eMudhra Ltd.

Market Capital

₹3,651 Cr.

P/E

57.62

Share Price

₹ 470.65 3.25 (0.7%)

eMudhra Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

Price

₹ 470.65 3.25 (0.7%)

CHART MODE

Price

CHART MODE

EV/EBITDA

Price to Sales

Price to Book

CHART MODE

Capex

CHART MODE

Debt

Growth Table

eMudhra Ltd.

(in %)	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	53.15	—	—	—	—	—	—	—	—	—
TTM EPS CAGR	53.0	—	—	—	—	—	—	—	—	—
Sales CAGR	43.95	83.65	—	—	—	—	—	—	—	—
PAT Margin (Abs Growth)	2.08	5.33	8.79	7.44	14.24	9.95	13.35	—	—	—
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PE CAGR	-6.0	—	—	—	—	—	—	—	—	—
CFO CAGR	55.35	-9.46	13.04	18.92	46.74	4.99	13.74	22.17	—	—

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

BALANCE SHEET

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(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	58.21	57.31	63.40	82.77	87.73	119	140	164	222	367
Non Current Assets	47.76	46.40	55.24	66.70	64.95	93.27	105	129	156	221
Net Block	4.10	25.94	28.65	44.02	41.23	49.87	43.76	104	95.79	122
Capital Work in Progress	10.40	3.58	8.25	0.69	6.45	21.17	39.08	4.50	30.64	47.23
Intangible Assets Under Development	10.40	3.38	0.75	—	—	—	—	—	5.70	10.62
Long Term Investments	25.97	14.78	16.08	17.13	17.28	22.28	21.32	19.14	22.50	52.40
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Current Assets	10.80	9.99	7.38	14.98	22.60	25.44	34.72	34.35	65.62	144
Inventory	0.16	0.57	0.92	0.48	0.34	0.28	0.64	0.30	1.73	1.03
Accounts Receivable	1.62	2.85	3.06	2.61	5.45	12.47	17.83	13.76	30.61	34.63
Short Term Investments	—	—	—	—	—	—	0.10	0.06	—	20.94
Cash & Bank Balances	6.19	3.27	2.86	10.22	7.05	2.17	1.67	4.97	8.66	45.32
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Liabilities	58.21	57.31	63.40	82.77	87.73	119	140	164	222	367
Shareholders Funds	50.07	50.62	56.26	65.12	61.26	70.77	81.94	96.06	127	320
Share Capital	54.88	55.66	55.66	55.59	43.69	43.69	43.69	43.69	43.69	39.04
Reserves	-4.81	-5.05	0.59	9.53	17.57	27.08	38.25	52.37	82.87	278
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Non Current Liabilities	3.50	1.92	2.11	3.89	13.40	22.60	30.85	40.10	34.25	10.33
Secured Loans	0.22	0.14	0.09	—	10.91	18.58	26.94	22.09	19.77	—
Unsecured Loans	3.26	—	—	—	—	—	—	—	—	—
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Current Liabilities	4.64	4.77	5.03	13.76	13.08	25.65	27.03	28.07	61.08	37.15
Accounts Payable	1.34	1.08	1.76	0.35	1.97	4.28	3.53	2.94	16.80	20.47
Short Term Loans	—	1.56	—	5.67	4.88	12.49	10.08	4.34	16.63	—
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(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	57.31	61.65	80.83	84.78	120	159	192	259	460
Non Current Assets	46.68	52.77	64.18	66.59	84.21	105	145	166	209
Net Block	25.94	39.10	58.60	53.65	61.60	62.48	125	117	162
Capital Work in Progress	3.58	8.25	0.69	6.45	21.77	40.47	4.50	42.92	47.23
Intangible Assets Under Development	3.38	0.75	—	2.66	—	—	—	17.98	10.62
Long Term Investments	14.78	1.50	—	0.15	0.15	0.05	13.79	—	—
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Current Assets	9.71	8.12	15.56	18.01	35.00	53.45	45.27	90.87	248
Inventory	0.57	0.92	0.48	0.34	0.28	1.46	0.71	2.14	1.03
Accounts Receivable	2.57	2.96	2.63	5.47	21.34	23.40	14.91	44.22	67.22
Short Term Investments	—	—	—	—	—	0.10	0.06	—	20.95
Cash & Bank Balances	3.27	3.69	10.77	6.56	2.33	9.19	7.71	13.26	98.38
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Liabilities	57.31	61.65	80.83	84.78	120	159	192	259	460
Shareholders Funds	50.62	54.46	63.11	66.34	75.64	92.14	107	153	392
Share Capital	55.66	55.66	55.59	51.19	43.69	43.69	43.69	43.69	37.49
Reserves	-5.05	-1.21	7.52	15.15	31.95	48.45	63.67	109	351
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Non Current Liabilities	1.92	2.11	3.89	5.95	22.60	31.48	40.98	34.94	11.53
Secured Loans	0.14	0.09	—	3.41	18.58	26.94	22.09	19.77	—
Unsecured Loans	—	—	—	—	—	—	—	—	—
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Current Liabilities	4.77	5.09	13.83	12.49	21.27	34.15	34.32	70.10	56.00
Accounts Payable	1.08	1.81	0.38	1.38	4.63	7.79	3.50	14.37	18.21
Short Term Loans	1.56	—	5.67	4.87	7.70	12.50	8.72	25.59	15.65
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(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	58.21	57.31	63.40	82.77	87.73	119	140	164	222	367
Non Current Assets	47.76	46.40	55.24	66.70	64.95	93.27	105	129	156	221
Gross Block	12.27	43.18	49.00	68.98	70.37	85.55	84.51	151	154	192
Less: Accumulated Depreciation	8.17	17.24	20.35	24.97	29.14	35.68	40.74	47.41	57.91	70.24
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—	—
Net Block	4.10	25.94	28.65	44.02	41.23	49.87	43.76	104	95.79	122
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—	—
Capital Work in Progress	10.40	3.58	8.25	0.69	6.45	21.17	39.08	4.50	30.64	47.23
