23 January 2025 Polycab
FINANCIALS (CONSOLIDATED)
Profit & Loss Statement Balance Sheet
YE: Mar (Rs mn) FY23 FY24 FY25E FY26E FY27E YE: Mar (Rs mn) FY23 FY24 FY25E FY26E FY27E
Net revenues 1,41,078 1,80,394 2,18,247 2,51,421 2,88,867 Share capital 1,498 1,502 1,504 1,504 1,504
Growth (%) 16 28 21 15 15 Net worth 66,372 81,871 95,258 1,11,732 1,31,250
Raw material expenses 1,05,109 1,32,803 1,64,317 1,89,041 2,16,619 Total debt 730 898 798 698 598
Gross margin (%) 25.5 26.4 24.7 24.8 25.0 Minority interest 374 562 618 680 748
Employee & Other exp. 17,448 22,673 25,971 29,609 33,730 DT Liability/ (Asset) 409 415 405 395 385
EBITDA 18,521 24,918 27,960 32,770 38,517 Capital Employed 67,885 83,746 97,079 1,13,504 1,32,981
EBITDA margins (%) 13.1 13.8 12.8 13.0 13.3 Net tangible assets 20,466 22,406 29,651 36,275 42,280
Depreciation 2,092 2,450 2,973 3,370 3,990 Net Intangible assets 203 206 211 216 221
Other income 1,333 2,209 2,146 2,323 2,874 Goodwill - - - - -
Finance costs 598 1,083 1,862 887 772 CWIP 2,508 5,785 5,765 5,745 5,725
PBT 17,165 23,593 25,271 30,835 36,629 Investments (Strategic) - - - - -
Effective tax rate (%) 24.7 23.6 24.7 24.7 24.7 Investments (Financial) 13,505 18,224 20,224 25,224 32,224
Associates/(Minorities) (216) (189) (239) (258) (278) Current Assets 50,607 70,016 83,308 95,084 1,08,245
Net Income 12,708 17,841 18,800 22,972 27,316 Cash 6,952 4,024 2,193 1,850 2,471
Adjusted net income 12,708 17,841 18,800 22,972 27,316 Current Liabilities 26,356 36,914 44,275 50,892 58,188
Shares outstanding 150 150 150 150 150 Working capital 24,251 33,101 39,033 44,192 50,057
FDEPS (Rs) 84.5 118.6 125.0 152.7 181.6 Capital Deployed 67,885 83,746 97,079 1,13,504 1,32,981
FDEPS growth (%) 40 40 5 22 19 Contingent Liabilities 4,583 11,145 - - -
Cash Flow Ratios @ Rs 6,160
YE: Mar (Rs mn) FY23 FY24 FY25E FY26E FY27E YE: Mar FY23 FY24 FY25E FY26E FY27E
EBIT (incl. other income) 16,805 24,345 25,293 29,400 34,527 P/E (x) 72.9 51.9 49.3 40.3 33.9
Non-cash items 2,092 2,450 2,973 3,370 3,990 EV/EBITDA (x) 49.0 36.3 32.4 27.5 23.2
OCF before WC changes 18,897 26,796 28,266 32,770 38,517 EV/sales (x) 6.4 5.0 4.1 3.6 3.1
Incr./(decr.) in WC 878 9,070 5,932 5,159 5,865 P/B (x) 14.0 11.3 9.7 8.3 7.1
Others including taxes 3,743 4,763 6,205 7,577 9,006 RoE (%) 19.1 21.8 19.7 20.6 20.8
Operating cash-flow 14,275 12,962 16,129 20,034 23,647 RoCE (%) 28.5 32.5 30.0 30.1 30.3
Capex 4,584 8,580 10,203 9,980 9,980 RoIC (%) 36.4 43.1 37.5 37.2 38.0
Free cash-flow 9,691 4,383 5,926 10,054 13,667 DPS (Rs per share) 20.0 30.0 36.0 43.2 51.8
Acquisitions - - - - - Dividend yield (%) 0.3 0.5 0.6 0.7 0.8
Dividend 2,094 2,997 5,415 6,498 7,798 Dividend payout (%) 23.6 25.3 28.8 28.3 28.5
Equity raised - - - - - Net debt/equity (x) (0.3) (0.3) (0.2) (0.2) (0.3)
Debt raised 332 194 (100) (100) (100) Receivables (days) 34 44 44 44 44
Fin Investments 7,665 (616) 2,000 5,000 7,000 Inventory (days) 76 74 74 74 74
Misc. Items (CFI + CFF) 285 626 (64) (1,201) (1,853) Payables (days) 53 58 58 58 58
Net cash-flow (22) 1,570 (1,525) (343) 622 CFO:PAT (%) 112 73 86 87 87
Source: Company, Systematix Institutional Research
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