Business Analysis &

Valuation Varun Beverages

Prepared by - Ashwini Bhimanpalli

Guided by : Parth Verma
Company Overview
Product Wise Revenue
Introduction 5%

Varun Beverages Ltd has been associated with PepsiCo since the
23%
1990s and is a key player in beverage industry and one of the largest
franchisee of PepsiCo in the world. Varun Beverages Ltd, part of the
RJ Corp group, a diversified business conglomerate with interests in
beverages, quick-service restaurants, dairy and healthcare, is the
second largest franchisee in the world (outside US) of carbonated soft
drinks ('CSDs') and non-carbonated beverages ('NCBs') sold under 72%
trademarks owned by PepsiCo. The company produces and distributes
a wide range of CSDs, as well as a large selection of NCBs, including
packaged drinking water. Carbonated SoftDrinks Packaged DrinkingWater Juick Based Drinks

Business Presence Share Price

1800
The Company has presence in 27 States and 7 Union Territories in 1600
India and 5 other countries across the world viz. Nepal, Sri Lanka, 1400
Morocco, Zambia & Zimbabwe. Further, It is having 37 1200
manufacturing facilities, of which 31 are in India and 6 in 1000
International Geographies 800
600
400
200
0
Brands that Scaled the Vivid Consumer Preferences
Brands licensed by PepsiCo
KEY MANAGERIAL PERSONNEL

MR. RAJ PAL GANDHI MR. RAJESH CHAWLA

WHOLE-TIME DIRECTOR CHIEF FINANCIAL
OFFICER
He is a qualified Chartered Accountant of 1980 batch. He also Mr. Rajesh Chawla is a qualified Chartered Accountant and
did a management program with Harvard Business School. joined our Company on February 1, 2021 as Senior Vice
Out of his total 42 years of experience, 30 years of experience President – Finance. Mr. Chawla is a Finance professional
is with the RJ Corp Group. He is instrumental in formulating with a diversified career spanning across more than 28 years
the company’s strategy towards diversification, expansion, of experience in controllership, commercial, manufacturing
mergers and acquisitions, and capex planning including finance, financial planning, taxation etc. Before joining Varun
capital/fundraising. He enjoys longstanding relationships with Beverages Limited, he has worked with reputed organization
institutional investors and lenders. like Whirlpool & SIS Group. In his earlier roles he was
involved and leading the various projects of margin
MR. RAVI BATRA improvement, cost rationalization, working capital
CHIEF RISK OFFICER AND GROUP COMPANY optimization, strengthening cash flows and driving ERP
SECRETARY strategy of organization.

Mr. Ravi Batra is a member of the Institute of Company

Secretaries of India and the Institute of Chartered Secretaries Share Holding Pattern
of London, having 25 years of rich experience in the field of
Corporate Governance, Listing Regulations, FEMA, ESOP’s,
Policy framework, POSH, Inspection and Investigations. He is
leading the Governance, Compliance and Secretarial functions
of the Company. His role includes compliance of applicable
laws including Listing, SEBI, FEMA, Listing Regulations,
Insider Trading Regulations, Companies Act,
shareholders/Board/Committee Meetings, Policy framework,
and training to employees on key policies/FCPA regulations to
ensure compliance of applicable laws in true spirit. Under his
leadership Company has won various awards for following
Best Corporate Governance practices.
Years Mar-22 Mar-23 Mar-24

Promoters + 64.89% 63.90% 62.91%

FIIs + 21.03% 26.00% 25.79%

DIIs + 7.21% 3.67% 4.16%

Public + 6.87% 6.41% 7.16%

No. of Shareholders 1,37,208 2,61,286 4,89,887

Global Economy Global GDP Projections (%)
0 1 2 3 4 5 6 7 8 9
The global non-alcoholic beverage market was worth USD1180
billion in 2020 and is projected to reach
USD2175 billion in 2026 a CAGR of 7.3% (2013 to 2026).
world
In 2023, the Indian soft drinks industry encountered a challenging
yet progressive year. Following substantial growth in 2022
attributed to the resurgence of out-of-home consumption, the Advanced Economies
industry confronted unseasonal rains that disrupted sales during
the critical summer season. Nevertheless, the sector adeptly
Emerging Market and Developing
adjusted to evolving consumer preferences and maintained a
steady growth trajectory. This resilience was particularly evident
in the energy drinks segment, which, after emerging as a growth EURo Area
category in 2022, continued its expansion through 2023.
US
The broader soft drinks market, encompassing carbonates, juices,
and bottled water, also sustained growth during the year.
Carbonates retained their position as the largest category in terms Japan
of volume as much as value, reflecting their enduring popularity
among Indian consumers. Industry growth was fueled by uk
expanding demographic profiles and a burgeoning middle-class
population. These demographic shifts, coupled with an increase in
disposable income, spurred higher demand. Urbanization played a china

pivotal role as well, with more individuals relocating to urban

areas, leading to greater exposure to and demand for diverse soft India
drink options.

2023A 2024P 2025P

India Market

The last decade has witnessed a marked rise in average

household expenditures. Indian consumers are spending
majority of their discretionary incomes towards categories
Indian GDP vs Global GDP
beyond basic necessities. Factors such as rising disposable
10.0% 9.05% 800.0%

income, evolving consumer preferences and a growing 8.0% 7.0% 7.24%

6.5% 6.3% 6.3 6.45%
population are driving the demand for beverages. 6.0%
600.0%
3.87%
4.0% 400.0%
India demonstrated exceptional economic resilience in 2023, 3.1 3.3
2.0% 2.7 2.6
emerging as the world’s fastest-growing major economy. With 200.0%
0.0%
a growth rate of 6.3%, the country continues to attract
2025 2024 2023 2022 2021 2020 2019 2018
investment underscored by its ability to offer large-scale -2.0% 2.7% 2.6% 0.0%

operations to multinational corporations, a vast pool of skilled -4.0%

-200.0%
professionals, and its excellence in technological and -6.0% -2.9
-5.83%
innovative advancements. Despite global economic headwinds, -8.0% -400.0%
inflation, and rising interest rates, India’s economic India World
performance was supported by strong domestic demand,
substantial public infrastructure investment, and a
strengthening financial sector. As 2024 approaches, India is
poised to maintain its position as the fastest-growing major
economy. With a positive outlook for the future, the country’s
economic prospects remain bright, laying the groundwork for
further acceleration in the coming years
Non-Alcoholic Beverages Industry -India
Volume Growth
5 4.58
4.54
Carbonates market in India registered a positive compound annual 4.5 4.23
4.39
4.09
growth rate (CAGR) of 9.78% during the period 2016 to 2021 with 3.85 3.83 3.95
4 3.69 3.6
a sales value of INR 941,749.42 Million in 2021, an increase of 3.36
3.53
3.5 3.2
55.38% over 2020. The market achieved its strongest performance
3
in 2021, when it grew by 55.38% over its previous year and its
2.5
weakest performance in 2020, when it fell by -16.23% over
[Link] market may expand at a compound annual growth 2

rate of 8.7% to reach INR 17647.1 million by 2030. 1.5

1
0.5
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Soft Drink Beverages Industry -India

In 2023, the Indian soft drinks industry encountered a challenging

yet progressive year. Following substantial growth in 2022 attributed Price Per unit
to the resurgence of out-of-home consumption, the industry
1.8 1.6
confronted unseasonal rains that disrupted sales during the critical 1.52 1.54 1.56
1.6 1.38 1.43 1.45 1.47 1.49
summer season. Nevertheless, the sector adeptly adjusted to evolving 1.4
1.34 1.36
1.22 1.22 1.26
consumer preferences and maintained a steady growth trajectory. 1.2
This resilience was particularly evident in the energy drinks 1
segment, which, after emerging as a growth category in 2022, 0.8
continued its expansion through 2023. 0.6
0.4
0.2
0

CSD( at home) CSD( Out of home)

Soft Drinks – Key Growth Drivers and Opportunities

Young Population(18-24 years) India Rural Population - Historical Data

1,000,000,000 0.60%
68.00% 67.81% 0.53%
900,000,000
0.50%
800,000,000 0.44%
67.50% 67.51% 0.40%
700,000,000 0.35%
67.22% 600,000,000 0.30%
0.26%
67.00% 66.93% 500,000,000 0.20%
66.66% 400,000,000
0.08% 0.10%
66.50% 300,000,000
66.36%
200,000,000 0.00%
-0.06%
66.00% 100,000,000 -0.10%

2022 2021 2020 2019 2018 2017

65.50%
Population % of Total Change
2017 2018 2019 2020 2021 2022

Accelarating Urbanization Youthful Demographics and Economic

52
51 37% Contribution
50 36% 120.00%
49 36% 100.00%
48 51
48 50 35%
80.00%
47 47 49 35%
46 34% 60.00%
46
45 34% 40.00%
44 33% 20.00%
43 33%
0.00%
42 32% 2021 2020 2019 2018 2017
2017 2018 2019 2020 2021 2022 32%
% of Population Annual Change

Urban Population %of Total Population

Increased Household Spending Youthful Demographics and
India Consumer Spending
Economic Contribution
Young Population(18-24 years)
14.00%
68.00% 67.81%
12.00%
10.00% 67.51%
67.50%
8.00% 67.22%
6.00% 66.93%
67.00%
4.00% 66.66%
2.00% 66.36%
66.50%
0.00%
2017