Long Term Investments	25.97	14.78	16.08	17.13	17.28	22.28	21.32	19.14	22.50	52.40
Long Term Loans & Advances	6.94	3.02	3.04	5.96	0.06	0.08	0.06	0.06	1.82	0.62
Other Non Current Assets	0	0	0	0	0.12	0.18	0.89	2.58	6.05	1.51
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Current Assets	10.80	9.99	7.38	14.98	22.60	25.44	34.72	34.35	65.62	144
Inventory	0.16	0.57	0.92	0.48	0.34	0.28	0.64	0.30	1.73	1.03
Accounts Receivable	1.62	2.85	3.06	2.61	5.45	12.47	17.83	13.76	30.61	34.63
Short Term Investments	—	—	—	—	—	—	0.10	0.06	—	20.94
Cash & Bank Balances	6.19	3.27	2.86	10.22	7.05	2.17	1.67	4.97	8.66	45.32
Other Current Assets	0.26	0.20	0.26	0.75	0.89	1.27	1.57	1.13	1.51	2.43
Short Term Loans and Advances	2.56	3.10	0.29	0.92	8.88	9.25	12.92	14.14	23.11	39.61
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Liabilities	58.21	57.31	63.40	82.77	87.73	119	140	164	222	367
Shareholders Funds	50.07	50.62	56.26	65.12	61.26	70.77	81.94	96.06	127	320
Share Capital	54.88	55.66	55.66	55.59	43.69	43.69	43.69	43.69	43.69	39.04
Share Warrants	—	—	—	—	—	—	—	—	—	—
Reserves	-4.81	-5.05	0.59	9.53	17.57	27.08	38.25	52.37	82.87	278
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Non Current Liabilities	3.50	1.92	2.11	3.89	13.40	22.60	30.85	40.10	34.25	10.33
Secured Loans	0.22	0.14	0.09	—	10.91	18.58	26.94	22.09	19.77	—
Unsecured Loans	3.26	—	—	—	—	—	—	—	—	—
Deferred Tax Assets/Liabilities	-0.35	0.92	0.77	1.09	0.18	0.31	0.49	0.89	1.20	1.86
Other Long Term Liabilities	—	0.49	0.67	1.68	1.05	1.84	1.62	14.26	11.25	6.20
Long Term Provisions	0.38	0.37	0.58	1.12	1.25	1.87	1.80	2.87	2.04	2.27
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Current Liabilities	4.64	4.77	5.03	13.76	13.08	25.65	27.03	28.07	61.08	37.15
Accounts Payable	1.34	1.08	1.76	0.35	1.97	4.28	3.53	2.94	16.80	20.47
Short Term Loans	—	1.56	—	5.67	4.88	12.49	10.08	4.34	16.63	—
Other Current Liabilities	1.96	1.99	3.12	7.58	3.33	5.66	7.67	11.93	17.53	13.55
Share Application Money	—	—	—	—	—	—	—	—	—	—
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Short Term Provisions	1.33	0.14	0.15	0.17	2.90	3.22	5.75	8.86	10.12	3.13
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(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	57.31	61.65	80.83	84.78	120	159	192	259	460
Non Current Assets	46.68	52.77	64.18	66.59	84.21	105	145	166	209
Gross Block	43.18	61.85	87.93	89.00	102	112	181	185	246
Less: Accumulated Depreciation	17.24	22.75	29.33	35.35	40.87	49.90	56.55	67.81	84.18
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—
Net Block	25.94	39.10	58.60	53.65	61.60	62.48	125	117	162
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—
Capital Work in Progress	3.58	8.25	0.69	6.45	21.77	40.47	4.50	42.92	47.23
Long Term Investments	14.78	1.50	—	0.15	0.15	0.05	13.79	—	—
Long Term Loans & Advances	3.30	3.56	5.99	6.52	0.04	0.24	0.11	1.82	0.85
Other Non Current Assets	0	1.13	0	0	0.97	2.02	3.64	6.07	1.51
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Current Assets	9.71	8.12	15.56	18.01	35.00	53.45	45.27	90.87	248
Inventory	0.57	0.92	0.48	0.34	0.28	1.46	0.71	2.14	1.03
Accounts Receivable	2.57	2.96	2.63	5.47	21.34	23.40	14.91	44.22	67.22
Short Term Investments	—	—	—	—	—	0.10	0.06	—	20.95
Cash & Bank Balances	3.27	3.69	10.77	6.56	2.33	9.19	7.71	13.26	98.38
Other Current Assets	0.20	0.26	0.75	1.33	1.27	1.57	1.13	2.08	2.29
Short Term Loans and Advances	3.10	0.29	0.92	4.32	9.78	17.74	20.75	29.17	58.44
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Liabilities	57.31	61.65	80.83	84.78	120	159	192	259	460
Shareholders Funds	50.62	54.46	63.11	66.34	75.64	92.14	107	153	392
Share Capital	55.66	55.66	55.59	51.19	43.69	43.69	43.69	43.69	37.49
Share Warrants	—	—	—	—	—	—	—	—	—
Reserves	-5.05	-1.21	7.52	15.15	31.95	48.45	63.67	109	351
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Non Current Liabilities	1.92	2.11	3.89	5.95	22.60	31.48	40.98	34.94	11.53
Secured Loans	0.14	0.09	—	3.41	18.58	26.94	22.09	19.77	—
Unsecured Loans	—	—	—	—	—	—	—	—	—
Deferred Tax Assets/Liabilities	0.92	0.77	1.09	0.18	0.31	0.76	1.36	1.79	2.57
Other Long Term Liabilities	0.49	0.67	1.68	1.12	1.84	1.62	14.26	10.63	6.20
Long Term Provisions	0.37	0.58	1.12	1.23	1.87	2.17	3.27	2.75	2.76
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Current Liabilities	4.77	5.09	13.83	12.49	21.27	34.15	34.32	70.10	56.00
Accounts Payable	1.08	1.81	0.38	1.38	4.63	7.79	3.50	14.37	18.21
Short Term Loans	1.56	—	5.67	4.87	7.70	12.50	8.72	25.59	15.65
Other Current Liabilities	1.99	3.13	7.61	6.03	5.69	7.76	12.85	19.00	15.46
Share Application Money	—	—	—	—	—	—	—	—	—
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Short Term Provisions	0.14	0.15	0.17	0.21	3.26	6.10	9.26	11.15	6.68
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Balance Sheet Snapshot

