Company Overview - Printcare

Printcare

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
Printing - Direct Exports	YoY%	2.5
Printing - Indirect Exports	YoY%	39.4
Printing - Local Sales	YoY%	135.5
Packaging - Direct Exports	YoY%	-21.1
Packaging - Indirect Exports	YoY%	-24.7
Packaging - Local Sales	YoY%	-0.0
COSTS
Excise Duty	% of Rev.	nan
COGS	% of Rev.	75.1
Administration	% of Rev.	12.4
Selling & Distribution	% of Rev.	2.8
Capital Expenditure	% of Rev.	3.4
OTHER
Depreciation charge	% of Rev.	3.1
2.1 Accounts and notes receivables	% of Rev.	26.9
2.2 Inventories	% of COGS	30.4
2.3 Prepayments	% of Rev.	4.6
2.4 Accounts payable	% of COGS	17.8
2.5 Other	% of COGS	0.0
Issuance of debt	Rs.Millions	N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate	%	1008.9
Long Term Debt Current Portion	Rs.Millions	3,694.6
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions	Rs.Millions	104.1
Right of Use Assets - Amortisation Rate	%	45.5
Intangible Assets - Additions	Rs.Millions	10.8
Intangible Assets - Amortisation Rate	%	0.0
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	8.8
Lease Liabilities Current Portion	Rs.Millions	30.8
Average Interest Income Rate	%	1.1
Effective Tax Rate (%)	%	0

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REVENUE		FY25E to FY29E
Printing - Direct Exports	YoY%
Printing - Indirect Exports	YoY%
Printing - Local Sales	YoY%
Packaging - Direct Exports	YoY%
Packaging - Indirect Exports	YoY%
Packaging - Local Sales	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		6,019.9	7,626.2	14,156.3	3,116.7	3,152.9	12,885.4	2,918.8
	YoY%		nan	26.7	85.6				-9.0	-6.3

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Printing - Direct Exports	984.0	708.2	1,231.7	0.0	0.0	0.0	1,262.7	198.6
	YoY	nan	-28.0	73.9				2.5	0
SC01	Printing - Direct Exports	984.0	708.2	1,231.7				1,262.7
	LY YoY%	nan	-28.0	73.9				2.5		2.5	2.5	2.5	2.5	2.5
SC02	Printing - Direct Exports	984.0	708.2	1,231.7				1,262.7
	LY YoY%	nan	-28.0	73.9				2.5
SC03	Printing - Direct Exports	984.0	708.2	1,231.7				1,262.7
	LY YoY%	nan	-28.0	73.9				2.5

2	Printing - Indirect Exports	544.3	889.9	1,741.8	0.0	0.0	0.0	2,428.9	607.3
	YoY	nan	63.5	95.7				39.4	0
SC01	Printing - Indirect Exports	544.3	889.9	1,741.8				2,428.9
	LY YoY%	nan	63.5	95.7				39.4		39.4	39.4	39.4	39.4	39.4
SC02	Printing - Indirect Exports	544.3	889.9	1,741.8				2,428.9
	LY YoY%	nan	63.5	95.7				39.4
SC03	Printing - Indirect Exports	544.3	889.9	1,741.8				2,428.9
	LY YoY%	nan	63.5	95.7				39.4

3	Printing - Local Sales	1,371.5	1,869.5	3,897.8	0.0	0.0	0.0	2,640.2	443.8
	YoY	nan	28.3	35.8				135.5	0
SC01	Printing - Local Sales	1,371.5	1,869.5	3,897.8				2,640.2
	LY YoY%	nan	28.3	35.8				135.5		135.5	135.5	135.5	135.5	135.5
SC02	Printing - Local Sales	1,371.5	1,869.5	3,897.8				2,640.2
	LY YoY%	nan	28.3	35.8				135.5
SC03	Printing - Local Sales	1,371.5	1,869.5	3,897.8				2,640.2
	LY YoY%	nan	28.3	35.8				135.5

4	Packaging - Direct Exports	335.3	430.2	584.4	0.0	0.0	0.0	1,376.1	794.7
	YoY	nan	36.0	64.8				-21.1	0
SC01	Packaging - Direct Exports	335.3	430.2	584.4				1,376.1
	LY YoY%	nan	36.0	64.8				-21.1		-21.1	-21.1	-21.1	-21.1	-21.1
SC02	Packaging - Direct Exports	335.3	430.2	584.4				1,376.1
	LY YoY%	nan	36.0	64.8				-21.1
SC03	Packaging - Direct Exports	335.3	430.2	584.4				1,376.1
	LY YoY%	nan	36.0	64.8				-21.1

5	Packaging - Indirect Exports	1,651.5	2,246.0	3,701.1	0.0	0.0	0.0	2,918.8	254.1
	YoY	nan	30.8	102.3				-24.7	0
SC01	Packaging - Indirect Exports	1,651.5	2,246.0	3,701.1				2,918.8
	LY YoY%	nan	30.8	102.3				-24.7		-24.7	-24.7	-24.7	-24.7	-24.7
SC02	Packaging - Indirect Exports	1,651.5	2,246.0	3,701.1				2,918.8
	LY YoY%	nan	30.8	102.3				-24.7
SC03	Packaging - Indirect Exports	1,651.5	2,246.0	3,701.1				2,918.8
	LY YoY%	nan	30.8	102.3				-24.7

6	Packaging - Local Sales	1,133.3	1,482.4	2,999.5	2,258.7	254.1
	YoY	nan	0.0	0.0	-0.0	0
SC01	Packaging - Local Sales	1,133.3	1,482.4	2,999.5	2,258.7
	LY YoY%	nan	0.0	0.0	-0.0		-0.0	-0.0	-0.0	-0.0	-0.0
SC02	Packaging - Local Sales	1,133.3	1,482.4	2,999.5	2,258.7
	LY YoY%	nan	0.0	0.0	-0.0
SC03	Packaging - Local Sales	1,133.3	1,482.4	2,999.5	2,258.7
	LY YoY%	nan	0.0	0.0	-0.0

