Company Overview - jatholdings

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	Wood Coatings		3,845.1	6,177.2	6,415.2	0.0	0.0	0.0			9,323.2
	YoY		nan	60.7	3.9						45.3

2	Paints, Chemicals and Other Products		1,006.3	1,881.3	2,685.2	0.0	0.0	0.0			1,715.2
	YoY		nan	87.0	42.7						-36.1

3	Brushes		280.5	402.5	259.1	0.0	0.0	0.0			216.7
	YoY		nan	51.3	-23.0						0

4	Furnitures		40.3	61.0	46.9	0.0	0.0	0.0			53.8
	YoY		nan	100.1	103.0						0

5	Finishing and Furnishing projects		187.3	374.9	760.9	0.0	0.0	0.0			247.4
	0		0	0	0						0

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		3,715.2	6,293.4	6,743.5	0.0	1,514.0	0.0			8,167.8
	- As a % of sales		67.2%	69.4%	65.1%	nan%	-1.6%	nan%			69.5%

2	Administration		187.7	542.9	636.4	0.0	198.0	0.0			1,148.9	0
	- As a % of sales		5.5%	7.4%	7.5%	nan%	10.6%	nan%			11.0%

3	Selling & Distribution		710.9	824.4	856.9	0.0	203.2	0.0			1,296.4
	- As a % of sales		12.9%	9.1%	8.1%	nan%	8.4%	nan%			11.0%

4	Capital Expenditure		178.1	264.4	389.2	0.0	70.4	0.0		0	883.6	00	0	00	0
	- As a % of sales		3.3%	3.0%	3.8%	nan%	3.3%	nan%			7.6%

	Fixed Assets - Cost	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25E	3Q25E	FY28E
1	Balance B/F	1,671.7	1,849.7	2,074.3	1,849.7	2,492.8	2,563.2	2,563.2	2,492.8	4,230.0
	Capital Expenditure	178.1	264.4	389.2	0.0	70.4	0.0	222
	Balance C/F	1,849.7	2,074.3	2,492.8	1,849.7	2,563.2	2,563.2		4,230.0

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Balance B/F	205.6	319.0	406.4	1,849.7	513.3	546.8	2,563.2		513.3					598.7
Depreciation charge	113.4	116.9	124.9	0.0	33.5	0.0			133.8
- As a % of sales	2.1%	1.3%	1.2%	nan%	1.6%	nan%			1.2%
Balance C/F	319.0	406.4	513.3	1,849.7	546.8	2,563.2	111	111	598.7	111	111	111	111	111	111	111	111	111
Net Book Value at end	1,530.7	1,668.0	1,979.4	0.0	2,016.4	0.0			3,631.3

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E
2.1 Accounts and notes receivables	2,836.3	4,784.5	3,670.3	0.0	3,200.9	0.0	4,318.3
- As a % of sales	52.9	53.8	36.1	nan	149.8	nan	37.4
Four Qtr Cum. Revenue				0.0	2,137.4	2,137.4
Four Qtr Cum. COGS				0.0	-1,514.0	-1,514.0

	2.2 Inventories		1,562.9	2,253.8	3,511.8	0.0	3,638.7	0.0			2,884.4
	- As a % of COGS		42.1	35.8	52.1	nan	240.3	nan			35.3

	2.3 Prepayments		86.0	787.3	1,590.7	0.0	1,679.4	0.0			996.8
	- As a % of sales		1.6	8.8	15.6	nan	78.6	nan			8.6

	2.4 Accounts payable		1,127.3	2,413.2	2,516.3	0.0	2,312.2	0.0			2,275.7
	- As a % of COGS		30.3	38.3	37.3	nan	152.7	nan			27.9

2.5 Other	479.1	1,154.7	1,174.2	0.0	1,305.8	0.0	1,949.6
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0
Working Capital				42673.1
Change in Working Capital						-1,039.4

