Company Image

Royalceramics

Valuation

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
Tile & Associated Items YoY% -7.5
Sanitaryware YoY% 10.4
Packaging Material YoY% -13.6
Aluminium Products YoY% 45.9
Other YoY% 0
nan YoY% nan
COSTS
Excise Duty % of Rev. 0.0
COGS % of Rev. 59.0
Administration % of Rev. 6.1
Selling & Distribution % of Rev. 12.4
Capital Expenditure % of Rev. 12.3
OTHER
Depreciation charge % of Rev. 3.5
2.1 Accounts and notes receivables % of Rev. 9.4
2.2 Inventories % of COGS 76.1
2.3 Prepayments % of Rev. 4.5
2.4 Accounts payable % of COGS 8.5
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 % 11.5
Long Term Debt Current Portion Rs.Millions 1,661.1
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions Rs.Millions 342.8
Right of Use Assets - Amortisation Rate % 24.8
Intangible Assets - Additions Rs.Millions 17.0
Intangible Assets - Amortisation Rate % 7.1
Lease Repayments Rs. N/A
Lease Interest Rate (%) % 15.2
Lease Liabilities Current Portion Rs.Millions 281.4
Average Interest Income Rate % 11.4
Effective Tax Rate (%) % 30.0
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REVENUE FY25E to FY29E
Tile & Associated Items YoY%
Sanitaryware YoY%
Packaging Material YoY%
Aluminium Products YoY%
Other YoY%
nan 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 (%) %
REVENUE FY21 FY22 FY23 FY24 FY25E to FY29E
Tile & Associated Items YoY% 57.3 20.2 21.8 -7.5
Sanitaryware YoY% 30.8 10.2 -6.3 10.4
Packaging Material YoY% 4.1 56.5 34.7 -13.6
Aluminium Products YoY% 20.0 84.1 -28.9 45.9
Other YoY% 0 0 0 0
nan YoY% nan nan nan nan
COSTS
Excise Duty % of Rev. 0.0 0.0 0.0 0.0
COGS % of Rev. 59.3 57.4 57.4 59.0
Administration % of Rev. 3.7 3.9 4.9 6.1
Selling & Distribution % of Rev. 11.1 10.3 11.7 12.4
Capital Expenditure % of Rev. 4.1 5.8 8.9 12.3
OTHER
Depreciation charge % of Rev. 4.2 3.6 3.2 3.5
2.1 Accounts and notes receivables % of Rev. 9.9 9.8 10.2 9.4
2.2 Inventories % of COGS 39.4 40.9 66.5 76.1
2.3 Prepayments % of Rev. 2.2 5.2 6.7 4.5
2.4 Accounts payable % of COGS 9.9 11.3 7.1 8.5
2.5 Other % of COGS 0.0 0.0 0.0 0.0
Issuance of debt Rs.Millions - - - -
Repayment of debt Rs.Millions - - - -
Long Term Debt Current Portion Rs.Millions 2,372.4 2,283.7 1,075.6 1,661.1
Average Interest rate (%) % 9.2 6.0 22.1 11.5
Short Term Debt Borrowing (Rs.M) % 17,822.6 25,159.0 26,265.9 25,433.2
Short Term Debt Repayment (Rs.M) % -22,593.3 -22,101.6 -19,602.3 -27,438.3
Interest Rate %
Overdraft Repayment (Rs.M) % 0.0 0.0 0.0 0.0
Overdraft Interest Rate %
Right of Use Assets - Additions Rs. Millions 121.5 121.5 121.5 121.5
Right of Use Assets - Amotisation Rate % 19.1 21.1 22.2 24.8
Intangible Assets - Additions Rs. Millions 7.8 7.8 7.8 7.8
Intangible Assets - Amotisation Rate % 4.6 4.5 4.7 7.1
Lease Additions Rs. - - - -
Lease Repayments Rs. - - - -
Lease Liabilities - Current Portion Rs. Millions 138.0 206.3 187.2 281.4
Average Interest rate (%) % 13.8 13.1 15.2 15.2
Average Interest Income Rate % 1.5 3.2 31.4 11.4
Effective Tax Rate (%) % 0 0 0 30.0
Rs. Millions FY21 FY22 FY23 FY24 1Q25 FY25E FY26E FY27E FY28E FY29E
Total Revenue 44,972.4 54,980.9 63,206.3 61,192.1 11,952.7
YoY% 44.5 28.3 15.0 -3.2 -5.9
Rs. Millions FY21 FY22 FY23 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1 Tile & Associated Items 31,964.8 38,423.7 46,787.2 43,261.9 7,055.6
YoY 57.3 20.2 21.8 -7.5 -24.5
SC01 Tile & Associated Items 31,964.8 38,423.7 46,787.2 43,261.9
LY YoY% 57.3 20.2 21.8 -7.5 -7.5 -7.5 -7.5 -7.5 -7.5
SC02 Tile & Associated Items 31,964.8 38,423.7 46,787.2 43,261.9
LY YoY% 57.3 20.2 21.8 -7.5
SC03 Tile & Associated Items 31,964.8 38,423.7 46,787.2 43,261.9
LY YoY% 57.3 20.2 21.8 -7.5
2 Sanitaryware 3,285.2 3,621.8 3,395.0 3,747.7 746.7
YoY 30.8 10.2 -6.3 10.4 10.7
SC01 Sanitaryware 3,285.2 3,621.8 3,395.0 3,747.7
LY YoY% 30.8 10.2 -6.3 10.4 10.4 10.4 10.4 10.4 10.4
SC02 Sanitaryware 3,285.2 3,621.8 3,395.0 3,747.7
LY YoY% 30.8 10.2 -6.3 10.4
SC03 Sanitaryware 3,285.2 3,621.8 3,395.0 3,747.7
LY YoY% 30.8 10.2 -6.3 10.4
3 Packaging Material 3,824.4 5,985.9 8,062.3 6,963.3 1,941.7
YoY 4.1 56.5 34.7 -13.6 17.3
SC01 Packaging Material 3,824.4 5,985.9 8,062.3 6,963.3
LY YoY% 4.1 56.5 34.7 -13.6 -13.6 -13.6 -13.6 -13.6 -13.6
SC02 Packaging Material 3,824.4 5,985.9 8,062.3 6,963.3
LY YoY% 4.1 56.5 34.7 -13.6
SC03 Packaging Material 3,824.4 5,985.9 8,062.3 6,963.3
LY YoY% 4.1 56.5 34.7 -13.6
4 Aluminium Products 3,767.2 6,935.8 4,933.7 7,200.1 2,197.7
YoY 20.0 84.1 -28.9 45.9 115.2
SC01 Aluminium Products 3,767.2 6,935.8 4,933.7 7,200.1
LY YoY% 20.0 84.1 -28.9 45.9 45.9 45.9 45.9 45.9 45.9
SC02 Aluminium Products 3,767.2 6,935.8 4,933.7 7,200.1
LY YoY% 20.0 84.1 -28.9 45.9
SC03 Aluminium Products 3,767.2 6,935.8 4,933.7 7,200.1
LY YoY% 20.0 84.1 -28.9 45.9
5 Other 5.5 13.7 28.0 19.0 11.0
