903.9	-1,504.8	-1,619.1	-211.2	-108.6		-1,700.6
Borrowings		566.9	507.8	200.0	625.0	0.0		636.1
Debt Repayments		152.4	917.3	917.3	42.9	87.6		419.7
10. Lease Additions
Lease Repayments		66.8	71.0	71.0	37.7	27.2		120.2
Other		-1,592.4	-971.4	-2,355.4	0.0	-369.7		-1,870.6
Net Cash flows from / (used in) Financing Activities		-1,244.7	-816.3	-3,143.6	544.4<	-484.5		-1,774.4
Other		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
Balance adjustments as per company		4,105.3	10,022.9	6,618.9	5,064.1	3,382.3		3,866.3
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
Cash and CE at End		-1,769.7	-6,905.2	-1,546.0	1,047.7			2,855.8

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	6,424.3	8,895.7	10,214.3	9,917.9	10,019.0			10,838.3
2. Right-of-use assets		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
3. Intangible 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
4. Investment in an associate		233.1	258.5	289.4	284.1	285.4	341.2	341.2	347.4	341.2	341.2	341.2	341.2	341.2	341.2	341.2	341.2	341.2
5. Other financial assets		163.8	105.9	283.5	237.1	225.4	468.1	nan	490.9	nan	nan	nan	nan	nan	nan	nan	nan	nan
6. Deferred income tax assets		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
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
Non Current Assets		9,431.7	11,362.1	12,808.7	12,459.0	12,731.8			13,785.7
Inventories	From OA 2.2	8,621.0	15,807.1	13,986.8	12,557.5	11,396.6			11,506.7
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
Prepayments	From OA 2.3	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
12. 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
13. 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
Cash and Cash Equivalents	From CFS	2,335.6	3,117.7	5,072.9	6,111.8	5,553.5			6,722.1
Current Assets		15,961.2	28,650.0	27,382.5	25,847.5	25,282.1			26,428.6
Total Assets		25,392.9	40,012.1	40,191.2	38,306.5	38,013.9
Equities and Liabilities
1. 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
2. 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
Retained Earnings		12,383.1	16,845.4	20,918.8	20,625.6	21,314.4			21,682.0
nan		nan	nan	nan	891.3	891.3	0.0	0.0	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
5. 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
Total Equity		15,152.4	20,820.6	25,212.6	25,676.2	26,431.5			25,697.8
Long Term Debt	From OA 3	467.6	677.2	140.2	526.9	440.7			253.7
Financing and Lease Payables	From OA 4	175.9	113.4	292.9	255.2	228.0			502.5
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
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
nan		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
Non Current Liabilities		1,578.2	2,243.1	1,713.6	2,138.7	2,156.8			2,599.7
Current Maturities of Long Term Debt	Added to LT debt in the forecast	211.6	211.6	160.6	5,412.1	3,733.3			255.8
Trade Payables	From OA 2.4	1,886.8	3,398.8	3,703.8	3,395.2	4,039.0			4,203.9
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
Income Tax Liabilities	From OA 6	600.5	428.8	645.3	38.3	-397.3			731.4
Other Accruals	From OA 2.5	0	0	0	0	0
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
Bank Overdraft		767.4	1,104.4	1,057.5	0.0	0.0	459.6	nan	1,144.0	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
Total Equity and Liabilities		25,392.9	40,012.1	40,191.2	39,197.8	38,905.2			40,214.2

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		-2,156.0
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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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.)