-2.00%
2018

2019

2020

2021

2022
66.00%
-4.00%
-6.00% 65.50%
-8.00% 2017 2018 2019 2020 2021 2022

Rural Advancements and Enhanced Innovative Products

Electrification
Indian market has a large young population that has been driving
The outlook for India’s rural areas remains optimistic, supported the demand for new and unique flavors. Catering this trend, the
by forecast of good monsoon and improved agricultural industry is continuously focusing on expanding its product
conditions. Enhanced electrification and better electricity supply offerings and introducing innovative options, such as new and
in villages will further aid in the availability of cooling creative flavors and packaging solutions.
infrastructure in these regions, thereby promoting expansion of the
industry.
Financials Revenue Growth
Revenue ₹ 45,000 60%
₹ 40,000 50%
The company has posted revenue of INR 16,043 Crores in ₹ 35,000 40%
CY2023. The Revenue has been grown at CAGR of 35.5%, ₹ 30,000
30%
25.7% ,and 22.6% during the last 3,5,and 7 Years ₹ 25,000
20%
₹ 20,000
[Link] Management is extremely positive on overall 10%
₹ 15,000
growth of Indian soft-drink market due to factors such as ₹ 10,000 0%
Youthful Demographics and Economic Contribution, Accelerated ₹ 5,000 -10%
Urbanization and Rising Incomes, Increased Household ₹0 -20%
Spending, Rural Advancements and Enhanced Electrification,

2024F

2025F

2026F

2027F

2028F
2018A

2019A

2020A

2021A

2022A

2023A
Location, Innovative Products.
Sales
The company was facing capacity constraintsin in juices, value-
added dairy beverages, and in sports drink for which company has
made significant capex(estimates triple the current
capacity),Unfavourable weather condition,Health Awareness,
stringent marketing policies by the government , Increased tax
rates etc.
The Analysis consensus growth for CY24 is INR 20,000
The Company registered double-digit growth in both its Indian which is 23% growth over the CY23 revenue of INR 16043
and international operations, recording increases of 12.9% in [Link] assume that company will maintain a double-digit
India and 18.0% internationally. CSD constituted 72%, JBD 6%, growth of 22%, due of favorable wealth condition , the
and Packaged Drinking water 22% of total sales volumes in CY popularity of brand “sting, Juices, value-added dairy
2023. The realization per case increased by 7.0% to ` 175.7 in CY beverages which will be the main growth drive for the
2023 driven by improvements in the mix of smaller SKUs company in the next 5 years
(250ml) in the Indian markets and higher realization per case in
the international markets .
Capacity Expansion Net Purchased of Fixed assets
3500
3194
Historically, the company has done major growth capex of 3000
3000 2800
~1000cr, 2000 cr and 1300 cr in 2015,2019 and 2023 2577
respectively. for year 2024, the company has committed the 2500 2400
capex cash outflow of ~ 2100 cr and asset turn [Link]
majority of capex spent on greenfield production facilities in 2000 1750
Bundi, Rajasthan and Jabalpur, Madhya Pradesh, ~ Rs. 8,000
1500
million on brownfield expansion at 6 of our existing facilities in
India and the balance was for brownfield expansion in the 1000 809 733 815
international markets .we consider the company to conduct 536
500
capex of inr 1200 cr in year in 2024,and 2025 which will fuel the
company’s future growth for the remaining future year , we 0
assume a growth of 13% in gross block. During the terminal

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026

FY2027

FY2028
year, capex is benchmarked with Depreciation
(100%maintainance) for moderate growth

Market Dominance Business Model

The company has focused to acquire market share in VBL boasts extensive experience in managing soft drink distribution,
unchartered or less penetrated territories through go-to-market involving complex logistics and product packaging. While business
execution. On October 16, 2023, the Company acquired 5.03% operations maintain similarities across all markets, each territory and
shareholding in Lunarmech Technologies Private Limited, sub-territory present unique operational challenges. These challenges
which Manufacturer and exporter of bottle closure, bottle cap, vary from ensuring reliable electricity supply and refrigeration
plastic closure, cap closure and packaging cap equipment to addressing logistics needs, as well as navigating
demographics and general socioeconomic conditions in the respective
market.
Gross Margins Gross Margins
60.0%
58.6% 58.9%
57.9%
58.0% 57.1%
During CY23, gross margins were declined by 180 bps, taking it 56.9%
56.0% 55.9%
to the level of 54.3% from the earlier level of 52.5%, primarily 56.0%
54.8%
due to the softening of PET chip prices although sugar prices 54.3%
54.0%
increased slightly during the year. As a result of improved 52.5%
realization per case and enhanced gross margins as explained by 52.0%
the management. The raw material constitutes ~ 95 %+ of the
50.0%
total cost of goods sold and ~ 44%of the revenue.
48.0%
The sugar production in India is more than its consumption and

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026

FY2027

FY2028
exports of sugar from india have increased to the fifth year
[Link] is unlikely that the country will face a shortage of sugar
and witness a spike in sugar prices.

The company has done backward integration to increase

efficiency by reducing packing cost and also focused on economy
of scale to have better bargaining power with raw material Resine & Sugar Prices
suppliers .while, historically, the company has posted a gross 400 370.66
342.8 344.75
margin ~54.3%-57.1% with a median of 54.9% in last 8 Years. 350 324
On the basis of our research, the gross margin posted by the non- 300
255.8
alcoholic beverage sector in India was 53.71%, and by the sector 250
in the global emerging market was 44.33% and the global sector 200
margin was [Link] the margin is projected to achieve 150
and maintain a gross margin of approximately 54.9% 100
29.78 34.39 39.9
50 22.11 24.86
0
April 30, 2020 April 30, 2021 April 30, 2022 April 30, 2023 April 30, 2024

Resine price Sugar Price

SG&A Expenses
During CY2023, the company reported EBITDA Margin of SG&A % Revenue
610 basis of 27.4% which is 610 bps higher than CY22 21.3%.
45.0%
14000 40.0%
The reason for rise in EBITDA Margin is soften of key raw
12000
material prices. The Management is determined to keep the leve
operating expenses in check and gave EBITDA margin ls 10000

Guidance of ~24.9%- 22.9%. On the basis of my research, We are 8000

have identified that historically, SG& A expenses is33.9 to exp 6000

33.3% of its revenue. Where four expenses viz Employee ecte 4000
Benefit, Power & fuel, selling & distribution, Other SG &A d to 2000
Expenses. nor 0
mali

2024F

2025F

2026F

2027F

2028F
2018A

2019A

2020A

2021A

2022A

2023A
We assume ,total SG &A Expenses to Remain at 33.3% level
as percentage of revenue which is almost align with street ze
estimation and management guidance . to Series1
56
Inventory days
.
The company usually increase inventory levels during the Oct-
dec Quarter and the january to march quarter to prepare to
seasonal demand also during this period resin prices are cheatest
throughout the year, and the company gets an edge in gross Invento
70Days 60Days 50Days 40Days 30Days 20Days 10Days 0Days
profitability by pre-stocking the raw material when prices are ry Days
cheapest. The company follows the same strategy for chips also
to increase overall efficiency. Historically, the company is
maintained inventory levels at ~ 12.8% of Revenue with an
inventory turnover ratio being consistent around 9x and
inventory days of 43 days. further street estimates suggest the
inventory level be around 56.3 days. we assume our inventory
levels to go up by 7 days from 49 days to 56 days in year 2023-
2028 due to new products launched by the company in energy
drinks, value-based dairy, sports drinks and juices for which the
company may increase the inventory levels. post that inventory
2018A 2019A 2020A 2021A 2022A 2023A 2024F 2025F 2026F 2027F 2028F
35.0%
Inventory Inventory Days 30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%

7000

6000

5000

4000

3000

2000

1000

0
Trade Receivables Trade Payables
The company usually has increased receivable levels during the
April-June quarter due to seasonality. The company has robust
collection mechanism due to which receivable levels were Trade payables
normalizes by the end of the year. Further,~84% of receivables 80 2500
were due for less than 6 months and the company is not exposed 70
to any significant credit risk from a single counterparty. The 2000
60
company has a policy to deal with creditworthy counterparties 50 1500
whose security deposit is kept with a company at the time of 40
onboarding. Historically, the company is maintained receivable 1000
30
levels at 2.7% of the revenue with a median receivables turnover
20
ratio ~40% and inventory days at 9 days. Future the street 500
10
estimates suggest the receivable levels to remain flat at 9.5 days.
we assume our receivable levels to be flat at 10 days 0 0
2018A 2019A 2020A 2021A 2022A 2023A 2024F 2025F 2026F 2027F 2028F

Trade payables Creditor Days/pay

The company has maintained consistent payables of 52 to 53 days

Trade Receivables except Covid year when the payables were delayed. However,in
16 1200
year 2022 ,the payables were reported to normal level of 48 days
14 and in 2023 its 37 days which is reduced by 9 days .The trade
1000 payables is consistently 14% of COGS and 7% of Revenue.
12
10 800 Further, Street Estimates Suggest the payable levels to remain Flat
from existing receivables days. In the absence of management
8 600
guidance and the basis our research, we assume the payable days
6
400 to remain flat at 40 days.
4
2 200