0 0 0 0 0 0
SC01 Other 5.5 13.7 28.0 19.0
LY YoY% 0 0 0 0 0 0 0 0 0
SC02 Other 5.5 13.7 28.0 19.0
LY YoY% 0 0 0 0
SC03 Other 5.5 13.7 28.0 19.0
LY YoY% 0 0 0 0
6 nan nan nan nan nan nan
nan nan nan nan nan nan
SC01 nan nan nan nan nan
LY YoY% nan nan nan nan nan nan nan nan nan
SC02 nan nan nan nan nan
LY YoY% nan nan nan nan
SC03 nan nan nan nan nan
LY YoY% nan nan nan nan
Std vs. Cus. Revenue 44,972.4 54,980.9 63,206.3 61,192.1
SC01 S01Total Revenue 44,972.4 54,980.9 63,206.3 61,192.1
SC02 S02Total Revenue 44,972.4 54,980.9 63,206.3 61,192.1
SC03 S03Total Revenue 44,972.4 54,980.9 63,206.3 61,192.1
Checkbox Selection Revenue
Rs. Millions FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
Customised Revenue 44,972.4 54,980.9 63,206.3 61,192.1 11,952.7
YoY% 44.5 28.3 15.0 -3.2 -5.9
>
Rs. Millions FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
1 Tile & Associated Items
                           
  nan                        
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
Tiles (Square Meters) 16,027,000.0 14,648,670.0 12,749,989.0 13,021,953.0
YoY%
Revenue per SQM 1,994.4 2,623.0 3,669.6 3,322.2
YoY%
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
Segment Revenue 31,964.8 38,423.7 46,787.2 43,261.9
YoY%
Rs. Millions FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
2 Sanitaryware
                           
  nan                        
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
Pieces of bathware 242,600.0 250,999.0 274,770.0 132,129.0
YoY%
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
Revenue per piece 13,541.6 14,429.4 12,355.8 28,364.2
YoY%
Segment Revenue 3,285.2 3,621.8 3,395.0 3,747.7
YoY%
Rs. Millions FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
3 Packaging Material
nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
Packaging Material (MT) 30,688.0 30,555.0 23,152.0 23,329.0
YoY%
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
Revenue per tonne 124,620.6 195,905.7 348,232.3 298,482.6
YoY%
Segment Revenue 3,824.4 5,985.9 8,062.3 6,963.3
YoY%
Rs. Millions FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
4 Aluminium Products
Aluminium Products (MT) 4,588.0 6,726.0 3,013.0 4,221.0
YoY%
Revenue per tonne 821,096.6 1,031,197.1 1,637,483.4 1,705,782.1
YoY%
Segment Revenue 3,767.2 6,935.8 4,933.7 7,200.1 2,197.7
YoY%
Rs. Millions FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E FY29E
5
YoY%
YoY%
Segment Revenue
YoY%
Rs. Millions FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E FY29E
6
YoY%
YoY%
Segment Revenue
YoY%
Rs. Millions FY21 FY22 FY23 FY24 1Q25 FY25E FY26E FY27E FY28E FY29E
1 Excise Duty 0.0 0.0 0.0 0.0 0.0
- As a % of sales 0.0% 0.0% 0.0% 0.0% 0.0%
SC01 Excise Duty 0.0 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% 0.0% 0.0% 0.0%
SC02 Excise Duty 0.0 0.0 0.0 0.0 0.0
- As a % of sales 0.0% 0.0% 0.0% 0.0% 0.0%
SC03 Excise Duty 0.0 0.0 0.0 0.0 0.0
-As a % of Sales 0.0% 0.0% 0.0% 0.0% 0.0%
Excise Duty selection
Excise Duty % selection
Rs. Millions FY21 FY22 FY23 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1 Cost of Sales 28,168.9 32,946.5 37,676.1 37,704.5 8,004.6
Depreciation 1,484.7 1,375.0 1,388.6 1,591.8 439.7
Depreciation in COGS 1,484.7 1,375.0 1,388.6 1,591.8 439.7
Amortisation of Right of Use Assets in COGS 25.0 0.6 4.1 4.1 1.4
Amortisation of Intangible Assets in COGS 0.0 0.0 0.0 0.0 0.0
Cost of Sales net of Depreciation 26,659.2 31,570.9 36,283.4 36,108.5 7,563.5
- As a % of sales 59.3% 57.4% 57.4% 59.0% 63.3%
SC01 COGS 28,168.9 32,946.5 37,676.1 37,704.5 8,004.6
Depreciation 1,484.7 1,375.0 1,388.6 1,591.8 439.7
Depreciation in COGS 1,484.7 1,375.0 1,388.6 1,591.8 439.7
Amortisation of Right of Use Assets in COGS 25.0 0.6 4.1 4.1 1.4
Amortisation of Intangible Assets in COGS 0.0 0.0 0.0 0.0 0.0
COGS 26,659.2 31,570.9 36,283.4 36,108.5 7,563.5
- As a % of sales 59.3% 57.4% 57.4% 59.0% 63.3% 59.0% 59.0% 59.0% 59.0% 59.0%
SC02 COGS 28,168.9 32,946.5 37,676.1 37,704.5 8,004.6
Depreciation 1,484.7 1,375.0 1,388.6 1,591.8 439.7
Depreciation in COGS 1,484.7 1,375.0 1,388.6 1,591.8 439.7
Amortisation of Right of Use Assets in COGS 25.0 0.6 4.1 4.1 1.4
Amortisation of Intangible Assets in COGS 0.0 0.0 0.0 0.0 0.0
COGS 26,659.2 31,570.9 36,283.4 36,108.5 7,563.5
- As a % of sales 59.3% 57.4% 57.4% 59.0% 63.3% 57.9% 57.9% 57.9% 57.9% 57.9%
SC03 COGS 28,168.9 32,946.5 37,676.1 37,704.5 8,004.6
Depreciation 1,484.7 1,375.0 1,388.6 1,591.8 439.7
Depreciation in COGS 1,484.7 1,375.0 1,388.6 1,591.8 439.7
Amortisation of Right of Use Assets in COGS 25.0 0.6 4.1 4.1 1.4
Amortisation of Intangible Assets in COGS 0.0 0.0 0.0 0.0 0.0
COGS 26,659.2 31,570.9 36,283.4 36,108.5 7,563.5
- As a % of sales 59.3% 57.4% 57.4% 59.0% 63.3%
COGS selection
COGS% selection