	Std vs. Cus. Revenue	6,019.9	7,626.2	14,156.3	3,116.7	3,152.9	12,885.4
SC01	S01Total Revenue	6,019.9	7,626.2	14,156.3	3,116.7	3,152.9	12,885.4
SC02	S02Total Revenue	6,019.9	7,626.2	14,156.3	3,116.7	3,152.9	12,885.4
SC03	S03Total Revenue	6,019.9	7,626.2	14,156.3	3,116.7	3,152.9	12,885.4

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		6,019.9	7,626.2	14,156.3			12,885.4	2,918.8
	YoY%		nan	26.7	85.6				-9.0	-6.3

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Printing - Direct Exports

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	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	Printing - Indirect Exports

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	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	Printing - Local Sales
	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	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	Packaging - Direct Exports
	nan	nan	nan	nan			nan
	YoY%
	nan	nan	nan	nan			nan
	YoY%
	Segment Revenue	335.3	430.2	584.4	1,376.1	794.7
	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	4,617.3	5,767.2	10,061.6	0.0	2,483.7	2,508.5	10,025.9	2,306.8
	Depreciation	246.6	320.0	334.7				346.0	0.0
	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	4,370.7	5,447.2	9,726.9	0.0	2,483.7	2,508.5	9,679.8	2,306.8
	- As a % of sales	72.6%	71.4%	68.7%	nan%	79.7%	79.6%	75.1%	79.0%
SC01	COGS	4,617.3	5,767.2	10,061.6				10,025.9	2,306.8
	Depreciation	246.6	320.0	334.7				346.0	0.0
	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	4,370.7	5,447.2	9,726.9				9,679.8	2,306.8
	- As a % of sales	72.6%	71.4%	68.7%				75.1%	79.0%	75.1%	75.1%	75.1%	75.1%	75.1%
SC02	COGS	4,617.3	5,767.2	10,061.6				10,025.9	2,306.8
	Depreciation	246.6	320.0	334.7				346.0	0.0
	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	4,370.7	5,447.2	9,726.9				9,679.8	2,306.8
	- As a % of sales	72.6%	71.4%	68.7%				75.1%	79.0%	71.8%	71.8%	71.8%	71.8%	71.8%
SC03	COGS	4,617.3	5,767.2	10,061.6				10,025.9	2,306.8
	Depreciation	246.6	320.0	334.7				346.0	0.0
	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	4,370.7	5,447.2	9,726.9				9,679.8	2,306.8
	- As a % of sales	72.6%	71.4%	68.7%				75.1%	79.0%
	COGS selection
	COGS% selection

2	Administration Expenses	673.9	1,043.5	1,664.9	0.0	379.3	428.7	1,662.6	499.5
	Amortisation of Intangible Assets	51.3	54.5	68.9				63.5	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration Expenses Net of Amortisation of Intangible Assets	622.6	989.0	1,596.0	0.0	379.3	428.7	1,599.1	499.5
	- As a % of sales	10.3%	13.0%	11.3%	nan%	12.2%	13.6%	12.4%	17.1%
SC01	Administration Expenses	673.9	1,043.5	1,664.9				1,662.6	499.5
	Amortisation of Intangible Assets	51.3	54.5	68.9				63.5	0.0
SC01	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	622.6	989.0	1,596.0				1,599.1	499.5
	- As a % of sales	10.3%	13.0%	11.3%				12.4%	17.1%	12.4%	12.4%	12.4%	12.4%	12.4%
SC02	Administration Expenses	673.9	1,043.5	1,664.9				1,662.6	499.5
	Amortisation of Intangible Assets	51.3	54.5	68.9				63.5	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	622.6	989.0	1,596.0				1,599.1	499.5
	- As a % of sales	10.3%	13.0%	11.3%				12.4%	17.1%	12.2%	12.2%	12.2%	12.2%	12.2%
SC03	Administration Expenses	673.9	1,043.5	1,664.9				1,662.6	499.5
	Amortisation of Intangible Assets	51.3	54.5	68.9				63.5	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	622.6	989.0	1,596.0				1,599.1	499.5
	- As a % of sales	10.3%	13.0%	11.3%				12.4%	17.1%
	Admin selection

	Selling & Distribution Expenses	182.3	205.4	368.5	0.0	135.7	76.7	362.1	108.1
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
	Selling & Distribution Expenses Net of Amortisation of Intangible Assets	182.3	205.4	368.5	0.0	135.7	76.7	362.1	108.1
	- As a % of sales	3.0%	2.7%	2.6%	nan%	4.4%	2.4%	2.8%	3.7%
SC01	S&D	182.3	205.4	368.5				362.1	108.1
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
	Selling & Distribution	182.3	205.4	368.5				362.1	108.1
	- As a % of sales	3.0%	2.7%	2.6%				2.8%	3.7%	2.8%	2.8%	2.8%	2.8%	2.8%
SC02	s&D	182.3	205.4	368.5				362.1	108.1
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
SC02	Selling & Distribution	182.3	205.4	368.5				362.1	108.1
SC02	- As a % of sales	3.0%	2.7%	2.6%				2.8%	3.7%	2.7%	2.7%	2.7%	2.7%	2.7%
SC03	S&D	182.3	205.4	368.5				362.1	108.1
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
SC03	Selling & Distribution	182.3	205.4	368.5				362.1	108.1
	- As a % of sales	3.0%	2.7%	2.6%				2.8%	3.7%
	Sd selection