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Opening balance	0.0	44.4	21.5	30.9	8.3	8.3	8.3		30.9
Issuance of debt	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Repayment of debt	0.0	13.5	13.1	0.0	0.0	0.0			8.3
Closing balance	44.4	30.9	8.3	30.9	8.3	8.3			0.0
Adjustments	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expenses	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Average Interest rate (%)	0	0	0	0	0	0	%	%	0	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Lease - Opening balance	43.6	30.3	17.4	0.0	73.4	80.8	0.0		73.4					135.5
Additions	0.0	6.3	83.0	0.0	7.4	0.0
Payments	11.6	13.1	25.9	0.0	0.0	80.8			29.0
Closing balance	30.3	17.4	73.4	0.0	80.8	0.0			135.5
Adjustments	-5.9	-8.6	-7.6	0.0	0.0	0.0			-5.4
Lease Interest expenses	4.3	2.4	6.4	0.0	0.0	0.0			10.3
Average Interest rate (%)	1154.3	1004.6	1410.7	0	0	0	%	%	985.1	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			688.8	0.0	200.5	0.0		275.8	224.2
ii. Interest Income	42.6	136.7	128.4	0.0	16.2	0.0			106.5
Average Interest Income Rate	8.4	19.8	46.6	0	8.1	0	%	%	39.3	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Profit Before Tax	644.5	1,257.9	1,486.0	0.0	103.0	0.0			1,210.5
Opening balance	0.0	0.0	12.3	12.3	117.0	113.9	113.9
Current Income Tax	44.1	47.3	185.1	0.0	0.0	0.0			187.3
Taxes paid	21.9	9.5	12.0	0.0	3.1	0.0	0.0		231.3					187.3
Closing balance - Calculated	0.0	12.3	117.0	12.3	113.9	113.9			120.5
Effective Tax Rate (%)	0	0	0	0	0	0	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24
Combined Revenue	5,359.5	8,896.8	10,167.3	2,137.4	0.0	11,556.4
COGS	3,715.2	6,293.4	6,743.5	1,514.0	0.0
Gross Profit	1,644.3	2,603.4	3,423.8	623.4	0.0	3,388.6
Administration Exp.	187.7	542.9	636.4	198.0	0.0
Selling & Distribution Exp.	710.9	824.4	856.9	203.2	0.0
Depreciation	113.4	116.9	124.9	33.5	0.0	133.8
7. Amortisation
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0	nan
Operating Income	684.9	1,186.1	1,931.4	224.7	0.0	1,355.3
Interest Expenses	83.0	64.9	573.9			251.3
Interest Income	42.6	136.7	128.4	16.2	0.0
Other (Expenses)/Income	0.0	0.0	0.0	0.0	0.0	nan
Profit Before Tax	644.5	1,257.9	1,486.0	103.0	0.0	1,210.5
Tax Expenses	44.1	47.3	185.1	0.0	0.0
Profit After Tax	600.4	1,210.6	1,300.9	70.3	0.0
Other	0.0	0.0	0.0	0.0	0.0	nan
Net Income	600.4	1,210.6	1,300.9	70.3	0.0

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	FY25E
Profit Before Tax	From IS	644.5	1,257.9	1,486.0	103.0	0.0		1,210.5
Depreciation	From OA 1.1	113.4	116.9	124.9	33.5	0.0		133.8
Change in Working Capital	From OA 2	271.8	-2,167.4	-1,105.1	52.4	0.0		-1,039.4
Income Tax Paid	From OA 5	21.9	9.5	12.0	3.1	0.0		231.3
Other		-9.7	-18.2	-257.7	-2.2	0.0		95.6
Net Cash Flow from / (used in) Operating Activities		1,022.5	-795.8	274.5	210.5	0.0		204.4
Capital Expenditure	From CA 4	178.1	264.4	389.2	70.4	0.0		883.6
Other		-198.3	-583.4	-88.0	297.7	0.0		4.6
Cash Flows from Investing Activities		-380.1	-850.7	-500.1	199.1	0.0		-882.2
Borrowings		1,378.8	3,723.6	3,292.8	0.0	0.0		4,576.7
Debt Repayments		1,565.7	3,291.3	3,291.3	275.7	0.0		3,809.7
10. Lease Additions
Lease Repayments		11.6	25.9	25.9	32.3	0.0		29.0
Other		-256.7	1,071.9	-423.6	-225.9	0.0		-403.2
Net Cash flows from / (used in) Financing Activities		-455.2	1,741.6	-448.0	-533.9<	0.0		334.8
Other		0.0	17.4	-12.4	-6.6	0.0		-53.1
Net Increase/(Decrease) in Cash and Cash Equivalents		187.1	112.5	-686.0	-130.8	0.0		-396.2
Balance adjustments as per company		3.9	86.0	359.0	414.5	0.0		703.5
Cash and CE at Start		303.3	490.4	602.8	-83.2	0.0	4Q	-83.2	-479.3
Cash and CE at End		490.4	602.8	-83.2	-214.0			-479.3