2 Administration Expenses 1,813.6 2,267.5 3,268.0 3,911.0 943.0
Amortisation of Intangible Assets 19.1 23.0 27.4 40.0 11.0
Depreciation in Admin. 101.4 99.4 135.5 152.2 42.0
Amortisation of Right of Use Assets in Admin. 9.6 25.9 30.7 0.8 0.3
Amortisation of Intangible Assets in Admin. 19.1 23.0 27.4 40.0 11.0
Administration Expenses Net of Amortisation of Intangible Assets 1,683.5 2,119.2 3,074.3 3,718.0 943.0
- As a % of sales 3.7% 3.9% 4.9% 6.1% 7.4%
SC01 Administration Expenses 1,813.6 2,267.5 3,268.0 3,911.0 943.0
Amortisation of Intangible Assets 19.1 23.0 27.4 40.0 11.0
SC01 Depreciation in Admin. 101.4 99.4 135.5 152.2 42.0
Amortisation of Right of Use Assets in Admin. 9.6 25.9 30.7 0.8 0.3
Amortisation of Intangible Assets in Admin. 19.1 23.0 27.4 40.0 11.0
Administration 1,683.5 2,119.2 3,074.3 3,718.0 889.7
- As a % of sales 3.7% 3.9% 4.9% 6.1% 7.4% 6.1% 6.1% 6.1% 6.1% 6.1%
SC02 Administration Expenses 1,813.6 2,267.5 3,268.0 3,911.0 943.0
Amortisation of Intangible Assets 19.1 23.0 27.4 40.0 11.0
Depreciation in Admin. 101.4 99.4 135.5 152.2 42.0
Amortisation of Right of Use Assets in Admin. 9.6 25.9 30.7 0.8 0.3
Amortisation of Intangible Assets in Admin. 19.1 23.0 27.4 40.0 11.0
Administration 1,683.5 2,119.2 3,074.3 3,718.0 889.7
- As a % of sales 3.7% 3.9% 4.9% 6.1% 7.4% 4.9% 4.9% 4.9% 4.9% 4.9%
SC03 Administration Expenses 1,813.6 2,267.5 3,268.0 3,911.0 943.0
Amortisation of Intangible Assets 19.1 23.0 27.4 40.0 11.0
Depreciation in Admin. 101.4 99.4 135.5 152.2 42.0
Amortisation of Right of Use Assets in Admin. 9.6 25.9 30.7 0.8 0.3
Amortisation of Intangible Assets in Admin. 19.1 23.0 27.4 40.0 11.0
Administration 1,683.5 2,119.2 3,074.3 3,718.0 889.7
- As a % of sales 3.7% 3.9% 4.9% 6.1% 7.4%
Admin selection
Selling & Distribution Expenses 5,528.8 6,172.4 7,972.5 8,253.5 1,936.6
Amortisation of Right of Use Assets 241.5 213.2 217.8 271.5 89.8
Depreciation in S&D 304.3 316.0 349.0 375.6 103.8
Amortisation of Right of Use Assets in S&D 241.5 213.2 217.8 271.5 89.8
Amortisation of Intangible Assets in S&D 8.7 3.8 4.3 7.2 2.0
Selling & Distribution Expenses Net of Amortisation of Intangible Assets 4,974.1 5,639.4 7,401.4 7,599.2 1,741.1
- As a % of sales 11.1% 10.3% 11.7% 12.4% 14.6%
SC01 S&D 5,528.8 6,172.4 7,972.5 8,253.5 1,936.6
Amortisation of Right of Use Assets 241.5 213.2 217.8 241.5 89.8
Depreciation in S&D 304.3 316.0 349.0 375.6 103.8
Amortisation of Right of Use Assets in S&D 241.5 213.2 217.8 271.5 89.8
Amortisation of Intangible Assets in S&D 8.7 3.8 4.3 7.2 2.0
Selling & Distribution 4,974.1 5,639.4 7,401.4 7,599.2 1,741.1
- As a % of sales 11.1% 10.3% 11.7% 12.4% 14.6% 12.4% 12.4% 12.4% 12.4% 12.4%
SC02 s&D 5,528.8 6,172.4 7,972.5 8,253.5 1,936.6
Amortisation of Right of Use Assets 241.5 213.2 217.8 241.5 89.8
Depreciation in S&D 304.3 316.0 349.0 375.6 103.8
Amortisation of Right of Use Assets in S&D 241.5 213.2 217.8 271.5 89.8
Amortisation of Intangible Assets in S&D 8.7 3.8 4.3 7.2 2.0
SC02 Selling & Distribution 4,974.1 5,639.4 7,401.4 7,599.2 1,741.1
SC02 - As a % of sales 11.1% 10.3% 11.7% 12.4% 14.6% 11.5% 11.5% 11.5% 11.5% 11.5%
SC03 S&D 5,528.8 6,172.4 7,972.5 8,253.5 1,936.6
Amortisation of Right of Use Assets 241.5 213.2 217.8 241.5 89.8
Depreciation in S&D 304.3 316.0 349.0 375.6 103.8
Amortisation of Right of Use Assets in S&D 241.5 213.2 217.8 271.5 89.8
Amortisation of Intangible Assets in S&D 8.7 3.8 4.3 7.2 2.0
SC03 Selling & Distribution 4,974.1 5,639.4 7,401.4 7,599.2 1,741.1
- As a % of sales 11.1% 10.3% 11.7% 12.4% 14.6%
Sd selection
4 Capital Expenditure 1,839.9 3,162.9 5,605.1 7,509.8 1,227.4
- As a % of sales 4.1% 5.8% 8.9% 12.3% 10.3%
SC01 Capital Expenditure 1,839.9 3,162.9 5,605.1 7,509.8 1,227.4
- As a % of sales 4.1% 5.8% 8.9% 12.3% 12.3% 12.3% 12.3% 12.3% 12.3%
SC02 Capital Expenditure 1,839.9 3,162.9 5,605.1 7,509.8 1,227.4
- As a % of sales 4.1% 5.8% 8.9% 12.3% 9.0% 9.0% 9.0% 9.0% 9.0%
SC03 Capital Expenditure 1,839.9 3,162.9 5,605.1 7,509.8 1,227.4
- As a % of sales 4.1% 5.8% 8.9% 12.3%
Capex selection


Fixed Assets - Cost (Rs. Millions) FY21 FY22 FY23 3Q24E 4Q24E FY24E 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
1 Balance B/F 39,189.3 41,427.5 46,233.6 50,458.1 60,232.1 61,459.5 60,232.1
Capital Expenditure 1,839.9 3,162.9 5,605.1 1,227.4
Adjustments -276.8 -1,389.8 1,725.5 -1,921.5 0.0 0.0
Balance C/F 41,427.5 46,233.6 50,458.1 60,232.1 61,459.5
SC01 Balance B/F 39,189.3 41,427.5 46,233.6 50,458.1 60,232.1 61,459.5 60,232.1
Capital Expenditure 1,839.9 3,162.9 5,605.1 7,509.8 1,227.4
Adjustments -276.8 -1,389.8 1,725.5 -1,921.5 0.0 0.0
Balance C/F 41,427.5 46,233.6 50,458.1 60,232.1 61,459.5
SC02 Balance B/F 39,189.3 41,427.5 46,233.6 50,458.1 60,232.1 61,459.5 60,232.1
Capital Expenditure 1,839.9 3,162.9 5,605.1 7,509.8 1,227.4