0 0
2018A 2019A 2020A 2021A 2022A 2023A 2024F 2025F 2026F 2027F 2028F

Trade Receivables Debtor Days

Borrowings
Long Term and Short Term Borrowings In recent years, the company has steadily reduced its long-term
borrowing, decreasing from a peak of 83% pf total borrwowing
120% to 61% in CY2023 .Despite these fluctuations, A lower D/A
ratio indicates that a smaller proportion of the company's assets
100%
16% 17%
are financed by debt. This can suggest that the company is
17%
25% 27% becoming less leveraged, which generally reduces financial
80% 39%
46%
53% risk. The company might be increasing its asset base faster than
60% its debt, which can be a sign of growth and effective asset
management
40% 83% 84% 83%
75% 73%
61%
54% A lower D/E ratio indicates that the company is using less debt
20% 47%
relative to its equity. This generally implies reduced financial
0% risk and lower interest obligations, which can be favorable in
2016 2017 2018 2019 2020 2021 2022 2023 terms of financial stability and investor confidence. The
LTB%TB STB%TB
company may be paying off its debt, increasing its equity, or
Leverage Ratios both. This can signify improved financial health and
90% management's focus on maintaining a solid balance sheet.
80%
70% The decreasing trend in the D/E and D/A Ratio is generally a
60% positive sign, indicating that the company is reducing its
50% reliance on debt and potentially improving its financial stability
40%
and risk profile.
30%
20%
10%
0%

Debt to Equity Ratio Debt to Asset Ratio

Valuation Market Approach
The Market Approach is a valuation method that
determines the value of an asset by comparing it to
Objectives similar assets that have recently been sold in the market.
It relies on the principle of supply and demand,
The objective is to reach at the Real/Intrinsic value of VBL’s assuming that the fair value of an asset is influenced by
[Link] analysis aims to assess the companies future the prices at which similar assets are trading.
growth,risk associated through market,its ability to generate cash
flows and it is able to generate profit to there share holders.I have
carefully considered management guidance while performing this
analysis
Income Approach

Valuation Methodology This determines the value of an asset by estimating the present
value of its expected future income streams. It is based on the
principle that the value of an asset is driven by the income it
There are three approaches in Valuation. generates.

For any valuation,all the approaches may not be relevant and therefore
will not give a fair estimate of [Link],the approach most suitable
for specific business/company must be applied in the valuation
exercise based on common practices. Asset Approach

• Market Approach: Comparable companies Method and The Asset Approach is a valuation method that determines the
comparable Transaction Method. value of an asset by assessing its underlying tangible and
• Income Approach:Discounted Cash Flow Method. intangible assets minus liabilities. It focuses on the intrinsic
• Asset Approach:Net Asset Value Method value of the asset's components rather than its income or market
comparables. This approach is commonly used for valuing
tangible assets like real estate, machinery, and inventory, as well
as intangible assets such as patents, trademarks, and goodwill.
3 Statement Model
Income Statement Actual Explicit Forecast Period Maturity Period
In INR crores unless stated otherwise FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034

INCOME STATEMENT

Sales ₹ 5,105 ₹ 7,130 ₹ 6,450 ₹ 8,823 ₹ 13,173 ₹ 16,043 ₹ 19,572 ₹ 23,634 ₹ 28,242 ₹ 33,397 ₹ 39,074 ₹ 45,717 ₹ 53,488 ₹ 62,581 ₹ 73,220 ₹ 85,668 ₹ 1,00,231
Less: Cost of Goods Sold ₹ 2,244 ₹ 3,219 ₹ 2,764 ₹ 4,035 ₹ 6,261 ₹ 6,646 ₹ 8,044 ₹ 9,950 ₹ 12,172 ₹ 14,728 ₹ 17,622 ₹ 20,618 ₹ 24,123 ₹ 28,224 ₹ 33,022 ₹ 38,636 ₹ 45,204
Gross Profit ₹ 2,861 ₹ 3,910 ₹ 3,686 ₹ 4,789 ₹ 6,912 ₹ 9,397 ₹ 11,528 ₹ 13,684 ₹ 16,070 ₹ 18,669 ₹ 21,452 ₹ 25,098 ₹ 29,365 ₹ 34,357 ₹ 40,198 ₹ 47,032 ₹ 55,027

Gross Margins 56.0% 54.8% 57.1% 54.3% 52.5% 58.6% 58.9% 57.9% 56.9% 55.9% 54.9% 54.9% 54.9% 54.9% 54.9% 54.9% 54.9%

Less: (SG&A)(ExcludingDeprecaition &Interest)

Employee Expenses ₹ 583 ₹ 811 ₹ 890 ₹ 1,008 ₹ 1,217 ₹ 1,447 ₹ 1,859 ₹ 2,245 ₹ 2,683 ₹ 3,173 ₹ 3,712 ₹ 4,343 ₹ 5,081 ₹ 5,945 ₹ 6,956 ₹ 8,138 ₹ 9,522
power cost ₹ 195 ₹ 279 ₹ 267 ₹ 330 ₹ 479 ₹ 550 ₹ 705 ₹ 851 ₹ 1,017 ₹ 1,202 ₹ 1,407 ₹ 1,646 ₹ 1,926 ₹ 2,253 ₹ 2,636 ₹ 3,084 ₹ 3,608
S& D Expenses ₹ 154 ₹ 168 ₹ 157 ₹ 316 ₹ 418 ₹ 510 ₹ 646 ₹ 780 ₹ 932 ₹ 1,102 ₹ 1,289 ₹ 1,509 ₹ 1,765 ₹ 2,065 ₹ 2,416 ₹ 2,827 ₹ 3,308
O& D Expenses ₹ 624 ₹ 824 ₹ 873 ₹ 1,074 ₹ 1,532 ₹ 1,828 ₹ 2,212 ₹ 2,671 ₹ 3,191 ₹ 3,774 ₹ 4,415 ₹ 5,166 ₹ 6,044 ₹ 7,072 ₹ 8,274 ₹ 9,680 ₹ 11,326
Other Misc SG&Aexpenses ₹ 289 ₹ 366 ₹ 284 ₹ 384 ₹ 460 ₹ 670 ₹ 842 ₹ 1,016 ₹ 1,214 ₹ 1,436 ₹ 1,680 ₹ 1,966 ₹ 2,300 ₹ 2,691 ₹ 3,148 ₹ 3,684 ₹ 4,310
EBITDA ₹ 1,017 ₹ 1,462 ₹ 1,215 ₹ 1,677 ₹ 2,806 ₹ 4,392 ₹ 5,265 ₹ 6,121 ₹ 7,032 ₹ 7,982 ₹ 8,948 ₹ 10,469 ₹ 12,249 ₹ 14,331 ₹ 16,767 ₹ 19,618 ₹ 22,953

EBITDAMargins 19.9% 20.5% 18.8% 19.0% 21.3% 27.4% 26.9% 25.9% 24.9% 23.9% 22.9% 22.9% 22.9% 22.9% 22.9% 22.9% 22.9%

Less: Depreciation &Amortization ₹ 385 ₹ 489 ₹ 529 ₹ 531 ₹ 617 ₹ 680 ₹ 898 ₹ 1,153 ₹ 1,425 ₹ 1,660 ₹ 1,918 ₹ 2,220 ₹ 2,573 ₹ 2,986 ₹ 3,470 ₹ 4,036 ₹ 4,698
EBIT ₹ 632 ₹ 974 ₹ 686 ₹ 1,146 ₹ 2,189 ₹ 3,712 ₹ 4,367 ₹ 4,968 ₹ 5,607 ₹ 6,322 ₹ 7,030 ₹ 8,249 ₹ 9,676 ₹ 11,345 ₹ 13,298 ₹ 15,582 ₹ 18,255

EBITMargins% 12.4% 13.7% 10.6% 13.0% 16.6% 23.1% 22.3% 21.0% 19.9% 18.9% 18.0% 18.0% 18.1% 18.1% 18.2% 18.2% 18.2%

Less:Total Interest Expenses ₹ 213 ₹ 310 ₹ 281 ₹ 185 ₹ 186 ₹ 268 768.17 496.07 318.61 178.19 163.87 174.19 195.03 223.80 259.66 302.70 353.62
Add; other income ₹ 22 ₹ 43 ₹ 37 ₹ 68 ₹ 39 ₹ 79 ₹ 294 ₹ 355 ₹ 424 ₹ 501 ₹ 586 ₹ 686 ₹ 802 ₹ 939 ₹ 1,098 ₹ 1,285 ₹ 1,503
Share of profitexpense ₹3 ₹4 ₹0 ₹0 (₹ 0) ₹4 ₹4 ₹4 ₹4 ₹4 ₹4 ₹4 ₹4 ₹4 ₹4 ₹4 ₹4
Expectional Items Before Tax 0 0 -66.53 0 0 0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
EBT/Profit Before Tax ₹ 444 ₹ 711 ₹ 375 ₹ 1,029 ₹ 2,042 ₹ 3,527 ₹ 3,896 ₹ 4,831 ₹ 5,716 ₹ 6,649 ₹ 7,456 ₹ 8,765 ₹ 10,287 ₹ 12,064 ₹ 14,140 ₹ 16,569 ₹ 19,409

Less: Taxes ₹ 134 ₹ 224 ₹5 ₹ 261 ₹ 474 ₹ 637 ₹ 900 ₹ 1,118 (₹ 1,322) (₹ 1,536) (₹ 1,717) (₹ 2,019) (₹ 2,370) (₹ 2,780) (₹ 3,259) (₹ 3,820) (₹ 4,475)
Net Income ₹ 310 ₹ 487 ₹ 370 ₹ 768 ₹ 1,568 ₹ 2,890 ₹ 2,997 ₹ 3,713 ₹ 7,038 ₹ 8,185 ₹ 9,173 ₹ 10,784 ₹ 12,657 ₹ 14,844 ₹ 17,400 ₹ 20,388 ₹ 23,885