4	Capital Expenditure	458.5	883.9	329.2	0.0	99.9	34.4	0	433.7	374.2	0	0	0
	- As a % of sales	7.6%	11.6%	2.3%	nan%	3.2%	1.1%		3.4%	12.8%
SC01	Capital Expenditure	458.5	883.9	329.2					433.7	374.2
	- As a % of sales	7.6%	11.6%	2.3%					3.4%					3.4%	3.4%	3.4%	3.4%	3.4%
SC02	Capital Expenditure	458.5	883.9	329.2					433.7	374.2
	- As a % of sales	7.6%	11.6%	2.3%					3.4%					5.8%	5.8%	5.8%	5.8%	5.8%
SC03	Capital Expenditure	458.5	883.9	329.2					433.7	374.2
	- As a % of sales	7.6%	11.6%	2.3%					3.4%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	5,308.2	5,832.4	6,607.9	nan	8,002.3	8,102.3	8,136.7	8,002.3	9,751.4	10,125.5	9,751.4
	Capital Expenditure	458.5	883.9	329.2	0.0	99.9	34.4	222		374.2
	Adjustments	-28.5	-108.5	1,065.3					1,211.2	0.0		0.0
	Balance C/F	5,832.4	6,607.9	8,002.3	nan	8,102.3	8,136.7		9,751.4	10,125.5
SC01	Balance B/F	5,308.2	5,832.4	6,607.9					8,002.3	9,751.4	10,125.5	9,751.4
	Capital Expenditure	458.5	883.9	329.2					433.7	374.2
	Adjustments	-28.5	-108.5	1,065.3					1,211.2	0.0		0.0
	Balance C/F	5,832.4	6,607.9	8,002.3					9,751.4	10,125.5
SC02	Balance B/F	5,308.2	5,832.4	6,607.9					8,002.3	9,751.4	10,125.5	9,751.4
	Capital Expenditure	458.5	883.9	329.2					433.7	374.2
	Adjustments	-28.5	-108.5	1,065.3					1,211.2	0.0		0.0
	Balance C/F	5,832.4	6,607.9	8,002.3					9,751.4	10,125.5
SC03	Balance B/F	5,308.2	5,832.4	6,607.9					8,002.3	9,751.4	10,125.5	9,751.4
	Capital Expenditure	458.5	883.9	329.2					433.7	374.2
	Adjustments	-28.5	-108.5	1,065.3					1,211.2	0.0		0.0
	Balance C/F	5,832.4	6,607.9	8,002.3					9,751.4	10,125.5

1.1	Depreciation (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Balance B/F	2,281.9	2,563.9	2,843.1	nan	3,179.1	8,102.3	8,136.7		3,179.1	3,242.6				3,358.6	3,242.6
	Depreciation charge	287.9	363.2	392.0	0.0	99.2	102.1			399.5	115.9
	- As a % of sales	4.8%	4.8%	2.8%	nan%	3.2%	3.2%			3.1%	4.0%
	Balance C/F	2,563.9	2,843.1	3,179.1	nan	8,102.3	8,136.7	0	0	3,242.6	3,358.6	0	0	0	0	0	0	0	0	0
	Adjustments	-5.8	-84.0	-56.0						-336.0	0.0					0.0
	Net Book Value at end	3,268.5	3,764.8	4,823.2	nan	0.0	0.0			6,508.7	6,766.9
SC01	Balance B/F	2,281.9	2,563.9	2,843.1						3,179.1	3,242.6				3,358.6	3,242.6
SC01	Depreciation charge	287.9	363.2	392.0						399.5	115.9
	- As a % of sales	4.8%	4.8%	2.8%						3.1%	4.0%						3.1%	3.1%	3.1%	3.1%	3.1%
	Balance C/F	2,563.9	2,843.1	3,179.1						3,242.6	3,358.6
	Adjustments	-5.8	-84.0	-56.0						-336.0	0.0					0.0
	Net Book Value at end	3,268.5	3,764.8	4,823.2						6,508.7	6,766.9
SC02	Balance B/F	2,281.9	2,563.9	2,843.1						3,179.1	3,242.6				3,358.6	3,242.6
SC02	Depreciation charge	287.9	363.2	392.0						399.5	115.9
	- As a % of sales	4.8%	4.8%	2.8%						3.1%	4.0%
	Balance C/F	2,563.9	2,843.1	3,179.1						3,242.6	3,358.6
	Adjustments	-5.8	-84.0	-56.0						-336.0	0.0					0.0
	Net Book Value at end	3,268.5	3,764.8	4,823.2						6,508.7	6,766.9
SC03	Balance B/F	2,281.9	2,563.9	2,843.1						3,179.1	3,242.6				3,358.6	3,242.6
SC03	Depreciation charge	287.9	363.2	392.0						399.5	115.9
	- As a % of sales	4.8%	4.8%	2.8%						3.1%	4.0%
	Balance C/F	2,563.9	2,843.1	3,179.1						3,242.6	3,358.6
	Adjustments	-5.8	-84.0	-56.0						-336.0	0.0					0.0
	Net Book Value at end	3,268.5	3,764.8	4,823.2						6,508.7	6,766.9
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	1,857.1	2,700.4	3,344.7	0.0	0.0	0.0	3,468.8	3,724.6
	- As a % of sales	30.8	35.4	23.6	nan	0	0	26.9	61.3
	Four Qtr Cum. Revenue				3,152.9	6,269.6	6,269.6
	Four Qtr Cum. COGS				-2,508.5	-4,992.2	-4,992.2
SC01	2.1 Accounts and notes receivables	1,857.1	2,700.4	3,344.7				3,468.8
	- As a % of sales	30.8	35.4	23.6				26.9		26.9	26.9	26.9	26.9	26.9
SC02	2.1 Accounts and notes receivables	1,857.1	2,700.4	3,344.7				3,468.8
	- As a % of sales	30.8	35.4	23.6				26.9		28.7	28.7	28.7	28.7	28.7
	Four Qtr Cum. Revenue				3,152.9	6,269.6	6,269.6
SC03	2.1 Accounts and notes receivables	1,857.1	2,700.4	3,344.7				3,468.8
	- As a % of sales	30.8	35.4	23.6				26.9
	Four Qtr Cum. COGS				-2,508.5	-4,992.2	-4,992.2
	Debtors selection