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	1,530.7	1,668.0	1,979.4	2,016.4	0.0			3,631.3
2. Right-of-use assets		0.0	0.0	0.0	0.0	0.0	673.1	673.1	668.0	673.1	673.1	673.1	673.1	673.1	673.1	673.1	673.1	673.1
3. Intangible assets		58.1	68.6	68.8	68.8	0.0	73.7	73.7	72.3	73.7	73.7	73.7	73.7	73.7	73.7	73.7	73.7	73.7
4. Investment in an associate		22.5	17.6	18.9	14.8	0.0	155.4	155.4	160.5	155.4	155.4	155.4	155.4	155.4	155.4	155.4	155.4	155.4
5. Other financial assets		25.5	15.1	76.1	84.2	0.0	120.3	nan	116.0	nan	nan	nan	nan	nan	nan	nan	nan	nan
6. Deferred income tax assets		0.0	0.0	0.0	0.0	0.0	8.6	8.6	7.0	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6
Other		142.4	142.4	913.0	885.7	0.0	214.4	214.4	208.1	214.4	214.4	214.4	214.4	214.4	214.4	214.4	214.4	214.4
Non Current Assets		1,779.2	1,911.7	3,056.3	3,069.9	0.0			4,863.2
Inventories	From OA 2.2	1,562.9	2,253.8	3,511.8	3,638.7	0.0			2,884.4
Trade and Other Receivables	From OA 2.1	2,836.3	4,784.5	3,670.3	3,200.9	0.0			4,318.3
Prepayments	From OA 2.3	86.0	787.3	1,590.7	1,679.4	0.0			996.8
Other		11.4	0.0	1.5	1.5	0.0	48.2	48.2	48.2	48.2	48.2	48.2	48.2	48.2	48.2	48.2	48.2	48.2
12. Other financial assets		216.8	1,056.5	887.2	606.5	0.0	1,057.5	1,057.5	1,051.4	1,057.5	1,057.5	1,057.5	1,057.5	1,057.5	1,057.5	1,057.5	1,057.5	1,057.5
13. Income tax recoverable		70.8	61.4	15.5	15.5	0.0	66.2	66.2	62.5	66.2	66.2	66.2	66.2	66.2	66.2	66.2	66.2	66.2
Cash and Cash Equivalents	From CFS	494.3	688.8	275.8	200.5	0.0			224.2
Current Assets		5,278.5	9,632.3	9,952.8	9,343.0	0.0			9,585.9
Total Assets		7,057.8	11,544.0	13,009.1	12,412.9	0.0
Equities and Liabilities
1. Stated capital		918.8	2,395.2	2,395.2	2,395.2	0.0	2,395.2	2,395.2	2,395.2	2,395.2	2,395.2	2,395.2	2,395.2	2,395.2	2,395.2	2,395.2	2,395.2	2,395.2
2. Reserves	107.9	4,451.0	4,451.0	6,138.5	5,958.6	0.0	6,882.0	6,882.0	6,757.1	6,882.0	6,882.0	6,882.0	6,882.0	6,882.0	6,882.0	6,882.0	6,882.0	6,882.0
Retained Earnings		-24.9	96.3	107.9	78.1	0.0			-24.4
nan		nan	nan	nan	nan	nan	0.0	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan
Equity attributable to equity holders of parent
5. Non-controlling interest		-4.4	-8.3	-13.8	-13.9	0.0	-13.3	-13.3	-12.5	-13.3	-13.3	-13.3	-13.3	-13.3	-13.3	-13.3	-13.3	-13.3
Total Equity		5,340.6	7,746.6	8,627.9	8,418.0	0.0			9,115.3
Long Term Debt	From OA 3	19.1	11.3	0.7	80.8	0.0			0.0
Financing and Lease Payables	From OA 4	30.3	17.4	73.4	80.8	0.0			135.5
Retirement benefit obligation		57.3	63.9	74.1	77.8	0.0	96.0	96.0	93.0	96.0	96.0	96.0	96.0	96.0	96.0	96.0	96.0	96.0
Deferred Tax Liability (Net)		0.0	14.3	58.9	61.7	0.0	0.0	0.0	56.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Accrued pension liabilities		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Liabilities		86.7	91.8	190.4	301.1	0.0			263.1
Current Maturities of Long Term Debt	Added to LT debt in the forecast	0.0	0.0	7.7	0.0	0.0			0.0
Trade Payables	From OA 2.4	1,127.3	2,413.2	2,516.3	2,312.2	0.0			2,275.7
13. Amounts due to related parties		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
Income Tax Liabilities	From OA 6	0.0	12.3	117.0	113.9	113.9			120.5
Other Accruals	From OA 2.5	0	0	0	0	0
Other		0.1	4.6	0.0	0.0	0.0	31.3	31.3	0.0	31.3	31.3	31.3	31.3	31.3	31.3	31.3	31.3	31.3
Bank Overdraft		3.9	86.0	359.0	414.5	0.0	729.2	nan	703.5	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		1,630.5	3,705.6	4,190.8	4,189.1	0.0			5,070.7
Total Equity and Liabilities		7,057.8	11,544.0	13,009.1	12,908.2	0.0			14,449.1

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		-568.3
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			9,115.3
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	15.14233	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.)