Adjustments -276.8 -1,389.8 1,725.5 -1,921.5 0.0 0.0
Balance C/F 41,427.5 46,233.6 50,458.1 60,232.1 61,459.5
SC03 Balance B/F 39,189.3 41,427.5 46,233.6 50,458.1 60,232.1 61,459.5 60,232.1
Capital Expenditure 1,839.9 3,162.9 5,605.1 7,509.8 1,227.4
Adjustments -276.8 -1,389.8 1,725.5 -1,921.5 0.0 0.0
Balance C/F 41,427.5 46,233.6 50,458.1 60,232.1 61,459.5
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 13,497.4 12,737.4 14,122.8 17,317.5 19,000.5 19,674.0 19,000.5
Depreciation charge 1,890.4 1,966.9 2,039.1 2,119.6 585.6
- As a % of sales 4.2% 3.6% 3.2% 3.5% 4.9%
Balance C/F 12,737.4 14,122.8 17,317.5 19,000.5 19,674.0 0 0 0 0 0 0
Adjustments -2,650.4 -581.5 1,155.6 -436.6 87.9 87.9
Net Book Value at end 28,690.2 32,110.8 33,140.6 41,231.6 41,785.5
SC01 Balance B/F 13,497.4 12,737.4 14,122.8 17,317.5 19,000.5 19,674.0 19,000.5
SC01 Depreciation charge 1,890.4 1,966.9 2,039.1 2,119.6 585.6
- As a % of sales 4.2% 3.6% 3.2% 3.5% 4.9% 3.5% 3.5% 3.5% 3.5% 3.5%
Balance C/F 12,737.4 14,122.8 17,317.5 19,000.5 19,674.0
Adjustments -2,650.4 -581.5 1,155.6 -436.6 87.9 87.9
Net Book Value at end 28,690.2 32,110.8 33,140.6 41,231.6 41,785.5
SC02 Balance B/F 13,497.4 12,737.4 14,122.8 17,317.5 19,000.5 19,674.0 19,000.5
SC02 Depreciation charge 1,890.4 1,966.9 2,039.1 2,119.6 585.6
- As a % of sales 4.2% 3.6% 3.2% 3.5% 4.9%
Balance C/F 12,737.4 14,122.8 17,317.5 19,000.5 19,674.0
Adjustments -2,650.4 -581.5 1,155.6 -436.6 87.9 87.9
Net Book Value at end 28,690.2 32,110.8 33,140.6 41,231.6 41,785.5
SC03 Balance B/F 13,497.4 12,737.4 14,122.8 17,317.5 19,000.5 19,674.0 19,000.5
SC03 Depreciation charge 1,890.4 1,966.9 2,039.1 2,119.6 585.6
- As a % of sales 4.2% 3.6% 3.2% 3.5% 4.9%
Balance C/F 12,737.4 14,122.8 17,317.5 19,000.5 19,674.0
Adjustments -2,650.4 -581.5 1,155.6 -436.6 87.9 87.9
Net Book Value at end 28,690.2 32,110.8 33,140.6 41,231.6 41,785.5
SELECT Depreciation selection
NBV selection
2 Working Capital
Rs. Millions FY21 FY22 FY23 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
2.1 Accounts and notes receivables 4,468.0 5,407.0 6,427.3 5,736.1 6,369.3
- As a % of sales 9.9 9.8 10.2 9.4 10.5
Four Qtr Cum. Revenue
Four Qtr Cum. COGS
SC01 2.1 Accounts and notes receivables 4,468.0 5,407.0 6,427.3 5,736.1
- As a % of sales 9.9 9.8 10.2 9.4 9.4 9.4 9.4 9.4 9.4
SC02 2.1 Accounts and notes receivables 4,468.0 5,407.0 6,427.3 5,736.1
- As a % of sales 9.9 9.8 10.2 9.4 9.8 9.8 9.8 9.8 9.8
Four Qtr Cum. Revenue
SC03 2.1 Accounts and notes receivables 4,468.0 5,407.0 6,427.3 5,736.1
- As a % of sales 9.9 9.8 10.2 9.4
Four Qtr Cum. COGS
Debtors selection
2.2 Inventories 11,100.8 13,472.6 25,061.1 28,689.6 30,252.7
- As a % of COGS 39.4 40.9 66.5 76.1 80.6
SC01 2.2 Inventories 11,100.8 13,472.6 25,061.1 28,689.6
- As a % of COGS 39.4 40.9 66.5 76.1 76.1 76.1 76.1 76.1 76.1
SC02 2.2 Inventories 11,100.8 13,472.6 25,061.1 28,689.6
- As a % of COGS 39.4 40.9 66.5 76.1 61.2 61.2 61.2 61.2 61.2
SC03 2.2 Inventories 11,100.8 13,472.6 25,061.1 28,689.6
- As a % of COGS 39.4 40.9 66.5 76.1
Stocks selection
Stocks share selection
2.3 Prepayments 1,004.9 2,871.5 4,206.3 2,723.5 2,824.7
- As a % of sales 2.2 5.2 6.7 4.5 4.7
SC01 2.3 Prepayments 1,004.9 2,871.5 4,206.3 2,723.5
- As a % of sales 2.2 5.2 6.7 4.5 4.5 4.5 4.5 4.5 4.5
SC02 2.3 Prepayments 1,004.9 2,871.5 4,206.3 2,723.5
- As a % of sales 2.2 5.2 6.7 4.5 5.4 5.4 5.4 5.4 5.4
SC03 2.3 Prepayments 1,004.9 2,871.5 4,206.3 2,723.5
- As a % of sales 2.2 5.2 6.7 4.5
Prepayment selection
2.4 Accounts payable 2,787.3 3,736.8 2,684.8 3,208.1 6,663.5
- As a % of COGS 9.9 11.3 7.1 8.5 17.8
SC01 2.4 Accounts payable 2,787.3 3,736.8 2,684.8 3,208.1
- As a % of COGS 9.9 11.3 7.1 8.5 8.5 8.5 8.5 8.5 8.5
SC02 2.4 Accounts payable 2,787.3 3,736.8 2,684.8 3,208.1
- As a % of COGS 9.9 11.3 7.1 8.5 9.0 9.0 9.0 9.0 9.0
SC03 2.4 Accounts payable 2,787.3 3,736.8 2,684.8 3,208.1
- As a % of COGS 9.9 11.3 7.1 8.5
Payable selection
Payable Share selection
2.5 Other
- As a % of COGS 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 -2,992.4 -2,052.7
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC -2,992.4 -2,052.7
SC01 Change in WC - Balance Period
SC02 Change in WC -2,992.4 -2,052.7
SC02 Change in WC - Balance Period
SC03 Change in Working Capital -2,992.4 -2,052.7
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 7,196.5 6,061.2 5,222.5 2,572.4 10,795.6 14,308.4 10,795.6
Issuance of debt 654.5 1,527.1 1,153.0 9,353.4 3,512.8
Repayment of debt 1,768.5 2,414.5 2,636.2 1,127.9 0.0
Net of Payments -1,114.0 -887.4 -1,483.2 8,225.5 3,512.8 3,512.8
Adjustments -21.3 48.7 -1,167.0 820.1 0.0 0.0
Closing balance 6,061.2 5,222.5 2,572.4 10,795.6 14,308.4
Current Portion of Long Term Debt 2,372.4 2,283.7 1,075.6 1,661.1 4,928.9
Interest Expenses nan nan nan nan nan