	2.2 Inventories	1,661.0	2,603.9	4,255.7	0.0	0.0	0.0	3,049.6	2,807.9
	- As a % of COGS	36.0	45.2	42.3	nan	0	0	30.4	58.3
SC01	2.2 Inventories	1,661.0	2,603.9	4,255.7				3,049.6
	- As a % of COGS	36.0	45.2	42.3				30.4		30.4	30.4	30.4	30.4	30.4
SC02	2.2 Inventories	1,661.0	2,603.9	4,255.7				3,049.6
	- As a % of COGS	36.0	45.2	42.3				30.4		39.3	39.3	39.3	39.3	39.3
SC03	2.2 Inventories	1,661.0	2,603.9	4,255.7				3,049.6
	- As a % of COGS	36.0	45.2	42.3				30.4
	Stocks selection
	Stocks share selection

	2.3 Prepayments	27.5	49.2	67.5	0.0	0.0	0.0	592.1	585.8
	- As a % of sales	0.5	0.6	0.5	nan	0	0	4.6	9.6
SC01	2.3 Prepayments	27.5	49.2	67.5				592.1
	- As a % of sales	0.5	0.6	0.5				4.6		4.6	4.6	4.6	4.6	4.6
SC02	2.3 Prepayments	27.5	49.2	67.5				592.1
	- As a % of sales	0.5	0.6	0.5				4.6		1.9	1.9	1.9	1.9	1.9
SC03	2.3 Prepayments	27.5	49.2	67.5				592.1
	- As a % of sales	0.5	0.6	0.5				4.6
	Prepayment selection

	2.4 Accounts payable	1,068.7	1,429.7	1,767.2	0.0	0.0	0.0	1,781.0	1,421.7
	- As a % of COGS	23.1	24.8	17.6	nan	0	0	17.8	29.5
SC01	2.4 Accounts payable	1,068.7	1,429.7	1,767.2				1,781.0
	- As a % of COGS	23.1	24.8	17.6				17.8		17.8	17.8	17.8	17.8	17.8
SC02	2.4 Accounts payable	1,068.7	1,429.7	1,767.2				1,781.0
	- As a % of COGS	23.1	24.8	17.6				17.8		20.0	20.0	20.0	20.0	20.0
SC03	2.4 Accounts payable	1,068.7	1,429.7	1,767.2				1,781.0
	- As a % of COGS	23.1	24.8	17.6				17.8
	Payable selection
	Payable Share selection

2.5 Other
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0
2.5 Other
- As a % of COGS	0.0	0.0	0.0					0.0		0.0	0.0	0.0	0.0	0.0
2.5 Other
- As a % of COGS	0.0	0.0	0.0					0.0
2.5 Other
- As a % of COGS	0.0	0.0	0.0					0.0
Other selection
Other Share selection
Working Capital
SC01 Working Capital
SC02 Working Capital
SC03 Working CapitalXXXXX
SC04 & 05 Change in WC						551.7	-371.0
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						551.7	-371.0
SC01 Change in WC - Balance Period
SC02 Change in WC						551.7	-371.0
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						551.7	-371.0
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
	Opening balance	2,224.5	2,551.4	4,389.7	4,389.7	0.0	0.0	0.0		4,140.9	4,825.5				4,988.1	4,825.5
	Issuance of debt	6,855.0	8,877.4	8,652.7	0.0	3,582.9	4,915.1			7,513.8	3,220.9
	Repayment of debt	6,504.3	7,169.2	8,980.6	0.0	3,705.1	5,146.8			6,829.0	3,099.0
	Net of Payments	350.7	1,708.2	-327.9						684.9	122.0					122.0
	Adjustments	-23.8	130.2	79.1	0.0	0.0	0.0			-0.3	40.6					40.6
	Closing balance - Calculated	2,551.4	4,389.7	4,140.9	4,389.7	0.0	0.0			4,825.5	4,988.1
	Current Portion of Long Term Debt	1,257.0	2,466.0	2,706.2						3,694.6	3,735.8
	Interest Expenses	138.0	249.5	793.1	0.0	0.0	0.0			452.3	0.0
	Average Interest rate (%)	577.8	719.0	1859.4	0	0	0	%	%	1008.9	0	%	%	%		%	%	%	%	%
SC01	Opening balance	2,224.5	2,551.4	4,389.7						4,140.9	4,825.5				4,988.1	4,825.5
	Issuance of debt	6,855.0	8,877.4	8,652.7						7,513.8	3,220.9					7,513.8	7,513.8	7,513.8	7,513.8	7,513.8
	Repayment of debt	6,504.3	7,169.2	8,980.6						6,829.0	3,099.0
	Net of Payments	350.7	1,708.2	-327.9						684.9	122.0					122.0
	Adjustments	-23.8	130.2	79.1						-0.3	40.6					40.6
	Closing balance - Calculated	2,551.4	4,389.7	4,140.9						4,825.5	4,988.1
	Adjustments	-23.8	130.2	79.1						-0.3	40.6					40.6
	Interest Expenses	138.0	249.5	793.1						452.3	0.0
	Average Interest rate (%)	577.8	719.0	1859.4						1008.9						1008.9	1008.9	1008.9	1008.9	1008.9
SC02	Opening balance	2,224.5	2,551.4	4,389.7						4,140.9	4,825.5			4,988.1	4,825.5
	Issuance of debt	6,855.0	8,877.4	8,652.7						7,513.8	3,220.9				8,348.0	8,348.0	8,348.0	8,348.0	8,348.0
	Repayment of debt	6,504.3	7,169.2	8,980.6						6,829.0	3,099.0
	Net of Payments	350.7	1,708.2	-327.9						684.9	122.0
	Closing balance - Calculated	2,551.4	4,389.7	4,140.9						4,825.5	4,988.1
	Adjustments	-23.8	130.2	79.1						-0.3	40.6					40.6
	Interest Expenses	138.0	249.5	793.1						452.3	0.0
	Average Interest rate (%)	577.8	719.0	1859.4						1008.9
SC03	Opening balance	2,224.5	2,551.4	4,389.7						4,140.9	4,825.5				4,988.1	4,825.5
	Issuance of debt	6,855.0	8,877.4	8,652.7						7,513.8	3,220.9
	Repayment of debt	6,504.3	7,169.2	8,980.6						6,829.0	3,099.0
	Net of Payments	350.7	1,708.2	-327.9						684.9	122.0					122.0
	Closing balance - Calculated	2,551.4	4,389.7	4,140.9						4,825.5	4,988.1
	Adjustments	-23.8	130.2	79.1						-0.3	40.6					40.6
	Interest Expenses	138.0	249.5	793.1						452.3	0.0
	Average Interest rate (%)	577.8	719.0	1859.4						1008.9							%	%	%	%	%
	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0
Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
Closing balance - Calculated	0.0	0.0	0.0	0.0	0.0
Interest Expenses	0.0	0.0	0.0	0.0	0.0
Average Interest rate (%)	0	0	0	0	0		%	%	%	%	%