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Fund Flow Analysis

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Increase
Decrease
Total

*Data is as of latest FY end

Profit & Loss

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(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	35.31	43.47	66.59	73.32	90.03	103	109	153	164	156
Operating Expenses	29.15	33.42	50.07	53.72	66.92	80.89	81.62	98.93	127	133
Raw Material	13.87	15.78	6.54	13.96	20.43	23.68	18.05	30.23	28.55	0
Others	0	0	6.54	0	0	0	0	0	0
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Employee Cost	8.07	10.31	16.85	18.81	25.85	27.21	32.81	38.11	49.16	53.03
Power & Fuel Cost	0.46	0.48	0.59	0.69	0.78	0.89	0.71	0.94	1.38	—
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Operating Profit	6.16	10.05	16.52	19.60	23.12	22.15	27.74	54.09	37.04	22.62
Other Income	2.13	0.29	0.39	0.51	0.09	0.35	0.39	0.72	5.65	8.33
Depreciation and Amortisation Expenses	2.56	3.11	3.86	4.16	6.54	6.52	6.67	10.51	12.34	12.52
Interest	0.17	0.05	0.12	0.15	0.53	0.67	0.84	5.26	3.38	2.67
Profit Before Tax	-8.24	7.18	12.93	9.45	14.24	15.31	20.63	39.05	26.98	15.76
Tax	0.85	1.54	3.55	1.38	3.95	3.92	5.47	9.01	7.00	4.07
Net Profit	-9.09	5.64	8.91	8.08	10.29	11.39	15.16	30.04	19.97	11.69
Number of shares(Crs)	—	—	—	—	—	—	—	—	7.81	—
Dividend Payout Ratio	—	0	0	0	0	0	0	29.47	49.50	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	35.31	47.26	68.30	76.25	102	116	132	183	249	276
Operating Expenses	29.15	36.11	49.78	61.35	69.37	84.51	91.67	116	161	186
Raw Material	13.87	18.35	22.71	20.36	20.37	25.86	17.96	31.13	28.76	0
Employee Cost	8.07	10.34	16.86	18.57	25.85	29.22	41.71	47.80	64.36	70.12
Power & Fuel Cost	0.46	0.48	0.59	0.69	0.78	0.89	0.71	0.94	1.38	—
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Operating Profit	6.16	11.15	18.52	14.91	32.21	31.94	39.93	66.99	87.31	90.51
Other Income	2.13	0.39	0.62	0.60	0.10	0.35	0.86	1.10	5.30	5.68
Depreciation and Amortisation Expenses	2.56	4.63	5.45	6.09	8.50	8.60	8.77	13.07	15.85	16.61
Interest	0.17	0.05	0.12	0.12	0.26	0.67	0.84	4.56	3.39	2.68
Profit Before Tax	-8.24	6.86	13.57	9.30	21.65	23.02	31.18	50.46	73.38	76.89
Tax	0.85	1.54	3.55	1.40	4.21	4.60	5.82	9.32	12.18	13.04
Net Profit	-9.09	5.32	9.54	7.67	17.44	16.65	17.46	41.40	61.68	63.86
Number of shares(Crs)	—	—	—	—	—	—	—	—	7.81	—
Dividend Payout Ratio	—	0	0	0	0	0	0	21.33	15.26	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Gross Sales	35.31	43.47	66.59	73.32	90.03	103	109	153	164	—
Less: Excise Duty	—	—	—	—	—	—	—	—	—	—
Net Sales	35.31	43.47	66.59	73.32	90.03	103	109	153	164	156
Operating Expenses	29.15	33.42	50.07	53.72	66.92	80.89	81.62	98.93	127	133
Raw Material	13.87	15.78	6.54	13.96	20.43	23.68	18.05	30.23	28.55	0
Others	0	0	6.54	0	0	0	0	0	0
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Increase/Decrease in Stock	-0.41	-0.35	0.44	0.14	0.06	-0.36	0.34	-1.43	0.69	-0.38
Other Manufacturing Expenses	0.05	0.05	0.13	3.22	2.80	6.07	5.51	2.86	8.22	—
Employee Cost	8.07	10.31	16.85	18.81	25.85	27.21	32.81	38.11	49.16	53.03
Selling and Distribution Expenses	1.98	1.49	1.48	7.26	7.25	7.63	9.27	9.93	12.28	—
Power & Fuel Cost	0.46	0.48	0.59	0.69	0.78	0.89	0.71	0.94	1.38	—
General and Administration Expenses	4.78	5.46	6.34	9.44	9.44	15.52	14.58	17.48	25.19	—
Miscellaneous Expenses	0.35	0.19	0.95	0.19	0.31	0.24	0.35	0.81	1.51	—