Average Interest rate (%) 9.2 6.0 22.1 % % 11.5 0 % % % % % % % %
SC01 Opening balance 7,196.5 6,061.2 5,222.5 1,750.0 10,795.6 14,308.4 10,795.6
Issuance of debt 654.5 1,527.1 1,153.0 9,353.4 3,512.8 9,353.4 9,353.4 9,353.4 9,353.4 9,353.4
Repayment of debt 1,768.5 2,414.5 2,636.2 1,127.9 0.0
Net of Payments -1,114.0 -887.4 -1,483.2 8,225.5 3,512.8 3,512.8
Adjustments -21.3 48.7 -1,167.0 820.1 0.0 0.0
Closing balance 6,061.2 5,222.5 2,572.4 10,795.6 14,308.4
Adjustments -21.3 48.7 -1,167.0 820.1 0.0 0.0
Interest Expenses nan nan nan nan nan
Average Interest rate (%) 9.2 6.0 22.1 11.5 11.5 11.5 11.5 11.5 11.5
SC02 Opening balance 7,196.5 6,061.2 5,222.5 1,750.0 10,795.6 14,308.4 10,795.6
Issuance of debt 654.5 1,527.1 1,153.0 9,353.4 3,512.8 4,011.2 4,011.2 4,011.2 4,011.2 4,011.2
Repayment of debt 1,768.5 2,414.5 2,636.2 1,127.9 0.0
Net of Payments -1,114.0 -887.4 -1,483.2 8,225.5 3,512.8
Closing balance 6,061.2 5,222.5 2,572.4 10,795.6 14,308.4
Adjustments -21.3 48.7 -1,167.0 820.1 0.0 0.0
Interest Expenses nan nan nan nan nan
Average Interest rate (%) 9.2 6.0 22.1 11.5
SC03 Opening balance 7,196.5 6,061.2 5,222.5 1,750.0 10,795.6 14,308.4 10,795.6
Issuance of debt 654.5 1,527.1 1,153.0 9,353.4 3,512.8
Repayment of debt 1,768.5 2,414.5 2,636.2 1,127.9 0.0
Net of Payments -1,114.0 -887.4 -1,483.2 8,225.5 3,512.8 3,512.8
Closing balance 6,061.2 5,222.5 2,572.4 10,795.6 14,308.4
Adjustments -21.3 48.7 -1,167.0 820.1 0.0 0.0
Interest Expenses nan nan nan nan nan
Average Interest rate (%) 9.2 6.0 22.1 11.5 % % % % %
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
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3.2 Short Term Debt (Rs. Millions) FY21 FY22 FY23 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
Opening balance 7,054.5 2,283.9 5,341.3 12,004.9 10,000.0 10,000.0 10,000.0
Issuance of debt 17,822.6 25,159.0 26,265.9 25,433.2 0.0
Repayment of debt -22,593.3 -22,101.6 -19,602.3 -27,438.3 0.0
Net of Payments -4,770.6 3,057.4 6,663.6 -2,005.0 0.0
Adjustments 0.0 -0.0 0.0 0.1 0.0 0.0
Closing balance 2,283.9 5,341.3 12,004.9 10,000.0 10,000.0
Interest Expenses nan nan nan nan nan
Average Interest rate (%) 0 0 0 0 0 % % % % %
SC01 Opening balance 7,054.5 2,283.9 5,341.3 12,004.9 10,000.0 10,000.0 10,000.0
Issuance of debt 17,822.6 25,159.0 26,265.9 25,433.2 0.0 25,433.2 25,433.2 25,433.2 25,433.2 25,433.2
Repayment of debt -22,593.3 -22,101.6 -19,602.3 -27,438.3 0.0
Net of Payments -4,770.6 3,057.4 6,663.6 -2,005.0 0.0
Adjustments 0.0 -0.0 0.0 0.1 0.0 0.0
Closing balance 2,283.9 5,341.3 12,004.9 10,000.0 10,000.0
Interest Expenses nan nan nan nan nan
Average Interest rate (%) 0 0 0 0 0
SC02 Opening balance 7,054.5 2,283.9 5,341.3 12,004.9 10,000.0 10,000.0 10,000.0
Issuance of debt 17,822.6 25,159.0 26,265.9 25,433.2 0.0
Repayment of debt -22,593.3 -22,101.6 -19,602.3 -27,438.3 0.0
Net of Payments -4,770.6 3,057.4 6,663.6 -2,005.0 0.0
Adjustments 0.0 -0.0 0.0 0.1 0.0 0.0
Closing balance 2,283.9 5,341.3 12,004.9 10,000.0 10,000.0
Interest Expenses nan nan nan nan nan
Average Interest rate (%) 0 0 0 0 0
SC03 Opening balance 7,054.5 2,283.9 5,341.3 12,004.9 10,000.0 10,000.0 10,000.0
Issuance of debt 17,822.6 25,159.0 26,265.9 25,433.2 0.0
Repayment of debt -22,593.3 -22,101.6 -19,602.3 -27,438.3 0.0
Net of Payments -4,770.6 3,057.4 6,663.6 -2,005.0 0.0
Adjustments 0.0 -0.0 0.0 0.1 0.0 0.0
Closing balance 2,283.9 5,341.3 12,004.9 10,000.0 10,000.0
Interest Expenses nan nan nan nan nan
Average Interest rate (%) 0 0 0 0 0
Short Term Int. Expense selection
Short Term Debt Bal. Selection
3.3 Overdraft(Rs. Millions) FY21 FY22 FY23 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
Opening balance 5,076.2 956.1 1,967.6 3,674.7 2,055.2 1,899.0 2,055.2
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 -4,120.1 1,011.6 1,707.1 -1,619.5 -156.2 -156.2
Closing balance 956.1 1,967.6 3,674.7 2,055.2 1,899.0
Interest Expenses 210.9 45.3 595.4 324.3 0.0
Average Interest rate (%) 699.1 310.0 2110.4 1131.9 0 % % % % %
SC01 Opening balance 5,076.2 956.1 1,967.6 3,674.7 2,055.2 1,899.0 2,055.2
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 956.1 1,967.6 3,674.7 2,055.2 1,899.0
Adjustments -4,120.1 1,011.6 1,707.1 -1,619.5 -156.2 -156.2
Interest Expenses 210.9 45.3 595.4 324.3 0.0
Average Interest rate (%) 699.1 310.0 2110.4 1131.9 0
SC02 Opening balance 5,076.2 956.1 1,967.6 3,674.7 2,055.2 1,899.0 2,055.2
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 956.1 1,967.6 3,674.7 2,055.2 1,899.0
Adjustments -4,120.1 1,011.6 1,707.1 -1,619.5 -156.2 -156.2
Interest Expenses 210.9 45.3 595.4 324.3 0.0
Average Interest rate (%) 699.1 310.0 2110.4 1131.9 0
SC03 Opening balance 5,076.2 956.1 1,967.6 3,674.7 2,055.2 1,899.0 2,055.2
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 956.1 1,967.6 3,674.7 2,055.2 1,899.0