SC01	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	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	0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance - Calculated	0.0	0.0	0.0	0.0	0.0
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0

SC02	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	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	0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance - Calculated	0.0	0.0	0.0	0.0	0.0
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0

SC03	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	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	0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance - Calculated	0.0	0.0	0.0	0.0	0.0
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0
	Short Term Int. Expense selection
	Short Term Debt Bal. Selection

Overdraft(Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
Opening balance	0.0	83.7	26.2	17.1	20.9	62.0	20.9
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	83.7	-57.4	-9.1	3.8	41.1		41.1
Closing balance - Calculated	83.7	26.2	17.1	20.9	62.0
Interest Expenses	6.4	3.5	24.1	4.3	0.0
Average Interest rate (%)	1538.7	642.8	11112.7	2268.4	0		%	%	%	%	%

SC01	Opening balance	0.0	83.7	26.2	17.1	20.9	62.0	20.9
	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 - Calculated	83.7	26.2	17.1	20.9	62.0
	Adjustments	83.7	-57.4	-9.1	3.8	41.1		41.1
	Interest Expenses	6.4	3.5	24.1	4.3	0.0
	Average Interest rate (%)	1538.7	642.8	11112.7	2268.4	0

SC02	Opening balance	0.0	83.7	26.2	17.1	20.9	62.0	20.9
	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 - Calculated	83.7	26.2	17.1	20.9	62.0
	Adjustments	83.7	-57.4	-9.1	3.8	41.1		41.1
	Interest Expenses	6.4	3.5	24.1	4.3	0.0
	Average Interest rate (%)	1538.7	642.8	11112.7	2268.4	0

SC03	Opening balance	0.0	83.7	26.2	17.1	20.9	62.0	20.9
	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 - Calculated	83.7	26.2	17.1	20.9	62.0
	Adjustments	83.7	-57.4	-9.1	3.8	41.1		41.1
	Interest Expenses	6.4	3.5	24.1	4.3	0.0
	Average Interest rate (%)	1538.7	642.8	11112.7	2268.4	0
	OD Term Int. Expense selection
	OD Term Debt Bal. Selection

Interest Expenses (Rs. Millions)	FY21	FY22	FY23
LT Interest	138.0	249.5	793.1	452.3	0.0
Rate	5.8%	7.2%	18.6%	10.1%	0.0%
ST Interest	0.0	0.0	0.0	0.0	0.0
Rate	0.0%	0.0%	0.0%	0.0%	0.0%
OD Interest	6.4	3.5	24.1	4.3	0.0
Rate	15.4%	6.4%	111.1%	22.7%	0.0%
Lease Interest	6.8	7.8	6.2	9.2	3.6
Rate	9.3%	8.2%	8.0%	8.8%	2.6%
Total Interest Expenses	151.2	260.8	823.4	465.8	3.6