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Operating Profit	6.16	10.05	16.52	19.60	23.12	22.15	27.74	54.09	37.04	22.62
Other Income	2.13	0.29	0.39	0.51	0.09	0.35	0.39	0.72	5.65	8.33
Interest	0.17	0.05	0.12	0.15	0.53	0.67	0.84	5.26	3.38	2.67
PBDT	8.12	10.29	16.79	19.97	22.68	21.83	27.29	49.55	39.31	28.28
Depreciation and Amortization	2.56	3.11	3.86	4.16	6.54	6.52	6.67	10.51	12.34	12.52
Profit Before Taxation & Exceptional Items	5.56	7.18	12.93	15.81	16.14	15.31	20.63	39.05	26.98	—
Exceptional Income / Expenses	-13.79	—	—	-6.36	-1.90	—	—	—	—	—
Profit Before Tax	-8.24	7.18	12.93	9.45	14.24	15.31	20.63	39.05	26.98	15.76
Provision for Taxs	0.85	1.54	3.55	1.38	3.95	3.92	5.47	9.01	7.00	4.07
Current Income Tax	0.46	1.70	3.27	2.29	3.82	3.74	5.08	8.70	6.89	—
Deferred Tax	0.26	-0.15	0.29	-0.91	0.13	0.18	0.39	0.31	0.80	—
Other taxes	0	0	0	0	0	0	0	0	0	—
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Profit After Tax	-9.09	5.64	9.37	8.08	10.29	11.39	15.16	30.04	19.97	11.69
Extra items	0	0	-0.47	0	0	0	0	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—	—	—
Net Profit	-9.09	5.64	8.91	8.08	10.29	11.39	15.16	30.04	19.97	11.69
Number of shares(Crs)	—	—	—	—	—	—	—	—	7.81	—
Dividend Payout Ratio	—	0	0	0	0	0	0	29.47	49.50	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Gross Sales	35.31	47.26	68.30	76.25	102	116	132	183	249	—
Less: Excise Duty	—	—	—	—	—	—	—	—	—	—
Net Sales	35.31	47.26	68.30	76.25	102	116	132	183	249	276
Operating Expenses	29.15	36.11	49.78	61.35	69.37	84.51	91.67	116	161	186
Increase/Decrease in Stock	-0.41	-0.35	0.44	0.14	0.06	-1.18	0.75	-1.43	1.10	0.03
Raw Material	13.87	18.35	22.71	20.36	20.37	25.86	17.96	31.13	28.76	0
Other Manufacturing Expenses	0.20	0.27	0.51	1.02	5.30	7.15	5.55	5.13	27.84	—
Employee Cost	8.07	10.34	16.86	18.57	25.85	29.22	41.71	47.80	64.36	70.12
Selling and Distribution Expenses	1.98	1.49	1.50	2.33	7.25	8.11	9.77	13.22	13.19	—
Power & Fuel Cost	0.46	0.48	0.59	0.69	0.78	0.89	0.71	0.94	1.38	—
General and Administration Expenses	4.64	5.33	6.86	6.03	9.23	13.52	14.97	18.09	23.20	—
Miscellaneous Expenses	0.35	0.20	0.30	12.20	0.53	0.94	0.25	0.77	1.61	—
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Operating Profit	6.16	11.15	18.52	14.91	32.21	31.94	39.93	66.99	87.31	90.51
Other Income	2.13	0.39	0.62	0.60	0.10	0.35	0.86	1.10	5.30	5.68
Interest	0.17	0.05	0.12	0.12	0.26	0.67	0.84	4.56	3.39	2.68
PBDT	8.12	11.49	19.02	15.39	32.05	31.62	39.95	63.53	89.22	93.50
Depreciation and Amortization	2.56	4.63	5.45	6.09	8.50	8.60	8.77	13.07	15.85	16.61
Profit Before Taxation & Exceptional Items	5.56	6.86	13.57	9.30	23.55	23.02	31.18	50.46	73.38	—
Exceptional Income / Expenses	-13.79	—	—	—	-1.90	—	—	—	—	—
Profit Before Tax	-8.24	6.86	13.57	9.30	21.65	23.02	31.18	50.46	73.38	76.89
Provision for Taxs	0.85	1.54	3.55	1.40	4.21	4.60	5.82	9.32	12.18	13.04
Current Income Tax	0.46	1.70	3.27	2.31	4.09	4.15	5.22	8.89	11.84	—
Deferred Tax	0.26	-0.15	0.29	-0.91	0.13	0.45	0.61	0.43	0.92	—
Other taxes	0	0	0	0	0	0	0	0	0	—
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Profit After Tax	-9.09	5.32	10.01	7.90	17.44	18.42	25.36	41.14	61.20	63.86
Extra items	0	0	-0.47	-0.23	0	0	0	0	0	0
Minority Interest	—	—	—	—	—	-1.77	-7.90	0.27	0.48	—
Share of Associate	—	—	—	—	—	—	—	—	—	—
Net Profit	-9.09	5.32	9.54	7.67	17.44	16.65	17.46	41.40	61.68	63.86
Number of shares(Crs)	—	—	—	—	—	—	—	—	7.81	—
Dividend Payout Ratio	—	0	0	0	0	0	0	21.33	15.26	—