Adjustments -4,120.1 1,011.6 1,707.1 -1,619.5 -156.2 -156.2
Interest Expenses 210.9 45.3 595.4 324.3 0.0
Average Interest rate (%) 699.1 310.0 2110.4 1131.9 0
OD Term Int. Expense selection
OD Term Debt Bal. Selection
4 Interest Expenses (Rs. Millions) FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
Interest Expense on Loans & Borrowings 1,036.8 566.8 2,776.2 1,992.9 0.0
Rate 9.2% 6.0% 22.1% 11.5% 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 210.9 45.3 595.4 324.3 0.0
Rate 7.0% 3.1% 21.1% 11.3% 0.0%
Lease interest 200.2 159.6 185.2 207.2 0.0
Rate 13.8% 13.1% 15.2% 15.2% 0.0%
Total Interest Expenses 1,447.9 771.7 3,556.7 2,524.4 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 1,505.5 1,386.4 1,452.1 1,334.3 1,395.3 1,322.7 1,395.3
Additions 82.2 216.1 250.4 275.2 0.0
Payments 362.7 332.0 372.1 396.2 72.6
Adjustments -38.8 -4.3 -208.0 -25.2 0.0 0.0
Lease Interest expenses 200.2 185.9 211.9 207.2 0.0
Average Interest Rate 13.8 13.1 15.2 % % 15.2 0 % % %
Closing balance 1,386.4 1,452.1 1,334.3 1,395.3 1,322.7
Lease Liabilities - Current Portion 138.0 206.3 187.2 281.4 281.4
SC01 Lease - Opening balance 1,505.5 1,386.4 1,452.1 1,334.3 1,395.3 1,322.7 1,395.3
Additions 82.2 216.1 250.4 275.2 0.0 275.2
Payments 362.7 332.0 372.1 396.2 72.6 396.2 396.2 396.2 396.2 396.2
Closing balance 1,386.4 1,452.1 1,334.3 1,395.3 1,322.7
Adjustments -38.8 -4.3 -208.0 -25.2 0.0 0.0
Lease Interest expenses 200.2 185.9 211.9 207.2 0.0
Average Interest rate (%) 13.8 13.1 15.2 15.2 15.2 15.2 15.2 15.2 15.2
SC02 Lease - Opening balance 1,505.5 1,386.4 1,452.1 1,334.3 1,395.3 1,322.7 1,395.3
Additions 82.2 216.1 250.4 275.2 0.0 275.2
Payments 362.7 332.0 372.1 396.2 72.6 396.2
Adjustments -38.8 -4.3 -208.0 -25.2 0.0 0.0
Closing balance 1,386.4 1,452.1 1,334.3 1,395.3 1,322.7
Lease Interest expenses 200.2 185.9 211.9 207.2 0.0
Average Interest rate (%) 13.8 13.1 15.2 15.2
SC03 Lease - Opening balance 1,505.5 1,386.4 1,452.1 1,334.3 1,395.3 1,322.7 1,395.3
Lease Additions 82.2 216.1 250.4 275.2 0.0
Payments 362.7 332.0 372.1 396.2 72.6
Adjustments -38.8 -4.3 -208.0 -25.2 0.0 0.0
Closing balance 1,386.4 1,452.1 1,334.3 1,395.3 1,322.7
Lease Interest expenses 200.2 185.9 211.9 207.2 0.0
Average Interest rate (%) 13.8 13.1 15.2 15.2 % % % % %
Lease Int. Rate selection
Lease Int. selection
Lease Addition Selection
Lease repay selection
Lease bal C/F selection
4.1 Right of Use Asset (Rs. Millions) FY21 FY22 FY23 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
Opening balance 1,449.7 1,257.6 1,241.8 1,112.5 1,154.3 1,144.4 1,154.3
Additions 121.5 253.4 344.9 342.8 0.0
Adjustments -37.1 -4.3 -198.3 -25.2 81.5 81.5
Amortisation 276.6 264.9 275.8 275.7 91.4
Amortisation Rate 19.1 21.1 22.2 24.8 7.9
Closing balance 1,257.6 1,241.8 1,112.5 1,154.3 1,144.4
SC01 Opening balance 1,449.7 1,257.6 1,241.8 1,112.5 1,154.3 1,144.4 1,154.3 1,154.3 1,154.3 1,154.3 1,154.3
Additions 121.5 253.4 344.9 342.8 0.0 342.8 342.8 342.8 342.8 342.8
Adjustments -37.1 -4.3 -198.3 -25.2 81.5 81.5
Amortisation 276.6 264.9 275.8 275.7 91.4
Amortisation Rate 19.1 21.1 22.2 24.8 7.9 24.8 24.8 24.8 24.8 24.8
Closing balance 1,257.6 1,241.8 1,112.5 1,154.3 1,144.4
SC02 Opening balance 1,449.7 1,257.6 1,241.8 1,112.5 1,154.3 1,144.4 1,154.3 1,154.3 1,154.3 1,154.3 1,154.3
Additions 121.5 253.4 344.9 342.8 0.0 313.7 313.7 313.7 313.7 313.7
Adjustments -37.1 -4.3 -198.3 -25.2 81.5 81.5
Amortisation 276.6 264.9 275.8 275.7 91.4
Amortisation Rate 19.1 21.1 22.2 24.8 7.9 22.7 22.7 22.7 22.7 22.7
Closing balance 1,257.6 1,241.8 1,112.5 1,154.3 1,144.4
SC03 Opening balance 1,449.7 1,257.6 1,241.8 1,112.5 1,154.3 1,144.4 1,154.3
Additions 121.5 253.4 344.9 342.8 0.0
Amortisation 276.6 264.9 275.8 275.7 91.4
Adjustments -37.1 -4.3 -198.3 -25.2 81.5 81.5
Closing balance 1,257.6 1,241.8 1,112.5 1,154.3 1,144.4
rousa addition selection
rousa repay selection
rousa bal C/F selection
5 Intangible Assets (Rs. Millions) FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
Opening balance 1,191.5 1,171.6 1,179.8 1,306.4 1,374.5 1,372.8 1,374.5
Additions 7.8 30.8 163.3 17.0 11.2
Adjustments 0.1 4.2 -4.9 98.3 0.0 0.0
Amortisation 27.8 26.8 31.7 47.2 12.9
Amortisation Rate 4.6 4.5 4.7 7.1 1.9
Closing balance 1,171.6 1,179.8 1,306.4 1,374.5 1,372.8
SC01 Opening balance 1,191.5 1,171.6 1,179.8 1,306.4 1,374.5 1,372.8 1,374.5 1,374.5 1,374.5 1,374.5 1,374.5
Additions 7.8 30.8 163.3 17.0 11.2 17.0 17.0 17.0 17.0 17.0
Adjustments 0.1 4.2 -4.9 98.3 0.0 0.0
Amortisation 27.8 26.8 31.7 47.2 12.9
Amortisation Rate 4.6 4.5 4.7 7.1 1.9 7.1 7.1 7.1 7.1 7.1
Closing balance 1,171.6 1,179.8 1,306.4 1,374.5 1,372.8
SC02 Opening balance 1,191.5 1,171.6 1,179.8 1,306.4 1,374.5 1,372.8 1,374.5 1,374.5 1,374.5 1,374.5 1,374.5
Additions 7.8 30.8 163.3 17.0 11.2 70.4 70.4 70.4 70.4 70.4