4	Leases (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Lease - Opening balance	43.1	102.5	86.5	0.0	68.4	62.3	56.2		68.4	141.3				133.9	141.3
	Additions	75.4	0.0	0.0	6.1	6.1			103.4	0.0
	Payments	22.9	23.7	24.4	0.0	6.1	6.1			39.6	11.0
	Adjustments	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0					0.0
	Lease Interest expenses	6.8	7.8	6.2	0.0	0.0	0.0			9.2	3.6
	Average Interest Rate	9.3	8.2	8.0	0	0	0	%	%	8.8	2.6	%	%	%
	Closing balance	102.5	86.5	68.4	0.0	62.3	56.2			141.3	133.9
	Lease Liabilities - Current Portion	16.0	18.2	20.0						30.8	30.8
SC01	Lease - Opening balance	43.1	102.5	86.5						68.4	141.3				133.9	141.3
	Additions	75.4	0.0	0.0					103.4	0.0						103.4
	Payments	22.9	23.7	24.4						39.6	11.0					39.6	39.6	39.6	39.6	39.6
	Closing balance	102.5	86.5	68.4						141.3	133.9
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Lease Interest expenses	6.8	7.8	6.2						9.2	3.6
	Average Interest rate (%)	9.3	8.2	8.0						8.8						8.8	8.8	8.8	8.8	8.8
SC02	Lease - Opening balance	43.1	102.5	86.5						68.4	141.3				133.9	141.3
	Additions	75.4	0.0	0.0						103.4	0.0					103.4
	Payments	22.9	23.7	24.4						39.6	11.0					39.6
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Closing balance	102.5	86.5	68.4						141.3	133.9
	Lease Interest expenses	6.8	7.8	6.2						9.2	3.6
	Average Interest rate (%)	9.3	8.2	8.0						8.8
SC03	Lease - Opening balance	43.1	102.5	86.5						68.4	141.3				133.9	141.3
	Lease Additions	75.4	0.0	0.0						103.4	0.0
	Payments	22.9	23.7	24.4						39.6	11.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Closing balance	102.5	86.5	68.4						141.3	133.9
	Lease Interest expenses	6.8	7.8	6.2						9.2	3.6
	Average Interest rate (%)	9.3	8.2	8.0						8.8						%	%	%	%	%
	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: Cost - Amortisation	39.8	114.5	93.7	73.4	144.1	134.5	144.1
	Additions	94.2	0.0	0.0	104.1	0.0
	Adjustments	0.0	0.0	0.0	0.0	-0.0		-0.0
	Amortisation	19.5	20.8	20.4	33.4	9.6
	Amortisation Rate	49.0	18.1	21.7	45.5	6.6
	Closing balance - Calculated	114.5	93.7	73.4	144.1	134.5
SC01	Opening balance: Cost - Amortisation	39.8	114.5	93.7	73.4	144.1	134.5	144.1	144.1	144.1	144.1	144.1
	Additions	94.2	0.0	0.0	104.1	0.0		104.1	104.1	104.1	104.1	104.1
	Adjustments	0.0	0.0	0.0	0.0	-0.0		-0.0
	Amortisation	19.5	20.8	20.4	33.4	9.6
	Amortisation Rate	49.0	18.1	21.7	45.5	6.6		45.5	45.5	45.5	45.5	45.5
	Closing balance - Calculated	114.5	93.7	73.4	144.1	134.5
SC02	Opening balance: Cost - Amortisation	39.8	114.5	93.7	73.4	144.1	134.5	144.1	144.1	144.1	144.1	144.1
	Additions	94.2	0.0	0.0	104.1	0.0		34.7	34.7	34.7	34.7	34.7
	Adjustments	0.0	0.0	0.0	0.0	-0.0		-0.0
	Amortisation	19.5	20.8	20.4	33.4	9.6
	Amortisation Rate	49.0	18.1	21.7	45.5	6.6		28.4	28.4	28.4	28.4	28.4
	Closing balance - Calculated	114.5	93.7	73.4	144.1	134.5
SC03	Opening balance: Cost - Amortisation	39.8	114.5	93.7	73.4	144.1	134.5	144.1
	Additions	94.2	0.0	0.0	104.1	0.0
	Amortisation	19.5	20.8	20.4	33.4	9.6
	Adjustments	0.0	0.0	0.0	0.0	-0.0		-0.0
	Closing balance - Calculated	114.5	93.7	73.4	144.1	134.5
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance: Cost - Amortisation	66.0	68.3	66.8	69.1	69.9	68.6	69.9
	Additions	12.3	9.9	14.3	10.8	1.2
	Adjustments	0.0	0.0	-0.5	0.0	0.0		0.0
	Amortisation	10.0	11.3	11.6	10.0	2.4
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0
	Closing balance - Calculated	68.3	66.8	69.1	69.9	68.6
SC01	Opening balance: Cost - Amortisation	66.0	68.3	66.8	69.1	69.9	68.6	69.9	69.9	69.9	69.9	69.9
	Additions	12.3	9.9	14.3	10.8	1.2		10.8	10.8	10.8	10.8	10.8
	Adjustments	0.0	0.0	-0.5	0.0	0.0		0.0
	Amortisation	10.0	11.3	11.6	10.0	2.4
	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	68.3	66.8	69.1	69.9	68.6
SC02	Opening balance: Cost - Amortisation	66.0	68.3	66.8	69.1	69.9	68.6	69.9	69.9	69.9	69.9	69.9
	Additions	12.3	9.9	14.3	10.8	1.2		11.6	11.6	11.6	11.6	11.6
	Adjustments	0.0	0.0	-0.5	0.0	0.0		0.0
	Amortisation	10.0	11.3	11.6	10.0	2.4
	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	68.3	66.8	69.1	69.9	68.6
SC03	Opening balance: Cost - Amortisation	66.0	68.3	66.8	69.1	69.9	68.6	69.9
	Additions	12.3	9.9	14.3	10.8	1.2
	Amortisation	10.0	11.3	11.6	10.0	2.4
	Adjustments	0.0	0.0	-0.5	0.0	0.0		0.0
	Closing balance - Calculated	68.3	66.8	69.1	69.9	68.6
	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			1,565.5	0.0	0.0	0.0		1,178.1	778.0					778.0
	Interest Income	1.6	25.9	41.8	0.0	7.3	7.5			24.4	28.9
	Blended Interest Income Rate	0.6	1.3	3.1	0	0	0	%	%	1.1	1.5	%	%	%			%	%	%	%
SC01	ii. Interest Income	1.6	25.9	41.8	0.0	7.3	7.5			24.4	28.9
	Average Interest Income Rate	0.6	1.3	3.1	0	0	0	%	%	1.1						1.1	1.1	1.1	1.1	1.1
SC02	ii. Interest Income	1.6	25.9	41.8	0.0	7.3	7.5			24.4	28.9
	Average Interest Income Rate	0.6	1.3	3.1	0	0	0	%	%	1.1		%	%	%
SC03	i. Cash & CE Balance C/F			1,565.5					1,178.1						778.0
	ii. Interest Income	1.6	25.9	41.8						24.4	28.9
	Average Interest Income Rate	0.6	1.3	3.1						1.1						%	%	%	%	%
	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	519.3	2,336.2	1,957.4	0.0	20.0	190.8			535.7	238.0
	Tax B/F	21.4	19.3	100.1	100.1	385.4	346.4	106.2		385.4	275.4				345.2	275.4
	Tax Provision for the Year	-79.6	71.2	453.1	0.0	0.0	0.0			312.8	97.2
	Adjustments	130.6	36.7	-50.9						-46.3	17.9					17.9
	Taxes paid (prov. for the previous year)	53.1	27.1	116.9	0.0	39.0	240.2	0.0		376.4	45.4
	Tax C/F	19.3	100.1	385.4	100.1	346.4	106.2			275.4	345.2
	Tax Rate	0	0	0	0	0	0	%	%	0	0	%	%	%		%	%	%	%	%
SC01	Opening balance	21.4	19.3	100.1						385.4	385.4				345.2	275.4
	Current Income Tax	-79.6	71.2	453.1						312.8	97.2
	Taxes paid	53.1	27.1	116.9						376.4	45.4					312.8
	Adjustments	130.6	36.7	-50.9						-46.3	17.9					17.9
	Closing balance	19.3	100.1	385.4						275.4	345.2
	Effective Tax Rate (%)	0	0	0						0						0	0	0	0	0
SC02	Opening balance	21.4	19.3	100.1						385.4	385.4				345.2	275.4
	Current Income Tax	-79.6	71.2	453.1						312.8	97.2
	Taxes paid	53.1	27.1	116.9						376.4	45.4					312.8
	Adjustments	130.6	36.7	-50.9						-46.3	17.9					17.9
	Closing balance	19.3	100.1	385.4						275.4	345.2
	Effective Tax Rate (%)	0	0	0						0
SC03	Opening balance	21.4	19.3	100.1						385.4	385.4				345.2	275.4
	Current Income Tax	-79.6	71.2	453.1						312.8	97.2
	Taxes paid	53.1	27.1	116.9						376.4	45.4					312.8
	Adjustments	130.6	36.7	-50.9						-46.3	17.9					17.9
	Closing balance	19.3	100.1	385.4						275.4	345.2
	Effective Tax Rate (%)	0	0	0						0
	Tax prov. selection
	Tax paid selection
	Tax bal C/F selection
	Tax Rate selection
	PBT SC 04 & 05 STD VS CUS
	PBT SC 01 FLAT RATE
	PBT SC 02 AVG RATE
	PBT SC 03 FLAT RATE