*TTM Values as of Jun 2023

CASH FLOW

Standalone
Consolidated

(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	—	6.77	12.80	22.47	4.81	15.33	11.20	29.45	36.00	17.48
Profit Before Tax	0	5.56	7.18	12.93	9.45	14.24	15.31	20.63	39.05	26.98
Adjustments	—	2.57	2.95	3.67	4.00	6.46	6.47	6.83	11.91	14.25
OCF Before Working Capital	0	8.12	10.13	16.60	13.46	20.70	21.78	27.45	50.95	41.22
Working Capital Changes	—	-0.17	3.99	8.71	-6.57	-1.50	-5.75	3.16	-9.43	-10.06
Taxes Paid	—	-1.19	-1.32	-2.84	-2.08	-3.86	-4.83	-1.17	-5.53	-13.68
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Cash from Investing Activity	—	-20.08	-11.55	-20.00	-7.20	-34.70	-17.46	-29.70	-37.50	-127.21
Net Fixed Assets Purchased	0	-17.64	-10.48	-19.17	-7.13	-29.90	-18.31	-31.92	-28.84	-53.08
Fixed Assets Purchased	—	-17.82	-10.48	-19.17	-7.13	-29.90	-22.46	-31.92	-28.84	-53.09
Fixed Assets Sold	—	0.18	—	—	—	—	4.15	—	—	0.01
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Investment Purchased	—	—	—	—	-0.15	—	—	0.09	-5.52	-55.38
Investment Sold	—	—	—	—	—	—	—	0.09	0.06	7.50
Interest Recieved	—	0.16	0.23	0.22	0.08	0.21	0.00	0.01	0.16	3.30
Dividends Recieved	—	—	—	—	—	—	—	—	—	—
Subsidiary Investments	—	—	—	—	—	-5	0.85	2.13	-3.35	-29.55
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Cash from Financing Activity	—	11.02	-1.65	4.89	-1.82	14.49	5.75	3.55	0.19	120
Proceeds From Shares	—	31.45	—	4.43	—	—	—	—	—	161
Net Long Term Borrowings	0	-0.04	-0.04	0	-0.99	7.67	8.36	-4.85	-2.32	-28.80
Proceeds From Borrowings	—	—	—	—	—	7.67	8.36	—	—	—
Repayment From Borrowings	—	-0.04	-0.04	—	-0.99	—	—	-4.85	-2.32	-28.80
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Interest Paid	—	-0.16	-0.05	-0.12	—	—	—	-0.23	-1.64	-2
Dividend Paid	—	—	—	-0.47	—	—	-0.60	-0.66	-0.27	-9.94
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Net Cash Flow	0	-2.30	-0.41	7.36	-4.21	-4.87	-0.51	3.30	-1.31	10.35
Opening Cash & Cash Equivalents	—	5.57	3.27	2.86	11.26	7.05	2.17	1.67	4.97	3.66
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	—	3.27	2.86	10.22	7.05	2.17	1.67	4.97	3.66	14.01
Net Capex (est)	0	17.64	10.48	19.17	7.13	29.90	18.31	31.92	28.84	53.08
Free Cash Flow (est)	0	-10.87	2.32	3.30	-2.32	-14.57	-7.11	-2.47	7.16	-35.61