Sales Growth % NM 39.7% -9.5% 36.8% 49.3% 21.8% 22.0% 20.8% 19.5% 18.3% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%
Gross Profit margin % 56.0% 54.8% 57.1% 54.3% 52.5% 58.6% 58.9% 57.9% 56.9% 55.9% 54.9% 54.9% 54.9% 54.9% 54.9% 54.9% 54.9%
EBITDA Margin % 19.9% 20.5% 18.8% 19.0% 21.3% 27.4% 26.9% 25.9% 24.9% 23.9% 22.9% 22.9% 22.9% 22.9% 22.9% 22.9% 22.9%
EBIT Margin % 12.4% 13.7% 10.6% 13.0% 16.6% 23.1% 22.3% 21.0% 19.9% 18.9% 18.0% 18.0% 18.1% 18.1% 18.2% 18.2% 18.2%
Actual Tax Rate % -30.2% -31.5% -1.4% -25.3% -23.2% -18.1% -23.1% -23.1% 23.1% 23.1% 23.0% 23.0% 23.0% 23.0% 23.1% 23.1% 23.1%
Net Income Margin % 6.1% 6.8% 5.7% 8.7% 11.9% 18.0% 15.3% 15.7% 24.9% 24.5% 23.5% 23.6% 23.7% 23.7% 23.8% 23.8% 23.8%
Balance Sheet Statement
Actual Explicit Forecast Period Maturity Period
In INR crores unless stated otherwise FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034

BALANCE SHEET

Assets

Non Current Assets

Property,Plants & Equipment 3860 5893 5827 5155 5442 6803 8435 10212 11916 12963 14014 15246 16688 18379 20358 22676 25390
Capital workingcapital 352 64 67 497 607 1922 1922 1922 1922 1922 1922 1922 1922 1922 1922 1922 1922
Right to use assets 0 0 0 582 915 1035 951 868 784 701 617 533 450 366 282 199 115
Intangiable assets (ExcludingGoodwill) 509 345 339 341 333 329 283 237 190 144 98 52 6 -40 -87 -133 -
179 Investments in Subsidiaries,
Associates and Joint venture 11 0 0 0 0 18 0 0 0 0 0 0 0 0 0 0
Goodwill Growth 18 242 242 242 242 242 242 242 242 242 242 242 242 242 242 242 242
Non Current Financial Assets 21 45 42 42 49 65 65 65 65 65 65 65 65 65 65 65 65
Other Non Current Financial Assets 86 115 130 184 627 537 536 536 536 536 536 536 536 536 536 536 536
Deffered TaxAssets 33 13 11 2 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Non Current Assets 4891 6717 6659 7045 8214 10951 12434 14081 15656 16573 17494 18596 19909 21469 23319 25507 28091

33%
Current
Assets
Cash ₹ 43 ₹ 138 ₹ 105 ₹ 151 ₹ 155 ₹ 241 (₹ 1,766) (₹ 2,325) (₹ 2,024) (₹ 125) ₹ 1,417 ₹ 3,341 ₹ 5,616 ₹ 8,282 ₹ 11,398 ₹ 15,036 ₹ 19,282
Inventory ₹ 578 ₹ 882 ₹ 929 ₹ 1,448 ₹ 1,994 ₹ 2,151 ₹ 2,628 ₹ 3,367 ₹ 4,178 ₹ 5,032 ₹ 5,995 ₹ 7,014 ₹ 8,206 ₹ 9,602 ₹ 11,234 ₹ 13,144 ₹ 15,378
Trade Receivables ₹ 128 ₹ 173 ₹ 242 ₹ 221 ₹ 299 ₹ 359 ₹ 509 ₹ 615 ₹ 735 ₹ 869 ₹ 1,017 ₹ 1,190 ₹ 1,392 ₹ 1,629 ₹ 1,906 ₹ 2,230 ₹ 2,609
Bank Balance ₹ 51 ₹ 33 ₹ 85 ₹ 186 ₹ 131 ₹ 218 ₹ 391 ₹ 391 ₹ 391 ₹ 391 ₹ 391 ₹ 391 ₹ 391 ₹ 391 ₹ 391 ₹ 391 ₹ 391
Other Current Assets ₹ 341 ₹ 447 ₹ 439 ₹ 531 ₹ 825 ₹ 1,267 ₹ 1,546 ₹ 1,866 ₹ 2,230 ₹ 2,638 ₹ 3,086 ₹ 3,610 ₹ 4,224 ₹ 4,942 ₹ 5,783 ₹ 6,766 ₹ 7,916
Total Current Assets ₹ 1,141 ₹ 1,672 ₹ 1,800 ₹ 2,537 ₹ 3,404 ₹ 4,236 ₹ 3,308 ₹ 3,915 ₹ 5,511 ₹ 8,806 ₹ 11,906 ₹ 15,547 ₹ 19,830 ₹ 24,846 ₹ 30,711 ₹ 37,566 ₹
45,576
Total Assets ₹ 6,031 ₹ 8,389 ₹ 8,459 ₹ 9,582 ₹ 11,617 ₹ 15,187 ₹ 15,742 ₹ 17,996 ₹ 21,167 ₹ 25,379 ₹ 29,401 ₹ 34,143 ₹ 39,739 ₹ 46,315 ₹ 54,030 ₹ 63,073 ₹ 73,667
Balance Sheet Statement
Actual Explicit Forecast Period Maturity Period
In INR crores unless stated otherwise FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034

EQUITYAND LIABILITIES

Share Capital ₹ 183 ₹ 289 ₹ 289 ₹ 433 ₹ 650 ₹ 650 ₹ 650 ₹ 650 ₹ 650 ₹ 650 ₹ 650 ₹ 650 ₹ 650 ₹ 650 ₹ 650 ₹ 650 ₹ 650
Other Equity ₹ 1,816 ₹ 3,040 ₹ 3,235 ₹ 3,647 ₹ 4,453 ₹ 6,287 ₹ 8,984 ₹ 11,583 ₹ 15,806 ₹ 19,898 ₹ 23,567 ₹ 27,881 ₹ 32,944 ₹ 38,882 ₹ 45,841 ₹ 53,997 ₹ 63,551
Total Stockholders’ Equity ₹ 1,999 ₹ 3,328 ₹ 3,524 ₹ 4,080 ₹ 5,102 ₹ 6,937 ₹ 9,634 ₹ 12,233 ₹ 16,456 ₹ 20,548 ₹ 24,217 ₹ 28,531 ₹ 33,594 ₹ 39,532 ₹ 46,491 ₹ 54,647 ₹ 64,201

Minority Interest ₹8 ₹ 31 ₹ 65 ₹ 117 ₹ 113 ₹ 148 ₹ 148 ₹ 148 ₹ 148 ₹ 148 ₹ 148 ₹ 148 ₹ 148 ₹ 148 ₹ 148 ₹ 148 ₹ 148
Total Equity ₹ 2,006 ₹ 3,359 ₹ 3,589 ₹ 4,197 ₹ 5,215 ₹ 7,085 ₹ 9,782 ₹ 12,381 ₹ 16,604 ₹ 20,696 ₹ 24,365 ₹ 28,679 ₹ 33,742 ₹ 39,680 ₹ 46,639 ₹ 54,795 ₹ 64,349

Non Current Liabilities

Long Term Borrowings ₹ 1,980 ₹ 2,355 ₹ 1,980 ₹ 1,813 ₹ 1,727 ₹ 3,189 ₹ 1,913 ₹ 1,148 ₹ 459 ₹ 184 ₹ 92 ₹ 46 ₹ 23 ₹ 11 ₹6 ₹3 ₹1
Lease Laibilities - - - ₹ 31 ₹ 165 ₹ 198 ₹ 198 ₹ 198 ₹ 198 ₹ 198 ₹ 198 ₹ 198 ₹ 198 ₹ 198 ₹ 198 ₹ 198 ₹ 198
Other finanical laibilities-Long Term ₹0 ₹0 ₹ 24 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Long Term provision ₹ 105 ₹ 170 ₹ 204 ₹ 209 ₹ 204 ₹ 213 ₹ 213 ₹ 213 ₹ 213 ₹ 213 ₹ 213 ₹ 213 ₹ 213 ₹ 213 ₹ 213 ₹ 213 ₹ 213
deffered tax laibilities(Net) ₹ 192 ₹ 283 ₹ 226 ₹ 311 ₹ 337 ₹ 343 ₹ 343 ₹ 343 ₹ 343 ₹ 343 ₹ 343 ₹ 343 ₹ 343 ₹ 343 ₹ 343 ₹ 343 ₹ 343
Other Non Current Liabilities ₹7 ₹1 ₹1 ₹1 ₹1 ₹7 ₹7 ₹7 ₹7 ₹7 ₹7 ₹7 ₹7 ₹7 ₹7 ₹7 ₹7
Total Non Current Liabilities ₹ 2,284 ₹ 2,809 ₹ 2,435 ₹ 2,365 ₹ 2,434 ₹ 3,950 ₹ 2,674 ₹ 1,909 ₹ 1,220 ₹ 945 ₹ 853 ₹ 807 ₹ 784 ₹ 772 ₹ 767 ₹ 764 ₹ 762