	Item
REVENUE
1	Printing - Direct Exports	YoY
2	Printing - Indirect Exports	YoY
3	Printing - Local Sales	YoY
4	Packaging - Direct Exports	YoY
5	Packaging - Indirect Exports	YoY
6	Packaging - Local Sales	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	6,019.9	7,626.2	14,156.3	3,116.7	3,152.9	12,885.4	2,918.8
Excise Duty	nan	nan	nan			nan	nan
COGS	4,617.3	5,767.2	10,061.6	2,483.7	2,508.5	10,025.9	2,306.8
Gross Profit	1,402.6	1,859.0	4,094.7	633.0	644.4	2,859.6	612.0
Other Income	59.3	930.9	698.0			152.2	325.3	0	325.3
Administration Exp.	673.9	1,043.5	1,664.9	379.3	428.7	1,662.6	499.5
Selling & Distribution Exp.	182.3	205.4	368.5	135.7	76.7	362.1	108.1
Depreciation	287.9	363.2	392.0			399.5	115.9
Amortisation	29.5	32.1	31.9			43.3	12.0
Other Operating Expenses	0.0	-22.6	-20.4	-25.2	24.6	-9.9	-0.0		-0.0
Operating Income	605.7	1,518.4	2,739.0	151.0	289.6	977.1	329.7
Interest Expenses	151.2	260.8	823.4			465.8	120.6
Interest Income	1.6	25.9	41.8	7.3	7.5		28.9
Other (Expenses)/Income	63.2	1,052.8	0.0	0.0	0.0	0.0	0.0		0.0
Profit Before Tax	519.3	2,336.2	1,957.4	20.0	190.8	535.7	238.0
Tax Expenses	-79.6	71.2	453.1	0.0	0.0	312.8	97.2
Profit After Tax	598.9	2,265.0	1,504.3	-49.5	138.2	222.9	140.7
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	598.9	2,265.0	1,504.3	-49.5	138.2		140.7

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	519.3	2,336.2	1,957.4	20.0	190.8		535.7	238.0
Depreciation	From OA 1.1	287.9	363.2	392.0	99.2	102.1		399.5	115.9
Right of Use Asset - Amortisation		19.5	20.8	20.4					33.4	9.6
Intangible Asset Amortisation		10.0	11.3	11.6				10.0	2.4
Change in Working Capital	From OA 2	-356.7	-1,450.2	-2,062.6	708.9	263.3		551.7	-371.0
CWC Adjustment											-4.0	-4.0
Income Tax Paid	From OA 5	53.1	27.1	116.9	39.0	240.2		376.4	45.4
Other		26.5	-951.1	258.7	-0.7	4.5		5.2	-6.8		0	-6.8
Net Cash Flow from / (used in) Operating Activities		453.4	303.0	460.5	796.1	328.2		1,159.0	-57.3
Capital Expenditure	From CA 4	458.5	883.9	329.2	99.9	34.4		433.7	374.2
Acquisition of Right to Use Assets	From CA 4	94.2	0.0	0.0					104.1	0.0
Acquisition of Intangible Assets	From CA 4	12.3	9.9	14.3					10.8	1.2
Other		24.6	706.2	387.0	-91.7	-5.0		-1,251.9	621.7		0	621.7
Cash Flows from Investing Activities		-540.4	-187.5	43.5	-193.8	-41.4		-1,800.5	246.4
Borrowings		6,855.0	8,877.4	8,652.7	3,582.9	4,915.1		7,513.8	3,220.9
Debt Repayments		6,504.3	7,169.2	8,980.6	3,705.1	5,146.8		6,829.0	3,099.0
Net of Borrowings/ Repayments		350.7	1,708.2	-327.9				684.9	122.0
Adjustments to match published numbers												41.1	41.1
Lease Additions
Lease Repayments		22.9	23.7	24.4	6.1	6.1		39.6	11.0
Other		-111.0	-435.6	-515.8	-300.9	0.0		-387.5	-86.0		0	-86.0
Net Cash flows from / (used in) Financing Activities		216.8	1,248.8	-868.1	-429.2<	-237.8		257.8	25.0
Other		2.2	17.0	-14.1	-9.6	4.7		-20.2	2.0			2.0
Net Increase/(Decrease) in Cash and Cash Equivalents		129.8	1,364.4	-364.1	173.1	49.1		-383.7	214.1
Favourable/Unfavourable Balances		83.7	26.2	17.1	-1,324.5	-1,378.3		20.9	62.0
Cash and CE at Start		25.8	157.9	1,539.2	1,161.0	1,324.5	4Q	1,161.0	757.1		1,035.2	757.1
Cash and CE at End		157.9	1,539.2	1,161.0	1,324.5			757.1	973.2