Adjustments 0.1 4.2 -4.9 98.3 0.0 0.0
Amortisation 27.8 26.8 31.7 47.2 12.9
Amortisation Rate 4.6 4.5 4.7 7.1 1.9 5.4 5.4 5.4 5.4 5.4
Closing balance 1,171.6 1,179.8 1,306.4 1,374.5 1,372.8
SC03 Opening balance 1,191.5 1,171.6 1,179.8 1,306.4 1,374.5 1,372.8 1,374.5
Additions 7.8 30.8 163.3 17.0 11.2
Amortisation 27.8 26.8 31.7 47.2 12.9
Adjustments 0.1 4.2 -4.9 98.3 0.0 0.0
Closing balance 1,171.6 1,179.8 1,306.4 1,374.5 1,372.8
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 15,383.1 3,601.5 3,080.1 3,080.1
Interest Income 82.9 493.5 1,152.6 358.3 53.2
Blended Interest Income Rate 1.5 3.2 31.4 % % 11.4 1.6 % % % % % % %
SC01 ii. Interest Income 82.9 493.5 1,152.6 358.3 53.2
Average Interest Income Rate 1.5 3.2 31.4 % % 11.4 11.4 11.4 11.4 11.4 11.4
SC02 ii. Interest Income 82.9 493.5 1,152.6 358.3 53.2
Average Interest Income Rate 1.5 3.2 31.4 % % 11.4 % % %
SC03 i. Cash & CE Balance C/F 15,383.1 3,601.5 3,080.1
ii. Interest Income 82.9 493.5 1,152.6 358.3 53.2
Average Interest Income Rate 1.5 3.2 31.4 11.4 % % % % %
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 9,859.8 16,707.2 14,447.1 12,079.4 1,376.1
Tax B/F 177.9 955.5 1,470.9 1,233.2 1,360.6 784.1 1,360.6
Tax Provision for the Year 1,367.8 2,922.1 3,559.5 3,240.4 304.7
Adjustments 18.9 -23.7 1,359.9 13.1 13.1 13.1
Taxes paid (prov. for the previous year) 609.1 2,383.0 5,157.1 3,126.1 894.3
Tax C/F 955.5 1,470.9 1,233.2 1,360.6 784.1
Tax Rate 0 0 0 % % 30.0 0 % % % % % % % %
SC01 Opening balance 177.9 955.5 1,470.9 1,233.2 1,233.2 784.1 1,360.6
Current Income Tax 1,367.8 2,922.1 3,559.5 3,240.4 304.7
Taxes paid 609.1 2,383.0 5,157.1 3,126.1 894.3 3,240.4
Adjustments 18.9 -23.7 1,359.9 13.1 13.1 13.1
Closing balance 955.5 1,470.9 1,233.2 1,360.6 784.1
Effective Tax Rate (%) 0 0 0 30.0 30.0 30.0 30.0 30.0 30.0
SC02 Opening balance 177.9 955.5 1,470.9 1,233.2 1,233.2 784.1 1,360.6
Current Income Tax 1,367.8 2,922.1 3,559.5 3,240.4 304.7
Taxes paid 609.1 2,383.0 5,157.1 3,126.1 894.3 3,240.4
Adjustments 18.9 -23.7 1,359.9 13.1 13.1 13.1
Closing balance 955.5 1,470.9 1,233.2 1,360.6 784.1
Effective Tax Rate (%) 0 0 0 30.0
SC03 Opening balance 177.9 955.5 1,470.9 1,233.2 1,233.2 784.1 1,360.6
Current Income Tax 1,367.8 2,922.1 3,559.5 3,240.4 304.7
Taxes paid 609.1 2,383.0 5,157.1 3,126.1 894.3 3,240.4
Adjustments 18.9 -23.7 1,359.9 13.1 13.1 13.1
Closing balance 955.5 1,470.9 1,233.2 1,360.6 784.1
Effective Tax Rate (%) 0 0 0 30.0
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 FY25E FY26E FY27E FY28E FY29E Your Comments
REVENUE
1 Tile & Associated Items YoY
2 Sanitaryware YoY
3 Packaging Material YoY
4 Aluminium Products YoY
5 Other 0
6 nan nan
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 Notes FY21 FY22 FY23 1Q24 2Q24 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
Combined Revenue 44,972.4 54,980.9 63,206.3 61,192.1 11,952.7
Excise Duty 0.0 0.0 0.0 0.0 0.0
COGS 28,168.9 32,946.5 37,676.1 37,704.5 8,004.6
Gross Profit 16,803.4 22,034.4 25,530.2 23,487.6 3,948.0
Other Income 418.7 1,068.5 471.2 518.1 168.2 0 168.2
Administration Exp. 1,813.6 2,267.5 3,268.0 3,911.0 943.0
Selling & Distribution Exp. 5,528.8 6,172.4 7,972.5 8,253.5 1,936.6
Depreciation 1,890.4 1,966.9 2,039.1 2,119.6 585.6
Amortisation 304.4 292.2 307.5 323.0 104.4
Other Operating Expenses -510.5 -6.1 -222.5 -302.4 -0.6 -0.6
Operating Income 9,369.3 14,657.0 14,538.5 11,538.8 1,236.0
Interest Expenses 1,406.5 771.7 3,556.7 2,524.4 507.2
Interest Income 82.9 493.5 1,152.6 53.2
Other (Expenses)/Income 1,814.1 2,328.4 2,312.7 2,706.7 594.0 594.0
Profit Before Tax 9,859.8 16,707.2 14,447.1 12,079.4 1,376.1
Tax Expenses 1,308.5 3,075.7 4,229.1 3,023.3 304.7
Profit After Tax 8,551.2 13,631.5 10,217.9 9,056.1 1,071.4
Other -133.3 58.1 376.0 177.4 -0.8 -0.8
Net Income 8,417.9 13,689.6 10,593.9 1,070.6
Cash Flow Statement Forecast Ref. FY21 FY22 FY23 1Q24 2Q24 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
Profit Before Tax From IS 9,726.4 16,791.2 15,310.1 12,256.8 1,375.2
Depreciation From OA 1.1 1,890.4 1,966.9 2,039.1 2,119.6 585.6
Right of Use Asset - Amortisation 276.6 264.9 275.8 275.7 91.4
Intangible Asset Amortisation 27.8 26.8 31.7 47.2 12.9
Change in Working Capital From OA 2 0.0 0.0 -13,418.5 -2,992.4 -2,052.7
CWC Adjustment -3,210.6 -3,210.6
Income Tax Paid From OA 5 609.1 2,383.0 5,157.1 3,126.1 894.3
Other 7,070.9 -1,786.0 -8,441.4 -2,812.4 -882.3 0 -882.3
Net Cash Flow from / (used in) Operating Activities 18,383.1 14,881.2 -9,360.2 5,768.4 -1,764.0
Capital Expenditure From CA 4 1,839.9 3,162.9 5,605.1 7,509.8 1,227.4
Acquisition of Right to Use Assets From CA 4 121.5 253.4 344.9 342.8 0.0
Acquisition of Intangible Assets From CA 4 7.8 30.8 163.3 17.0 11.2
Other -196.7 1,878.0 1,920.9 1,966.8 -1,236.7 0 -1,236.7