Current Liabilities

Trade payables ₹ 317 ₹ 478 ₹ 511 ₹ 712 ₹ 824 ₹ 759 ₹ 919 ₹ 1,136 ₹ 1,390 ₹ 1,682 ₹ 2,013 ₹ 2,355 ₹ 2,755 ₹ 3,223 ₹ 3,771 ₹ 4,412 ₹ 5,163
Short Term Borrowings ₹ 378 ₹ 467 ₹ 714 ₹ 1,529 ₹ 1,968 ₹ 2,005 ₹ 979 ₹ 1,182 ₹ 565 ₹ 668 ₹ 781 ₹ 914 ₹ 1,070 ₹ 1,252 ₹ 1,464 ₹ 1,713 ₹ 2,005
Lease laibilities - - - ₹ 14 ₹ 23 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39
Other Finanical Laibilities -short Term ₹ 851 ₹ 1,026 ₹ 854 ₹ 393 ₹ 559 ₹ 764 ₹ 764 ₹ 764 ₹ 764 ₹ 764 ₹ 764 ₹ 764 ₹ 764 ₹ 764 ₹ 764 ₹ 764 ₹ 764
Current Tax laibilities-short term ₹ 33 ₹ 15 ₹4 ₹ 14 ₹ 76 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39 ₹ 39
provisions ₹ 16 ₹ 30 ₹ 33 ₹ 50 ₹ 29 ₹ 83 ₹ 83 ₹ 83 ₹ 83 ₹ 83 ₹ 83 ₹ 83 ₹ 83 ₹ 83 ₹ 83 ₹ 83 ₹ 83
other Current laibilities ₹ 147 ₹ 204 ₹ 318 ₹ 309 ₹ 489 ₹ 463 ₹ 463 ₹ 463 ₹ 463 ₹ 463 ₹ 463 ₹ 463 ₹ 463 ₹ 463 ₹ 463 ₹ 463 ₹ 463
Total Current laibilities ₹ 1,741 ₹ 2,220 ₹ 2,435 ₹ 3,020 ₹ 3,968 ₹ 4,152 ₹ 3,285 ₹ 3,706 ₹ 3,343 ₹ 3,738 ₹ 4,182 ₹ 4,657 ₹ 5,213 ₹ 5,863 ₹ 6,624 ₹ 7,514 ₹ 8,555

Total laibilities ₹ 4,025 ₹ 5,029 ₹ 4,870 ₹ 5,385 ₹ 6,402 ₹ 8,102 ₹ 5,960 ₹ 5,615 ₹ 4,563 ₹ 4,682 ₹ 5,035 ₹ 5,464 ₹ 5,997 ₹ 6,635 ₹ 7,390 ₹ 8,277 ₹ 9,317

Total Equity and Liabilities ₹ 6,031 ₹ 8,388 ₹ 8,458 ₹ 9,581 ₹ 11,617 ₹ 15,187 ₹ 15,742 ₹ 17,996 ₹ 21,167 ₹ 25,379 ₹ 29,400 ₹ 34,143 ₹ 39,738 ₹ 46,315 ₹ 54,030 ₹ 63,072 ₹ 73,666

Net Working Capital -₹ 600 -₹ 548 -₹ 635 -₹ 483 -₹ 564 ₹ 84 ₹ 23 ₹ 209 ₹ 2,169 ₹ 5,068 ₹ 7,724 ₹ 10,890 ₹ 14,617 ₹ 18,983 ₹ 24,088 ₹ 30,052 ₹ 37,021
Debtor Days 9.2 Days 8.8 Days 13.7 Days 9.2 Days 8.3 Days 8.2 Days 9.5 Days 9.5 Days 9.5 Days 9.5 Days 9.5 Days 9.5 Days 9.5 Days 9.5 Days 9.5 Days 9.5 Days 9.5 Days
Inventory Days 40.4 Days 44.4 Days 51.7 Days 59.0 Days 54.3 Days 48.9 Days 49.0 Days 52.0 Days 54.0 Days 55.0 Days 56.0 Days 56.0 Days 56.0 Days 56.0 Days 56.0 Days 56.0 Days 56.0 Days
Creditor Days/pay 51.5 Days 54.2 Days 67.5 Days 64.4 Days 48.1 Days 41.7 Days 41.7 Days 41.7 Days 41.7 Days 41.7 Days 41.7 Days 41.7 Days 41.7 Days 41.7 Days 41.7 Days 41.7 Days 41.7 Days
Cash Flow Statement
Actual Explicit Forecast Period
In INR crores unless stated otherwise FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028

# Cash Flow Statement

Profit before tax 431 692 363 1007 2024 2740 ₹ 3,896 ₹ 4,831 ₹ 5,716 ₹ 6,649 ₹ 7,456
Add: Interest Expenses ₹ 199 ₹ 297 ₹ 264 ₹ 171 ₹ 163 ₹ 244 ₹ 768 ₹ 496 ₹ 319 ₹ 178 ₹ 164
Add:Other items ₹ 109 ₹ 35 ₹ 45 (₹ 84) (₹ 55) ₹ 67 ₹0 ₹0 ₹0 ₹0 ₹0
Add:Depreciation ₹ 385 ₹ 489 ₹ 529 ₹ 531 ₹ 617 ₹ 680 ₹ 898 ₹ 1,153 ₹ 1,425 ₹ 1,660 ₹ 1,918
Less:Tax paid (₹ 73) (₹ 120) (₹ 78) (₹ 124) (₹ 373) (₹ 667) (₹ 900) (₹ 1,118) ₹ 1,322 ₹ 1,536 ₹ 1,717
Less: Change in Working Capital (₹ 50) (₹ 85) (₹ 111) (₹ 269) (₹ 585) (₹ 674) (₹ 746) (₹ 948) (₹ 1,041) (₹ 1,103) (₹ 1,228)
Cash Flow from ₹ 1,000 ₹ 1,308 ₹ 1,012 ₹ 1,231 ₹ 1,790 ₹ 2,390 ₹ 3,917 ₹ 4,413 ₹ 7,741 ₹ 8,919 ₹ 10,026
Operation

Net Purchased of Fixed assets (₹ 809) (₹ 733) (₹ 536) (₹ 815) (₹ 1,750) (₹ 3,194) (₹ 2,400) (₹ 2,800) (₹ 3,000) (₹ 2,577) (₹ 2,839)
Net Purchased of Investments ₹0 (₹ 73) ₹0 ₹0 ₹0 (₹ 215) ₹0 ₹0 ₹0 ₹0 ₹0
Interest Received ₹6 ₹5 ₹9 ₹ 13 ₹ 23 ₹ 22 ₹0 ₹0 ₹0 ₹0 ₹0
Acquisition of Companies ₹0 (₹ 8) ₹0 ₹0 ₹0 ₹ 100 ₹0 ₹0 ₹0 ₹0 ₹0
others (₹ 134) (₹ 1,510) ₹ 55 (₹ 205) (₹ 42) (₹ 2) (₹ 154) ₹0 ₹0 ₹0 ₹0
Cash Flow from Investing Activities (₹ 937) (₹ 2,320) (₹ 472) (₹ 1,008) (₹ 1,769) (₹ 3,289) (₹ 2,554) (₹ 2,800) (₹ 3,000) (₹ 2,577) (₹ 2,839)

Net proceeds from long term Borrowings ₹ 732 ₹ 560 (₹ 460) ₹ 214 ₹ 340 ₹ 1,126 (₹ 1,276) (₹ 765) (₹ 689) (₹ 276) (₹ 92)
Net proceeds from Short term Borrowings ₹ 24 ₹ 89 ₹ 247 (₹ 85) (₹ 1) ₹ 381 (₹ 1,026) ₹ 203 (₹ 617) ₹ 103 ₹ 114
Divident paid (₹ 46) (₹ 69) (₹ 72) (₹ 108) (₹ 162) (₹ 227) (₹ 300) (₹ 1,114) (₹ 2,815) (₹ 4,092) (₹ 5,504)
Add: Interest Paid (₹ 189) (₹ 303) (₹ 277) (₹ 179) (₹ 172) (₹ 270) (₹ 768) (₹ 496) (₹ 319) (₹ 178) (₹ 164)
Net proceeds from issues of debenture (₹ 300) ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Proceeds from share issue ₹1 ₹ 900 ₹0 ₹0 ₹0 ₹4 ₹0 ₹0 ₹0 ₹0 ₹0
Redemption of financial Laibilities ₹0 ₹0 (₹ 11) (₹ 19) (₹ 23) (₹ 29) ₹0 ₹0 ₹0 ₹0
Other (₹ 308) (₹ 69) ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Cash Flow from Financinging Activities (₹ 84) ₹ 1,107 (₹ 574) (₹ 178) (₹ 18) ₹ 985 (₹ 3,370) (₹ 2,172) (₹ 4,440) (₹ 4,443) (₹ 5,646)

Net Changing in Cash (₹ 22) ₹ 95 (₹ 33) ₹ 46 ₹4 ₹ 86 (₹ 2,007) (₹ 559) ₹ 301 ₹ 1,899 ₹ 1,542
Operating Cash Balance ₹ 65 ₹ 43 ₹ 138 ₹ 105 ₹ 151 ₹ 155 ₹ 241 (₹ 1,766) (₹ 2,325) (₹ 2,024) (₹ 125)
Closing Cash Balance ₹ ₹ 138 ₹ 105 ₹ 151 ₹ 155 ₹ 241 (₹ 1,766) (₹ 2,325) (₹ 2,024) (₹ 125) ₹ 1,417
43
DCF Valuation
Actual Explicit Forecast Period Maturity Period
In INR crores unless stated otherwise FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034