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	6.77	13.63	25.07	4.93	16.79	23.24	40.94	21.61	33.56
Profit Before Tax	-8.24	6.86	13.57	9.30	21.65	23.02	31.18	50.46	73.38
Adjustments	16.36	4.46	5.26	6.05	8.50	8.30	8.31	7.30	17.61
OCF Before Working Capital	8.12	11.32	18.83	15.35	30.15	31.32	39.49	57.75	90.99
Working Capital Changes	-0.17	3.63	9.11	-8.34	-10.30	-4.01	4.29	-31.62	-42.36
Taxes Paid	-1.19	-1.32	-2.87	-2.07	-3.06	-4.08	-2.83	-4.53	-15.07
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Cash from Investing Activity	-20.08	-10.07	-23.53	-6.97	-32.03	-28.69	-47.08	-37.70	-106.72
Net Fixed Assets Purchased	-17.64	-23.58	-23.75	-6.90	-32.12	-28.04	-34.57	-44.35	-62.06
Fixed Assets Purchased	-17.82	-23.58	-24.18	-6.90	-38.44	-28.04	-34.87	-46.71	-62.07
Fixed Assets Sold	0.18	—	0.43	—	6.32	—	0.30	2.36	0.01
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Investment Purchased	-13.79	—	—	-0.15	—	—	-13.70	-5	-55.47
Investment Sold	11.19	13.28	—	—	—	—	—	13.85	7.50
Interest Recieved	0.16	0.23	0.23	0.08	0.09	0.28	0.76	0.16	3.30
Dividends Recieved	—	—	—	—	—	—	—	—	—
Subsidiary Investments	—	—	—	—	—	—	—	—	—
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Cash from Financing Activity	11.02	-3.14	5.55	-2.17	10.47	12.31	4.66	15.98	127
Proceeds From Shares	31.45	—	4.43	-4.40	—	—	—	-0.06	200
Net Long Term Borrowings	-0.04	-0.04	0	0	7.92	7.40	-4.14	-2.32	-19.77
Proceeds From Borrowings	—	—	—	—	7.92	7.40	—	—	—
Repayment From Borrowings	-0.04	-0.04	—	—	—	—	-4.14	-2.32	-19.77
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Interest Paid	-0.16	-0.05	-0.12	-0.12	—	—	-0.23	-1.64	-2
Dividend Paid	—	—	-0.47	-0.23	—	—	—	—	-9.23
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Net Cash Flow	-2.30	0.42	7.08	-4.21	-4.78	6.86	-1.47	-0.12	54.33
Opening Cash & Cash Equivalents	5.57	3.27	3.69	10.77	7.11	2.33	9.19	7.71	8.26
Effect of FX	—	—	—	—	—	—	—	0.66	4.40
Closing Cash & Cash Equivalents	3.27	3.69	10.77	6.56	2.33	9.19	7.71	8.26	66.98
Net Capex (est)	17.64	23.58	23.75	6.90	32.12	28.04	34.57	44.35	62.06
Free Cash Flow (est)	-10.87	-9.95	1.31	-1.97	-15.34	-4.80	6.37	-22.75	-28.50