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - NBV	From OA 1	3,268.5	3,764.8	4,823.2	0.0	0.0			6,508.7	6,766.9
Investment Property		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
Investment in Associate		131.9	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
Intangible Assets		68.3	66.8	69.1	0.0	0.0	68.6	68.6	69.9	68.6	68.6	68.6	68.6
Right Use of Assets		114.5	93.7	73.4	0.0	0.0	134.5	nan	144.1	134.5	nan	nan	nan
Equity Instruments at Fair Value Through Other Comprehensive Income		3.1	2.1	2.7	0.0	0.0	3.4	3.4	3.3	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
Deferred Tax Assets		58.6	46.5	194.8	0.0	0.0	119.0	119.0	94.6	119.0	119.0	119.0	119.0	119.0	119.0	119.0	119.0	119.0	119.0
Non Current Assets		3,644.9	3,973.9	5,163.2	0.0	0.0			6,820.6	7,092.5
Inventories	From OA 2.2	1,661.0	2,603.9	4,255.7	0.0	0.0			3,049.6	2,807.9
Trade and Other Receivables	From OA 2.1	1,857.1	2,700.4	3,344.7	0.0	0.0			3,468.8	3,724.6
Prepayments	From OA 2.3	27.5	49.2	67.5	0.0	0.0			592.1	585.8
Other		116.5	193.4	198.1	0.0	0.0	222.9	222.9	183.6	222.9	222.9	222.9	222.9	222.9	222.9	222.9	222.9	222.9	222.9
Other Financial Assets		0.0	503.5	163.6	0.0	0.0	933.7	933.7	1,526.6	933.7	933.7	933.7	933.7	933.7	933.7	933.7	933.7	933.7	933.7
Income Tax Recoverable		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
Cash and Cash Equivalent	From CFS	241.5	1,565.5	1,178.1	0.0	0.0			778.0	1,035.2
Current Assets		3,903.6	7,615.8	9,207.8	nan	nan			9,598.7	9,310.0
Total Assets		7,548.5	11,589.7	14,370.9	nan	nan				16,402.5
Equities and Liabilities
Stated Capital		271.9	271.9	271.9	0.0	0.0	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9
Reserves	4,169.2	995.6	995.6	998.4	0.0	0.0	980.3	980.3	978.3	980.3	980.3	980.3	980.3	980.3	980.3	980.3	980.3	980.3	980.3
Retained Earnings		1,752.7	3,554.6	4,169.2	0.0	0.0			3,642.2	3,671.5
Adjustments for Reported Number discprencies															-111.4
Other		271.9														-111.4
Other		2.0	1.0	1,155.0	0	0.0	2,660.0	2,660.0	2,674.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest		190.1	214.2	240.7	0.0	0.0	342.2	342.2	302.8	342.2	342.2	342.2	342.2	342.2	342.2	342.2	342.2	342.2	342.2
Total Equity		3,212.3	5,054.6	6,835.2	0.0	0.0			7,869.2	7,926.0
Long Term Debt	From OA 3	1,294.3	1,923.7	1,434.7	0.0	0.0			1,130.9	1,252.3
Financing and Lease Payables	From OA 4	86.5	68.4	48.4					110.6	103.1
Deferred Tax Liabilities		236.9	211.2	739.5	0.0	0.0	1,120.3	1,120.3	1,113.8	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3
Employee Benefit Liabilities		215.2	228.8	316.7	0.0	0.0	332.4	332.4	331.6	332.4	332.4	332.4	332.4	332.4	332.4	332.4	332.4	332.4	332.4
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		1,832.9	2,432.0	2,539.3	nan	nan			2,686.9	2,808.2
Current Maturities of Long Term Debt		1,257.0	2,466.0	2,706.2	0.0	0.0			3,694.6	3,735.8
Trade Payables	From OA 2.4	1,068.7	1,429.7	1,767.2	0.0	0.0			1,781.0	1,421.7
13. Amounts due to related parties		58.6	62.9	100.6	0.0	0.0	72.7	72.7	60.4	72.7	72.7	72.7	72.7	72.7	72.7	72.7	72.7	72.7	72.7
Income Tax Liabilities	From OA 6	19.3	100.1	385.4	346.4	106.2			275.4	345.2
Lease Liabilities		16.0	18.2	20.0					30.8	30.8
Other Accruals	From OA 2.5
Other		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
Interest bearing short term borrowings		0.0	0.0	0.0					0.0	0.0
Bank Overdraft		83.7	26.2	17.1					20.9	62.0
Bank Overdraft		83.7	26.2	17.1	0.0	0.0	62.0	nan	20.9	62.0	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		2,503.3	4,103.1	4,996.5	nan	nan			5,863.2	5,668.3
Total Equity and Liabilities		7,548.5	11,589.7	14,370.9	nan	nan			16,419.2	16,402.5
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		-5,184.1
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			7,869.2
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	93.726712	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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