Free Cash Flow to Firm

EBITDA ₹ 4,392 ₹ 5,265 ₹ 6,121 ₹ 7,032 ₹ 7,982 ₹ 8,948 ₹ 10,469 ₹ 12,249 ₹ 14,331 ₹ 16,767 ₹ 19,618 ₹ 22,953
Less: Depreciation (₹ 680) (₹ 898) (₹ 1,153) (₹ 1,425) (₹ 1,660) (₹ 1,918) (₹ 2,220) (₹ 2,573) (₹ 2,986) (₹ 3,470) (₹ 4,036) (₹ 4,698)
EBIT ₹ 3,712 ₹ 4,367 ₹ 4,968 ₹ 5,607 ₹ 6,322 ₹ 7,030 ₹ 8,249 ₹ 9,676 ₹ 11,345 ₹ 13,298 ₹ 15,582 ₹ 18,255
Less: Tax (₹ 637) (₹ 900) (₹ 1,118) ₹ 1,322 ₹ 1,536 ₹ 1,717 ₹ 2,019 ₹ 2,370 ₹ 2,780 ₹ 3,259 ₹ 3,820 ₹ 4,475
EBIT(1-T) ₹ 3,075 ₹ 3,467 ₹ 3,850 ₹ 6,929 ₹ 7,858 ₹ 8,747 ₹ 10,268 ₹ 12,046 ₹ 14,125 ₹ 16,557 ₹ 19,402 ₹ 22,731
Add: Depreciation ₹ 680 ₹ 898 ₹ 1,153 ₹ 1,425 ₹ 1,660 ₹ 1,918 ₹ 2,220 ₹ 2,573 ₹ 2,986 ₹ 3,470 ₹ 4,036 ₹ 4,698
Cash NoPAT ₹ 3,755 ₹ 4,365 ₹ 5,003 ₹ 8,354 ₹ 9,518 ₹ 10,665 ₹ 12,488 ₹ 14,619 ₹ 17,111 ₹ 20,027 ₹ 23,438 ₹ 27,428
Less:Reinvestment
Change in Working Capital (₹ 674) (₹ 746) (₹ 948) (₹ 1,041) (₹ 1,103) (₹ 1,228) (₹ 1,374) (₹ 1,608) (₹ 1,882) (₹ 2,201) (₹ 2,576) (₹ 3,013)
Tangiable Non Current Spend (₹ 3,194) (₹ 2,400) (₹ 2,800) (₹ 3,000) (₹ 2,577) (₹ 2,839) (₹ 3,321) (₹ 3,886) (₹ 4,547) (₹ 5,319) (₹ 6,224) (₹ 7,282)
Free Cash Flow to Firm (₹ 113) ₹ 1,219 ₹ 1,255 ₹ 4,313 ₹ 5,837 ₹ 6,598 ₹ 7,792 ₹ 9,125 ₹ 10,683 ₹ 12,506 ₹ 14,638 ₹ 17,133

Discounted Period (Years) 0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.5
Discounte Rate (WACC) Mid Year Yes
Present Value Factor Coventions? 0.95 0.87 0.79 0.72 0.65 0.59 0.54 0.49 0.44 0.40 0.37
10%

Present Value of Free Cash Flow to ₹ 1,163 ₹ 1,088 ₹ 3,399 ₹ 4,182 ₹ 4,297 ₹ 4,613 ₹ 4,911 ₹ 5,227 ₹ 5,563 ₹ 5,919 ₹ 6,298
Firm

DCF Calculation-Perpetuity growth WACC

Terminal Growth%
DCF Calculation-Exit Multiple
7% 8% 9% 10% 11% 12%
Perpetuitygrowth rate Exit Multiple 0.2x Market price 3% 268137 205166 163664 134394 112744 96151
Terminal Year EBITDA ₹ 22,953 INR 2,08,898 cr 4% 343214 246402 188850 150890 124096 104259
5%
5
Terminal Year FCFF*(1+PGR) ₹ %
17,989.77
6
Terminal Value ₹ Terminal Value ₹ %
493369 315130 226629 173983 139232 114684
3,59,795 4,591
Present Value of terminal Value ₹ Present Value of terminal Value ₹ 943833 452584 289595 208623 160423 128584
1,32,261 1,688
Present Value of FCFFs ₹ Present Value of FCFFs ₹ #DIV/0! 864948 415526 266356 192209 148044
46,658 46,658
Enterprise Value ₹ 40.7x
1,78,919 Less: Debt -5194
Implied Exit Multiple ADD: Cash ₹ 459
Less:Minority Interest (₹ 148)
7.8x
ADD:Non OperatingAsset ₹ 65
Implied EV/EBITDA
EquityValue ₹ 1,74,101
Intrinsic Value
Less: Value of Option (₹ 119) Enterprise Value ₹ 48,346 INR 1,73,983cr
EquityValue for Shareholders ₹
Implied Exit Multiple 2.1x
1,73,983
Implied EV/EBITDA 11.0x WACC
Less: Debt -5194 7% 8% 9% 10% 11% 1

Exit Multiple
WACC
ADD: Cash ₹ 459 18% 53355 49698 46336 43240 40387 377
10%
Less:MinorityInterest (₹ 148) 19% 53468 49801 46429 43325 40464 378
ADD:Non OperatingAsset ₹ 65 20% 53581 49903 46522 43409 40540 378
EquityValue ₹ 43,528 21% 53693 50005 46615 43493 40617 379
Terminal Growth
Less: Value of Option -₹ 119 22% 53806 50108 46707 43578 40694 380
5%
EquityValue for Shareholders ₹ 43,409
Weighted Average Cost of Capital (WACC)
Particulars Low Mid High WACC Inputs

Risk Free Rate 4.69% 4.69% 4.69% Country India

Equity Risk Premium 6.54% 6.54% 6.54% Local Currency 10Y Governamnet Bond Yeild 7.08%
Asset Beta 0.39 0.44 0.49 India's Moodys Sovereign Rating Baa3
D/E Ratio 74.9% 74.9% 74.9% Credit defult spread as per Dr Damodaran 2.39%
Equity Beta 0.61 0.77 0.86
Implied US Equity Risk Premium 4.15%
CAPM Cost of Equity 8.67% 9.72% 10.29%
Asset Beta 0.44
Small Size Premium 2.7% 2.7% 2.7% Asset Beta Variation (+/-) 0.05
Asset Specific Risk Premium 0% 0% 0% Debt to Equity Ratio 74.9%
Modified Cost of Equity 11.37% 12.42% 12.99% Debt to Capital (Gearing) 42%
Marginal Tax Rate 25%
Pre Tax Cost of Debt 7.67% 7.67% 7.67% Company Credit Rating Available? Yes
Marginal tax Rate 25% 25.00% 25.00% Company is Large or Small Firm? L
Post Tax Cost of Debt 5.75% 5.75% 5.75% Provide Credit Rating Aaa/AAA
Interest Coverage Ratio 13.9
Capital Gearing (D/D+E) 42% 42.30% 42.30% ICR Based Corporate Default Spread 0.59%
Weighted Average Cost of Capital 9.00% 9.60% 9.93%
Small Size Premium 2.7%
Weighted Average Cost of Capital (Rounded) 9.00% 10.00% 10.00%

1. Tax rate considered as Marginal Tax Rate of India

Equity Risk Premium (ERP)
2. Asset Beta is considered as a median of 2 years beta of
An ERP of 6.54% has been adopted based on US implied
companies.
equity risk premium, relative equity volatility of ICE BoFA
3. Equity Bets =Asset Beta *(1+(1-Tax rate%)*Debt/Equity)
Public Sector Issues Emerging Mkts Index, S&P Emerging
BMI Index, and country risk premium of India.
Risk Free Rate
We have considered 4.69% as the riskfree rate for the purpose of
estimation of cost of equity of 9.72%. The risk free rate of india is
Cost of Debt
calculated by considering local currency 10 years government For the purpose of assessing the cost of debt, we have used
bond yeild adjusted for default spread of india. country's risk free rate, country's default spread and corporate
default spread based on company's debt rating and interest
coverage ratio.
Asset Beta
We have estimated an asset beta range of 0.39 to 0.49, with a mid
point of 0.44 based on observed median of 5 year monthly asset
beta of benchmark listed companies adjusted for blume effect.
Beta Analaysis -2 Years Weekly
No. Of Monthly
Comparable Company Ticker Market Cap Asset Beta 2 Years avg D/E Equity 2 Years avg
Observations Beta D/D+E Considered? Norrow set

PepsiCo, Inc. NASDAQ: PEP 104 1947390 0.19 247% 0.53 71%
The Coca-Cola Company NYSE: KO 104 2124781.8 0.28 163% 0.59 62% Y True
Coca-Cola FEMSA, S.A.B. de C.V. NYSE: KOF 104 ₹ 1,65,799 0.86 0% 0.86 37% Y True
Monster Beverage Corporation NASDAQ: MNST 104 499899.6 0.73 1% 0.73 1% Y True
Y True
Median - Broad set 0.44 111% 0.66 50%
Average - Broad Set 0.45 117% 0.68 43%