Cash Flow Analysis

+ Add a Comparison

Increase
Decrease
Total

Ratios

Standalone
Consolidated

= Dominant Factor

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Operational Ratios
Quick Ratio	1.29	1.05	1.70	0.98	1.26	1.21	1.05	3.85
Liquid Assets (Crs)	6.46	14.50	22.26	25.16	34.09	34.05	63.89	143
Current Liabilities (Crs)	5.03	13.76	13.08	25.65	27.03	28.07	61.08	37.15
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Current Ratio	1.47	1.09	1.73	0.99	1.28	1.22	1.07	3.87
Current Assets (Crs)	7.38	14.98	22.60	25.44	34.72	34.35	65.62	144
Current Liabilities (Crs)	5.03	13.76	13.08	25.65	27.03	28.07	61.08	37.15
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Interest Coverage Ratio	152	106	65.75	27.97	23.92	25.53	8.43	8.99
EBIT (Crs)	7.23	13.05	15.96	16.67	15.98	21.47	44.30	30.35
Interest Expenses (Crs)	0.05	0.12	0.15	0.53	0.67	0.84	5.26	3.38
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Fixed Asset Turnover	0.89	0.97	1.04	1.05	1.22	0.72	1.00	0.86
Net Sales (Crs)	43.47	66.59	73.32	90.03	103	109	153	164
Fixed Assets (Crs)	49.00	68.98	70.37	85.55	84.51	151	154	192
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Cash Conversion Cycle	-2.58	3.15	-7.93	-18.15	-5.88	-9.99	-69.76	-157.01
Inventory Days	6.25	3.83	2.03	1.25	1.62	1.56	2.42	3.07
Days Receivable	24.81	15.53	20.06	36.33	53.67	52.71	52.92	72.59
Days Payable	33.64	16.20	30.02	55.74	61.17	64.26	125	233
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Debt to Equity Ratio	0.00	0.09	0.26	0.46	0.48	0.33	0.36	0
Total Debt (Crs)	0.14	5.67	15.79	32.35	39.04	31.52	45.43	0
Shareholders Equity (Crs)	56.26	65.12	61.26	70.77	81.94	96.06	127	320
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Free Cash Flow/Sales (%)	5.33	4.95	-3.16	-16.18	-6.90	-2.26	4.68	-21.71
Free Cash Flow(est) (Crs)	2.32	3.30	-2.32	-14.57	-7.11	-2.47	7.16	-35.61
Net Sales (Crs)	43.47	66.59	73.32	90.03	103	109	153	164
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Profitability Ratios
Op Profit Margin (%)	23.79	25.39	27.43	25.77	21.83	25.72	35.82	26.03
Operating Profit (Crs)	10.34	16.91	20.11	23.21	22.49	28.13	54.81	42.69
Net Sales (Crs)	43.47	66.59	73.32	90.03	103	109	153	164
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Net Profit Margin (%)	12.97	13.37	11.02	11.43	11.06	13.86	19.63	12.18
Net Profit (Crs)	5.64	8.91	8.08	10.29	11.39	15.16	30.04	19.97
Net Sales (Crs)	43.47	66.59	73.32	90.03	103	109	153	164
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ROCE (%)	12.39	18.91	21.37	17.85	14.17	15.77	27.46	9.20
EBIT (Crs)	7.23	13.05	15.96	16.67	15.98	21.47	44.30	30.35
Capital Employed (Crs)	58.37	69.01	74.66	93.37	113	136	161	330
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Return on Assets (%)	8.89	10.76	9.21	8.65	8.15	9.23	13.50	5.44
Net Profit (Crs)	5.64	8.91	8.08	10.29	11.39	15.16	30.04	19.97
Total Assets (Crs)	63.40	82.77	87.73	119	140	164	222	367
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ROIC (%)	14.97	25.71	26.25	17.41	12.96	13.83	26.12	7.89
Op Profit after Taxes (Crs)	5.45	9.18	13.19	11.98	11.63	15.49	33.53	18.29
Invested Capital (Crs)	36.39	35.70	50.27	68.84	89.75	112	128	232
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ROE (%)	10.02	13.68	13.19	14.55	13.90	15.78	23.64	6.25
Net Profit Margin (%)	12.97	13.37	11.02	11.43	11.06	13.86	19.63	12.18
Asset Turnover ratio	0.69	0.80	0.84	0.76	0.74	0.67	0.69	0.45
Equity Multiplier	1.13	1.27	1.43	1.68	1.71	1.71	1.75	1.15
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Adjusted EPS	0.92	1.34	1.12	1.38	1.54	2.07	4.24	2.53
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Valuation Ratios
P/E	0	0	0	0	0	0	0	85.41
Price to Book	0	0	0	0	0	0	0	5.31
EV/EBITDA	5.12	3.02	2.61	3.18	3.60	2.50	1.47	38.39
Dividend Yield (%)	—	—	—	—	—	—	—	0.58
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	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Operational Ratios
Quick Ratio	1.41	1.09	1.41	1.63	1.52	1.30	1.27	4.42
Liquid Assets (Crs)	7.20	15.08	17.67	34.72	51.99	44.56	88.73	247
Current Liabilities (Crs)	5.09	13.83	12.49	21.27	34.15	34.32	70.10	56.00
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Current Ratio	1.60	1.12	1.44	1.65	1.57	1.32	1.30	4.43
Current Assets (Crs)	8.12	15.56	18.01	35.00	53.45	45.27	90.87	248
Current Liabilities (Crs)	5.09	13.83	12.49	21.27	34.15	34.32	70.10	56.00
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Interest Coverage Ratio	145	111	80.38	83.00	35.46	38.07	12.07	22.68
EBIT (Crs)	6.91	13.69	9.41	23.81	23.69	32.02	55.02	76.76
Interest Expenses (Crs)	0.05	0.12	0.12	0.26	0.67	0.84	4.56	3.39
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Fixed Asset Turnover	0.76	0.78	0.86	0.99	1.04	0.73	0.99	1.01
Net Sales (Crs)	47.26	68.30	76.25	102	116	132	183	249
Fixed Assets (Crs)	61.85	87.93	89.00	102	112	181	185	246
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Cash Conversion Cycle	-2.19	1.43	5.65	-4.37	-18.94	-53.94	-47.84	-115.03
Inventory Days	5.75	3.73	1.95	1.11	2.73	3.02	2.85	2.33
Days Receivable	21.37	14.94	19.38	48.15	70.11	53.13	59.09	81.76
Days Payable	29.30	17.24	15.68	53.63	91.79	110	110	199
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Debt to Equity Ratio	0.00	0.09	0.12	0.36	0.45	0.33	0.36	0.04
Total Debt (Crs)	0.14	5.67	8.29	27.56	41.46	35.90	54.39	15.65
Shareholders Equity (Crs)	54.46	63.11	66.34	75.64	92.14	107	153	392
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Free Cash Flow/Sales (%)	-21.06	1.92	-2.58	-15.10	-4.12	4.84	-12.45	-11.46
Free Cash Flow(est) (Crs)	-9.95	1.31	-1.97	-15.34	-4.80	6.37	-22.75	-28.50
Net Sales (Crs)	47.26	68.30	76.25	102	116	132	183	249
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Profitability Ratios
Op Profit Margin (%)	24.41	28.02	20.33	31.81	27.73	31.00	37.28	37.23
Operating Profit (Crs)	11.53	19.14	15.50	32.31	32.29	40.79	68.09	92.61
Net Sales (Crs)	47.26	68.30	76.25	102	116	132	183	249
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Net Profit Margin (%)	11.25	13.97	10.06	17.16	14.29	13.27	22.67	24.79
Net Profit (Crs)	5.32	9.54	7.67	17.44	16.65	17.46	41.40	61.68
Net Sales (Crs)	47.26	68.30	76.25	102	116	132	183	249
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ROCE (%)	12.21	20.43	13.02	24.24	19.02	20.32	29.10	19.00
EBIT (Crs)	6.91	13.69	9.41	23.81	23.69	32.02	55.02	76.76
Capital Employed (Crs)	56.57	67.00	72.29	98.25	125	158	189	404
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Return on Assets (%)	8.62	11.80	9.05	14.59	10.49	9.10	15.98	13.41
Net Profit (Crs)	5.32	9.54	7.67	17.44	16.65	17.46	41.40	61.68
Total Assets (Crs)	61.65	80.83	84.78	120	159	192	259	460
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ROIC (%)	10.57	19.20	12.69	19.95	16.22	18.64	25.27	19.56
Op Profit after Taxes (Crs)	5.05	9.65	7.49	19.10	18.67	25.34	43.96	59.60
Invested Capital (Crs)	47.82	50.24	59.06	95.73	115	136	174	305
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ROE (%)	9.76	15.12	11.56	23.05	18.07	16.26	27.10	15.75
Net Profit Margin (%)	11.25	13.97	10.06	17.16	14.29	13.27	22.67	24.79
Asset Turnover ratio	0.77	0.84	0.90	0.85	0.73	0.69	0.70	0.54
Equity Multiplier	1.13	1.28	1.28	1.58	1.72	1.79	1.70	1.17
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Adjusted EPS	0.87	1.43	1.13	2.40	2.29	2.39	5.86	8.19
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Valuation Ratios
P/E	0	0	0	0	0	0	0	26.33
Price to Book	0	0	0	0	0	0	0	4.16
EV/EBITDA	4.52	2.64	3.41	2.13	2.35	1.76	1.25	16.57
Dividend Yield (%)	—	—	—	—	—	—	—	0.58
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Quarterly Results