Cash Flows from Investing Activities -2,166.0 -1,569.1 -4,192.3 -5,902.7 -2,475.3
Borrowings 18,726.5 24,897.6 27,418.9 33,964.3 7,250.2
Debt Repayments 24,611.0 22,720.3 22,244.1 28,568.3 3,814.2
Net of Borrowings/ Repayments -5,884.5 2,177.4 5,174.8 5,396.0 3,436.0
Adjustments to match published numbers -79.4 -79.4
Lease Additions
Lease Repayments 162.5 146.1 160.2 189.0 72.6
Other -2,177.4 -6,257.7 -4,966.1 -3,789.8 -179.3 0 -179.3
Net Cash flows from / (used in) Financing Activities -8,224.4 -4,226.5 48.5 1,417.1 3,184.1
Other -9.2 331.0 20.5 -103.6 7.3 7.3
Net Increase/(Decrease) in Cash and Cash Equivalents 7,992.6 9,085.6 -13,504.0 1,282.9 -1,055.2
Favourable/Unfavourable Balances 1,012.1 2,053.9 3,755.9 2,055.2 1,898.7
Cash and CE at Start -4,070.9 3,912.5 13,329.1 -154.4 1,024.9 1,875.7 1,024.9
Cash and CE at End 3,912.5 13,329.1 -154.4 1,024.9 -23.0
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 28,690.2 32,110.8 33,140.6 41,231.6 41,785.5
Investment Property 1,980.3 2,045.1 2,069.7 2,135.5 2,135.5 2,135.5 2,135.5 2,135.5 2,135.5 2,135.5 2,135.5
Investment in Associates 10,085.2 11,779.0 13,349.8 15,136.0 15,735.4 15,735.4 15,735.4 15,735.4 15,735.4 15,735.4 15,735.4
Intantigible Assets 1,171.6 1,179.8 1,306.4 1,374.5 1,372.8
Right Use of Assets 1,257.6 1,241.8 1,112.5 1,154.3 1,144.4
Deffered Tax Assets 0.0 0.0 146.8 206.9 235.5 235.5 235.5 235.5 235.5 235.5 235.5
Other 714.8 657.1 42.9 36.1 36.3 36.3 36.3 36.3 36.3 36.3 36.3
Non Current Assets 43,899.6 49,013.5 51,168.7 61,274.8 62,445.4
Inventories From OA 2.2 11,100.8 13,472.6 25,061.1 28,689.6 30,252.7
Trade and Other Receivables From OA 2.1 4,468.0 5,407.0 6,427.3 5,736.1 6,369.3
Prepayments From OA 2.3 1,004.9 2,871.5 4,206.3 2,723.5 2,824.7
Other 40.2 29.3 32.3 43.1 37.9 37.9 37.9 37.9 37.9 37.9 37.9
Other Financial Assets 652.7 46.7 67.9 71.8 1,393.8 1,393.8 1,393.8 1,393.8 1,393.8 1,393.8 1,393.8
Income Tax Recoverable 49.2 17.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash and Cash Equivalent From CFS 4,924.6 15,383.1 3,601.5 3,080.1 1,875.7
Current Assets 22,240.4 37,227.7 39,396.5 40,344.3 42,754.0
Total Assets 66,140.1 86,241.2 90,565.1 105,199.4
Equities and Liabilities
Stated Capital 1,368.7 1,368.7 1,368.7 1,368.7 1,368.7 1,368.7 1,368.7 1,368.7 1,368.7 1,368.7 1,368.7
Reserves 33,427.7 3,627.1 3,627.1 4,795.2 5,568.9 5,575.6 5,575.6 5,575.6 5,575.6 5,575.6 5,575.6 5,575.6
Retained Earnings 25,401.4 30,632.5 33,427.7 37,830.4 37,738.5
Adjustments for Reported Number discprencies -1,162.5
Other 1,368.7 -1,162.5
nan nan nan nan nan nan nan nan nan nan nan nan
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest 11,580.4 13,875.8 13,814.2 15,345.1 15,359.0 15,359.0 15,359.0 15,359.0 15,359.0 15,359.0 15,359.0
Total Equity 41,977.5 51,199.1 53,405.8 60,113.1 60,041.7
Long Term Debt From OA 3 3,688.8 2,938.8 1,496.7 9,134.5 9,379.5
Financing and Lease Payables From OA 4 1,248.4 1,245.8 1,147.1 1,113.9 1,041.3
Defined Benefit Obligation (Net) 1,635.5 1,524.4 1,184.4 1,476.6 1,513.1 1,513.1 1,513.1 1,513.1 1,513.1 1,513.1 1,513.1
Deferred Tax Liability (Net) 2,944.5 3,509.1 5,114.9 5,606.4 5,611.4 5,611.4 5,611.4 5,611.4 5,611.4 5,611.4 5,611.4
Other Non-Current Liabilities 134.0 128.3 15.0 34.5 34.5 34.5 34.5 34.5 34.5 34.5 34.5
Non Current Liabilities 9,651.1 9,346.4 8,958.2 17,366.0 17,579.8
Current Maturities of Long Term Debt 2,372.4 2,283.7 1,075.6 1,661.1 4,928.9
Trade Payables From OA 2.4 2,787.3 3,736.8 2,684.8 3,208.1 6,663.5
13. Amounts due to related parties nan nan nan nan nan nan nan nan nan nan nan
Income Tax Liabilities From OA 6 955.5 1,470.9 1,233.2 1,360.6 784.1
Lease Liabilities 138.0 206.3 187.2 281.4 281.4
Other Accruals From OA 2.5
Other 5,018.3 10,689.1 7,340.7 5,573.6 3,021.0 3,021.0 3,021.0 3,021.0 3,021.0 3,021.0 3,021.0
Short Term Loans 2,283.9 5,341.3 12,004.9 10,000.0 10,000.0
Bank Overdraft 956.1 1,967.6 3,674.7 2,055.2 1,899.0
Bank Overdraft 956.1 1,967.6 3,674.7 2,055.2 1,899.0 nan nan nan nan nan nan
Current Liabilities 14,511.4 25,695.7 28,201.2 24,140.0 27,577.9
Total Equity and Liabilities 66,140.1 86,241.2 90,565.1 101,619.1 105,199.4
Check

DCF Enterprise Value

Rs. Millions Notes 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E 9M FY25E FY25Ehidden 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 -14,260.6
14. Pension Underfunding From BS
15. Other User input cell
14. Adjustment User Input
15. DCF Valuation - Equity Value
16. Number of Shares 1,107.9
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 60,113.1
2. Adjusted Multiple
3. Valuation (Rs. Millions) 1*2=3
4. Number of Shares (Millions) 1,107.9 1,107.9 1,107.9
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 1241.797885 0 0

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