Median - Considered Set 0.44 111% 0.66 50%

Average - Considered Set 0.45 117% 0.68 43%

We are taking median of considered set as assets beta of the bottling sector
Relative Valuation
In cr,Stock price in respective currency
Market Data Financials Multiple
2023A 2024E 2025E 2023A 2024E 2025E 2023A 2024E 2025E 2023A 2024E 2025E 2023A 2024E 2025E 2023A 2024E 2025E
Relative Valuation Ticker Share price Market Cap Debt Enterprise Value Sales Sales Sales EBITDA EBITDA EBITDA Net Net Net Profit EV/Sales EV/Sales EV/Sales EV/EBITDA EV/EBITDA EV/EBITDA P/E P/E P/E
Profit Profit
PepsiCo, Inc PEP ₹ 19,47,390 ₹ 3,92,480 ₹ 22,58,472 ₹ 7,62,693 ₹ 7,88,464 ₹ 8,25,243 ₹ ₹ 1,49,286 ₹ 1,60,378 ₹ 87,820 ₹ 93,825 ₹ 1,01,248 3.0x 2.9x 2.7x 16.1x 15.1x 14.1x 22.2x 20.8x 19.2x
TheCoca- KO ₹ 21,24,782 ₹ 3,71,464 ₹ 24,15,431 ₹ 3,81,805 ₹ 3,81,055 ₹ 4,00,070 1,40,279 ₹ 1,25,684 ₹ 1,34,441 ₹ 97,244 ₹ 1,01,414 ₹ 1,08,003 6.3x 6.3x 6.0x 20.0x 19.2x 18.0x 21.8x 21.0x 19.7x
ColaCompany CCHBF ₹ 89,989 ₹ 28,523 ₹ 1,08,003 ₹ 84,901 ₹ 87,070 ₹ ₹ ₹ 13,761 ₹ 14,845 ₹ 6,338 ₹ 6,672 ₹ 7,256 1.3x 1.2x 1.2x 8.7x 7.8x 7.3x 14.2x 13.5x 12.4x
Coca-ColaHBCAG KOF ₹ 1,65,799 ₹ 6,16,409 ₹ 5,23,168 ₹ 1,19,846 ₹ 1,30,521 92,074 1,20,596 ₹ 25,270 ₹ 27,856 ₹ 9,591 ₹ 11,176 ₹ 12,510 4.4x 4.0x 3.7x 23.1x 20.7x 18.8x 17.3x 14.8x 13.3x
Coca- MNST ₹ 4,99,900 ₹ 584 ₹ 4,81,301 ₹ 59,548 ₹ 65,469 ₹ 1,41,780 ₹ 12,427 ₹ 19,599 ₹ 22,184 ₹ 13,594 ₹ 15,179 ₹ 17,097 8.1x 7.4x 6.7x 28.6x 24.6x 21.7x 36.8x 32.9x 29.2x
ColaFEMSA,[Link].V. ₹ ₹ 22,685
Monster 72,308 ₹ 16,847
BeverageCorporation
High 8.1x 7.4x 6.7x 28.6x 24.6x 21.7x 36.8x 32.9x 29.2x
75thPercentile 6.3x 6.3x 6.0x 23.1x 20.7x 18.8x 22.2x 21.0x 19.7x
Average 4.6x 4.4x 4.1x 19.3x 17.5x 16.0x 22.5x 20.6x 18.8x
Median 4.4x 4.0x 3.7x 20.0x 19.2x 18.0x 21.8x 20.8x 19.2x
25thPercentile 3.0x 2.9x 2.7x 16.1x 15.1x 14.1x 17.3x 14.8x 13.3x
Low 1.3x 1.2x 1.2x 8.7x 7.8x 7.3x 14.2x 13.5x 12.4x

Relative Valuation EV/EBITDA Relative Valuation EV/Sales Relative Valuation P/E

Sales ₹ 16,043 Sales ₹ 16,043 Sales ₹ 16,043
EBITDA ₹ 4,392 EBITDA ₹ 4,392 EBITDA ₹ 4,392
Earnings ₹ 2,890 Earnings ₹ 2,890 Earnings ₹ 2,890
Valuation Multiple EV/EBITDA Valuation Multiple EV/Sales Valuation Multiple P/E
EV/EBITDA ₹ 22 EV/Sales ₹5 P/E ₹ 22
Enterprice Value ₹ 94,638 Enterprice Value ₹ 85,763 Enterprice Value ₹ 63,624
Less: Debt (5,194) Less: Debt (5,194) Less: Debt ₹0
ADD: Cash ₹ 459 ADD: Cash ₹ 459 ADD: Cash ₹0
Less:Minority Interest (148) Less:Minority Interest (148) Less:Minority Interest ₹0
ADD:Non Operating Asset ₹ 65 ADD:Non Operating Asset ₹ 65 ADD:Non Operating Asset ₹0
Equity Value ₹ 89,820 Equity Value ₹ Equity Value ₹ 63,624
80,945
Less: Value of Option ₹ 119 Less: Value of Option ₹ 119 Less: Value of Option ₹ 119
Equity Value for Shareholders ₹ 89,701 Equity Value for Shareholders ₹ 80,827 Equity Value for Shareholders ₹ 63,506
Ratio Analysis
Actual Explicit Forecast Period Maturity Period
In INR crores unless stated otherwise FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034

Liquidity Ratios

Current Assets ₹ 2,537 ₹ 3,404 ₹ 4,236 ₹ 3,308 ₹ 3,915 ₹ 5,511 ₹ 8,806 ₹ 11,906 ₹ 15,547 ₹ 19,830 ₹ 24,846 ₹ 30,711 ₹ 37,566 ₹ 45,576
Current Liabilities ₹ 3,020 ₹ 3,968 ₹ 4,152 ₹ 3,285 ₹ 3,706 ₹ 3,343 ₹ 3,738 ₹ 4,182 ₹ 4,657 ₹ 5,213 ₹ 5,863 ₹ 6,624 ₹ 7,514 ₹ 8,555
Current Ratio 0.8x 0.9x 1.0x 1.0x 1.1x 1.6x 2.4x 2.8x 3.3x 3.8x 4.2x 4.6x 5.0x 5.3x

Current Assets ₹ 2,537 ₹ 3,404 ₹ 4,236 ₹ 3,308 ₹ 3,915 ₹ 5,511 ₹ 8,806 ₹ 11,906 ₹ 15,547 ₹ 19,830 ₹ 24,846 ₹ 30,711 ₹ 37,566 ₹ 45,576
Inventory ₹ 1,448 ₹ 1,994 ₹ 2,151 ₹ 2,628 ₹ 3,367 ₹ 4,178 ₹ 5,032 ₹ 5,995 ₹ 7,014 ₹ 8,206 ₹ 9,602 ₹ 11,234 ₹ 13,144 ₹ 15,378
Prepaid Expenses
Current Liabilities ₹ 3,020 ₹ 3,968 ₹ 4,152 ₹ 3,285 ₹ 3,706 ₹ 3,343 ₹ 3,738 ₹ 4,182 ₹ 4,657 ₹ 5,213 ₹ 5,863 ₹ 6,624 ₹ 7,514 ₹ 8,555
Quick Ratio(Acid Test) 0.4x 0.4x 0.5x 0.2x 0.1x 0.4x 1.0x 1.4x 1.8x 2.2x 2.6x 2.9x 3.3x 3.5x

Inventory Days 59 Days 54 Days 49 Days 49 Days 52 Days 54 Days 55 Days 56 Days 56 Days 56 Days 56 Days 56 Days 56 Days 56 Days
Dabtor Days 9 Days 8 Days 8 Days 10 Days 10 Days 10 Days 10 Days 10 Days 10 Days 10 Days 10 Days 10 Days 10 Days 10 Days
Creditor Days 64 Days 48 Days 42 Days 42 Days 42 Days 42 Days 42 Days 42 Days 42 Days 42 Days 42 Days 42 Days 42 Days 42 Days
Cash Conversion Days 4 Days 15 Days 15 Days 17 Days 20 Days 22 Days 23 Days 24 Days 24 Days 24 Days 24 Days 24 Days 24 Days 24 Days

Leverage Ratios/Solvency Ratios

Total Debt ₹ 3,342 ₹ 3,695 ₹ 5,194 ₹ 2,892 ₹ 2,330 ₹ 1,024 ₹ 852 ₹ 873 ₹ 960 ₹ 1,093 ₹ 1,263 ₹ 1,470 ₹ 1,716 ₹ 2,006
Total Equity ₹ 4,197 ₹ 5,215 ₹ 7,085 ₹ 9,782 ₹ 12,381 ₹ 16,604 ₹ 20,696 ₹ 24,365 ₹ 28,679 ₹ 33,742 ₹ 39,680 ₹ 46,639 ₹ 54,795 ₹ 64,349
Debt to Equity Ratio 80% 71% 73% 30% 19% 6% 4% 4% 3% 3% 3% 3% 3% 3%

Total Debt ₹ 3,342 ₹ 3,695 ₹ 5,194 ₹ 2,892 ₹ 2,330 ₹ 1,024 ₹ 852 ₹ 873 ₹ 960 ₹ 1,093 ₹ 1,263 ₹ 1,470 ₹ 1,716 ₹ 2,006
Total Assets ₹ 9,582 ₹ 11,617 ₹ 15,187 ₹ 15,742 ₹ 17,996 ₹ 21,167 ₹ 25,379 ₹ 29,401 ₹ 34,143 ₹ 39,739 ₹ 46,315 ₹ 54,030 ₹ 63,073 ₹ 73,667
Debt to Asset Ratio 35% 32% 34% 18% 13% 5% 3% 3% 3% 3% 3% 3% 3% 3%

Total Equity ₹ 4,197 ₹ 5,215 ₹ 7,085 ₹ 9,782 ₹ 12,381 ₹ 16,604 ₹ 20,696 ₹ 24,365 ₹ 28,679 ₹ 33,742 ₹ 39,680 ₹ 46,639 ₹ 54,795 ₹ 64,349
Total Assets ₹ 9,582 ₹ 11,617 ₹ 15,187 ₹ 15,742 ₹ 17,996 ₹ 21,167 ₹ 25,379 ₹ 29,401 ₹ 34,143 ₹ 39,739 ₹ 46,315 ₹ 54,030 ₹ 63,073 ₹ 73,667
Equity to Asset Ratio 44% 45% 47% 62% 69% 78% 82% 83% 84% 85% 86% 86% 87% 87%
Actual Explicit Forecast Period Maturity Period
In INR crores unless stated otherwise FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034
Profitability/Margins Ratios