Standalone
Consolidated

(in Rs. Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	39.57	34.35	40.98	36.63	41.06	34.55	38.78	44.06	46.64	26.40
Operating Expenses	29.56	19.08	33.24	23.68	22.92	23.26	29.34	35.84	38.55	29.53
Increase/Decrease in Stock	0.00	0.16	-1.62	0.02	0.02	0.63	-0.17	0.03	0.21	-0.44
Raw Material	0	0	0	0	0	0	0	0	0	0
Employee Cost	9.57	9.72	8.88	8.95	9.79	11.07	11.14	12.09	14.86	14.94
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	0	0	0	0	0	0	0	0	0	0
Gen_AdminExpenses	0	0	0	0	0	0	0	0	0	0
Miscellaneous Expenses	0	0	0	0	0	0	0	0	0	0
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Operating Profit	10.01	15.27	7.74	12.95	18.14	11.29	9.44	8.22	8.09	-3.13
Other Income	0.37	0	0.19	0.44	0.09	0.72	1.94	0.99	2.00	3.40
Interest	0.37	0.97	1.28	1.24	1.76	0.96	0.44	0.38	1.60	0.26
PBDT	10.02	14.29	6.65	12.15	16.47	11.04	10.93	8.84	8.50	0.01
Depreciation and Amortization	2.03	2.41	2.87	2.64	2.59	3.21	3.22	3.11	2.80	3.40
Profit Before Tax	7.99	11.89	3.77	9.51	13.88	7.83	7.72	5.73	5.70	-3.39
Tax	1.96	2	2.01	2.40	2.61	2.12	2.08	1.22	1.59	-0.82
Profit After Tax	6.03	9.89	1.77	7.11	11.27	5.71	5.64	4.51	4.11	-2.58
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	6.03	9.89	1.77	7.11	11.27	5.71	5.64	4.51	4.11	-2.58
Quarterly Ratios
EPS	0.86	1.41	0.25	1.01	1.61	0.73	0.72	0.58	0.53	-0.33
Operating Profit Margin	25.30	44.45	18.88	35.35	44.18	32.67	24.35	18.67	17.34	-11.87
Net Profit Margin	15.23	28.79	4.31	19.42	27.45	16.53	14.55	10.23	8.82	-9.75
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(in Rs. Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	39	42.92	49.03	45.30	45.39	52.22	58.49	61.24	76.81	79.75
Operating Expenses	26.69	28.47	32.30	27.18	26.99	31.64	36.74	40.02	53.05	55.98
Increase/Decrease in Stock	-6.05	-0.13	-1.33	0.02	0.01	0.63	-0.17	0.03	0.62	-0.44
Raw Material	0	0	0	0	0	0	0	0	0	0
Employee Cost	12.02	13.17	9.87	11.87	11.91	14.46	14.76	15.31	19.83	20.22
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	0	0	0	0	0	0	0	0	0	0
Gen_AdminExpenses	0	0	0	0	0	0	0	0	0	0
Miscellaneous Expenses	0	0	0	0	0	0	0	0	0	0
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Operating Profit	12.31	14.45	16.73	18.12	18.41	20.58	21.75	21.23	23.76	23.77
Other Income	-0.51	1.05	0.46	-0.45	0.04	0.60	1.38	1.14	2.17	0.98
Interest	0.37	0.97	1.28	1.24	1.78	0.96	0.44	0.38	1.60	0.26
PBDT	11.43	14.52	15.91	16.43	16.67	20.21	22.68	21.99	24.33	24.49
Depreciation and Amortization	2.49	3.02	3.48	3.61	2.95	3.94	3.97	3.99	3.94	4.71
Profit Before Tax	8.94	11.50	12.43	12.82	13.72	16.27	18.71	18.01	20.39	19.78
Tax	1.50	2	2.00	2.40	2.92	2.56	2.24	2.79	4.59	3.41
Profit After Tax	7.44	9.50	10.42	10.42	10.80	13.71	16.47	15.21	15.80	16.37
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	7.44	9.50	10.42	10.42	10.80	13.71	16.47	15.21	15.80	16.37
Quarterly Ratios
EPS	1.06	1.36	1.52	1.48	1.54	1.78	2.13	1.96	2.11	2.07
Operating Profit Margin	31.56	33.67	34.12	39.99	40.55	39.40	37.18	34.66	30.94	29.81
Net Profit Margin	19.08	22.13	21.26	23	23.79	26.26	28.16	24.84	20.57	20.53
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Reverse DCF

Earnings

(Cr)

Discount Rate (%)

5 YEAR

Terminal Multiple

Implied Growth Rate over a 5 year period*

10 YEAR

Terminal Multiple

Implied Growth Rate over a 10 year period*

20 YEAR

Terminal Multiple

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Rhapson method.

Learn how to use Reverse DCF

Data feed provided by Accord Fintech