Gross ₹ 4,789 ₹ 6,912 ₹ 9,397 ₹ 11,528 ₹ 13,684 ₹ 16,070 ₹ 18,669 ₹ 21,452 ₹ 25,098 ₹ 29,365 ₹ 34,357 ₹ 40,198 ₹ 47,032 ₹ 55,027
Profits ₹ 8,823 ₹ 13,173 ₹ 16,043 ₹ 19,572 ₹ 23,634 ₹ 28,242 ₹ 33,397 ₹ 39,074 ₹ 45,717 ₹ 53,488 ₹ 62,581 ₹ 73,220 ₹ 85,668 ₹ 1,00,231
Total 54% 52% 59% 59% 58% 57% 56% 55% 55% 55% 55% 55% 55% 55%
Sales
Gross Margins

EBITDA ₹ 1,677 ₹ 2,806 ₹ 4,392 ₹ 5,265 ₹ 6,121 ₹ 7,032 ₹ 7,982 ₹ 8,948 ₹ 10,469 ₹ 12,249 ₹ 14,331 ₹ 16,767 ₹ 19,618 ₹ 22,953
Total Sales ₹ 8,823 ₹ 13,173 ₹ 16,043 ₹ 19,572 ₹ 23,634 ₹ 28,242 ₹ 33,397 ₹ 39,074 ₹ 45,717 ₹ 53,488 ₹ 62,581 ₹ 73,220 ₹ 85,668 ₹ 1,00,231
EBITDAMargins 19% 21% 27% 27% 26% 25% 24% 23% 23% 23% 23% 23% 23% 23%

EBIT ₹ 1,146 ₹ 2,189 ₹ 3,712 ₹ 4,367 ₹ 4,968 ₹ 5,607 ₹ 6,322 ₹ 7,030 ₹ 8,249 ₹ 9,676 ₹ 11,345 ₹ 13,298 ₹ 15,582 ₹ 18,255
Total Sales ₹ 8,823 ₹ 13,173 ₹ 16,043 ₹ 19,572 ₹ 23,634 ₹ 28,242 ₹ 33,397 ₹ 39,074 ₹ 45,717 ₹ 53,488 ₹ 62,581 ₹ 73,220 ₹ 85,668 ₹ 1,00,231
EBITMargins 13% 17% 23% 22% 21% 20% 19% 18% 18% 18% 18% 18% 18% 18%

Net Profit ₹ 768 ₹ 1,568 ₹ 2,890 ₹ 2,997 ₹ 3,713 ₹ 7,038 ₹ 8,185 ₹ 9,173 ₹ 10,784 ₹ 12,657 ₹ 14,844 ₹ 17,400 ₹ 20,388 ₹ 23,885
Total Sales ₹ 8,823 ₹ 13,173 ₹ 16,043 ₹ 19,572 ₹ 23,634 ₹ 28,242 ₹ 33,397 ₹ 39,074 ₹ 45,717 ₹ 53,488 ₹ 62,581 ₹ 73,220 ₹ 85,668 ₹ 1,00,231
Net Profits Margins 9% 12% 18% 15% 16% 25% 25% 23% 24% 24% 24% 24% 24% 24%

Net Profit ₹ 768 ₹ 1,568 ₹ 2,890 ₹ 2,997 ₹ 3,713 ₹ 7,038 ₹ 8,185 ₹ 9,173 ₹ 10,784 ₹ 12,657 ₹ 14,844 ₹ 17,400 ₹ 20,388 ₹ 23,885
Total Assets ₹ 9,582 ₹ 11,617 ₹ 15,187 ₹ 15,742 ₹ 17,996 ₹ 21,167 ₹ 25,379 ₹ 29,401 ₹ 34,143 ₹ 39,739 ₹ 46,315 ₹ 54,030 ₹ 63,073 ₹ 73,667
Return on Assets 8% 13% 19% 19% 21% 33% 32% 31% 32% 32% 32% 32% 32% 32%

Net Profit ₹ 768 ₹ 1,568 ₹ 2,890 ₹ 2,997 ₹ 3,713 ₹ 7,038 ₹ 8,185 ₹ 9,173 ₹ 10,784 ₹ 12,657 ₹ 14,844 ₹ 17,400 ₹ 20,388 ₹ 23,885
Total Equity ₹ 4,197 ₹ 5,215 ₹ 7,085 ₹ 9,782 ₹ 12,381 ₹ 16,604 ₹ 20,696 ₹ 24,365 ₹ 28,679 ₹ 33,742 ₹ 39,680 ₹ 46,639 ₹ 54,795 ₹ 64,349
Return on Equity 18% 30% 41% 31% 30% 42% 40% 38% 38% 38% 37% 37% 37% 37%

Efficiency Ratios

Revenue ₹ 8,823 ₹ 13,173 ₹ 16,043 ₹ 19,572 ₹ 23,634 ₹ 28,242 ₹ 33,397 ₹ 39,074 ₹ 45,717 ₹ 53,488 ₹ 62,581 ₹ 73,220 ₹ 85,668 ₹ 1,00,231
Total Assets ₹ 9,582 ₹ 11,617 ₹ 15,187 ₹ 15,742 ₹ 17,996 ₹ 21,167 ₹ 25,379 ₹ 29,401 ₹ 34,143 ₹ 39,739 ₹ 46,315 ₹ 54,030 ₹ 63,073 ₹ 73,667
Assets Turnover Ratio 92% 113% 106% 124% 131% 133% 132% 133% 134% 135% 135% 136% 136% 136%

Change in Revenue ₹ 4,350 ₹ 2,870 ₹ 3,529 ₹ 4,061 ₹ 4,609 ₹ 5,154 ₹ 5,677 ₹ 6,643 ₹ 7,772 ₹ 9,093 ₹ 10,639 ₹ 12,447 ₹ 14,563
Change in Total Assets ₹ 2,036 ₹ 3,569 ₹ 555 ₹ 2,254 ₹ 3,171 ₹ 4,212 ₹ 4,021 ₹ 4,743 ₹ 5,596 ₹ 6,576 ₹ 7,715 ₹ 9,043 ₹ 10,594
Reinvestment 2.1x 0.8x 6.4x 1.8x 1.5x 1.2x 1.4x 1.4x 1.4x 1.4x 1.4x 1.4x 1.4x

COGS ₹ (4,035) ₹ (6,261) ₹ (6,646) ₹ (8,044) ₹ (9,950) ₹ (12,172) ₹ (14,728) ₹ (17,622) ₹ (20,618) ₹ (24,123) ₹ (28,224) ₹ (33,022) ₹ (38,636) ₹ (45,204)
Inventory ₹ 1,448 ₹ 1,994 ₹ 2,151 ₹ 2,628 ₹ 3,367 ₹ 4,178 ₹ 5,032 ₹ 5,995 ₹ 7,014 ₹ 8,206 ₹ 9,602 ₹ 11,234 ₹ 13,144 ₹ 15,378
Inventory Turnover Ratio -279% -314% -309% -306% -296% -291% -293% -294% -294% -294% -294% -294% -294% -294%
Actual Explicit Forecast Period Maturity Period
In INR crores unless stated otherwise FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034

Coverage Ratios

Total Debt ₹ 3,342 ₹ 3,695 ₹ 5,194 ₹ 2,892 ₹ 2,330 ₹ 1,024 ₹ 852 ₹ 873 ₹ 960 ₹ 1,093 ₹ 1,263 ₹ 1,470 ₹ 1,716 ₹ 2,006
EBITDA ₹ 1,677 ₹ 2,806 ₹ 4,392 ₹ 5,265 ₹ 6,121 ₹ 7,032 ₹ 7,982 ₹ 8,948 ₹ 10,469 ₹ 12,249 ₹ 14,331 ₹ 16,767 ₹ 19,618 ₹ 22,953
Debt toEquity 199% 132% 118% 55% 38% 15% 11% 10% 9% 9% 9% 9% 9% 9%

EBIT ₹ 2,189 ₹ 3,712 ₹ 4,367 ₹ 4,968 ₹ 5,607 ₹ 6,322 ₹ 7,030 ₹ 8,249 ₹ 9,676 ₹ 11,345 ₹ 13,298 ₹ 15,582 ₹ 18,255
Interest ₹ 264 ₹ 171 ₹ 163 ₹ 244 ₹ 768 ₹ 496 ₹ 319 ₹ 178 ₹ 164 ₹ 174 ₹ 195 ₹ 224 ₹ 260 ₹ 303
Debt Repayment ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Debt Service Coverage Ratio 1284% 2283% 1790% 647% 1130% 1984% 3945% 5034% 5555% 5817% 5942% 6001% 6031%

EBIT ₹ 1,146 ₹ 2,189 ₹ 3,712 ₹ 4,367 ₹ 4,968 ₹ 5,607 ₹ 6,322 ₹ 7,030 ₹ 8,249 ₹ 9,676 ₹ 11,345 ₹ 13,298 ₹ 15,582 ₹ 18,255
Interest Expenses ₹ 264 ₹ 171 ₹ 163 ₹ 244 ₹ 768 ₹ 496 ₹ 319 ₹ 178 ₹ 164 ₹ 174 ₹ 195 ₹ 224 ₹ 260 ₹ 303
Interest Coverage Ratio 434% 1284% 2283% 1790% 647% 1130% 1984% 3945% 5034% 5555% 5817% 5942% 6001% 6031%