Index

Income Statement
Balance Sheet
Cashflow Statement
Revenue Tab
Expense Tab
CA Excluding Cash & Investments
CL Excluding Loans
Working Capital Changes
D&A Scheduled
Debt & Int Scheduled
Equity Scheduled
FCFF
WACC
Valuation
FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
Income from operation
Gross from the sale of products and
services 2236889.00 2436147.00 2636056.00 2816190.00
Other operating revenues 38565.00 25855.00 56690.00 221918.00
Revenue from operation 2275454.00 2462002.00 2692746.00 3038108.00
Other Income 35823.00 98493.00 167012.00 189660.00
NET REVENUE 2311277.00 2560495.00 2859758.00 3227768.00
2311277.00 2560495.00 2859758.00 3227768.00
YoY 10.78% 11.69% 12.87%
QoQ
Expenses
Cost of materials consumed 776472.00 875224.00 999368.00 1234633.00
Purchase of stock-in-trade 82116.00 65668.00 79915.00 67140.00
Change in inventories 245814.00 59230.00 -69072.00 -195864.00
COGS 1104402.00 1000122.00 1010211.00 1105909.00
Gross Profit 1206875.00 1560373.00 1849547.00 2121859.00
Gross Profit Margin % 52.22% 60.94% 64.67% 65.74%

Employee benefits expense 430517.00 460442.00 491037.00 529069.00

Other expenses 121603.00 121086.00 156059.00 153053.00
Provisions 145026.00 372954.00 372480.00 330304.00
Direct input to WIP 25977.00 32315.00 51603.00 42599.00
Impairment loss 6385.00 17643.00 59743.00 1495.00
Expenses relating to capital account
and other accounts 93394.00 83416.00 116302.00 98427.00
EBITDA 570761.00 639349.00 834927.00 1163766.00
EBITDA Margin % 24.69% 24.97% 29.20% 36.05%

D&A 117828.00 111053.00 178467.00 140717.00

EBIT 452933.00 528296.00 656460.00 1023049.00
EBIT Margin % 19.60% 20.63% 22.96% 31.70%

Finance costs 25917.00 5820.00 5797.00 3211.00

Share of profit/(loss) of JV 481.00 -23.00 287.00 2650.00
Exceptional items 202.00 0.00 0.00 0.00
PBT 427699.00 522453.00 650950.00 1022488.00
427699.00 522453.00 650950.00 1022488.00

Current tax 64500.00 190000.00 225000.00 290500.00

Earlier tax refund -4933.00 -119273.00 -97346.00 0.00
Deferred tax 44226.00 -56262.00 -59477.00 -30107.00
Total tax expense 103793.00 14465.00 68177.00 260393.00
103793.00 14465.00 68177.00 260393.00
Tax % 4.49% 0.56% 2.38% 8.07%
Net Profit 323906.00 507988.00 582779.00 762095.00
323906.00 507988.00 582773.00 762095.00
YoY 56.83% 14.72% 30.77%
QoQ
Net Profit Margin % 14.01% 19.84% 20.38% 23.61%
No. Of Outstanding Shares 33439.00 33439.00 33439.00 33439.00
EPS 9.69 15.19 17.43 22.79
FY 2024-25 E FY 2025-26 E FY 2026-27 E FY 2027-28 E

3121819.74 3340347.13 3607574.90 3896180.89

97878.84 104730.36 113108.78 122157.49
3219698.58 3445077.48 3720683.68 4018338.37
169457.82 181319.87 195825.46 211491.49
3389156.40 3626397.35 3916509.14 4229829.87
3389156.40 3626397.35 3916509.14 4229829.87
5.00% 7.00% 8.00% 8.00%

1226874.62 1312755.84 1417776.31 1531198.41

84728.91 90659.93 97912.73 105745.75
-144039.15 -154121.89 -166451.64 -179767.77
1167564.38 1249293.89 1349237.40 1457176.39
2221592.02 2377103.46 2567271.74 2772653.48
65.55% 65.55% 65.55% 65.55%

576156.59 616487.55 665806.55 719071.08

205043.96 219397.04 236948.80 255904.71
379585.52 406156.50 438649.02 473740.95
58022.36 62664.15 67677.28 0.00
1694.58 1813.20 1958.25 2114.91

135566.26 145055.89 156660.37 169193.19

1136655.27 1215640.92 1312892.19 1491015.03
33.54% 33.52% 33.52% 35.25%

140270.72 166318.53 196827.37 232561.26

996384.55 1049322.39 1116064.83 1258453.77
29.40% 28.94% 28.50% 29.75%

3735.62 3795.62 3855.62 3915.62

603.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
993251.93 1045526.77 1112209.21 1254538.15 426333.00
993251.93 1045526.77 1112209.21 1254538.15

29797.56 31365.80 33366.28 37636.14

29797.56 31365.80 33366.28 37636.14
3.00% 3.00% 3.00% 3.00%
963454.37 1014160.97 1078842.93 1216902.00
963454.37 1014160.97 1078842.93 1216902.00
 28.43% 27.97% 27.55% 28.77%
33439.00 33439.00 33439.00 33439.00
28.81 30.33 32.26 36.39
FY Ending March (in Lakhs) Q1 2020-21 Q2 2020-21 Q3 2020-21 Q4 2020-21 FY 2020-21
ASSETS
Non-current assets
Property, Plant and Equipment 627222.00 654701.00 654701.00
Capital work-in-progress 108274.00 79156.00 79156.00
Investment Property 0.03 3.00 3.00
Goodwill 0.00 0.00 0.00
Other Intangible assets 98395.00 94407.00 94407.00
Intangible assets under development 132112.00 128627.00 128627.00
Investment accounted for using the equity method 15616.00 16096.00 16096.00
Financial Assets
(i) Investments 89427.00 89455.00 89455.00
(ii) Trade Receivables 0.00 0.00 0.00
(iii) Contract Assets 0.00 0.00 0.00
(iv) Loans 4758.00 4613.00 4613.00
(v) Others Financial Assets 36053.00 34476.00 34476.00
Deferred tax assets (Net) 20152.00 5235.00 5235.00
Other non-current assets 66861.00 70686.00 70686.00
Total non-current assets 1198873.00 1177455.00 1177455.00

Current assets
Inventories 2057497.00 1654477.00 1654477.00
Financial Assets
(i) Investments 0.00 0.00 0.00
(ii) Trade receivables 1054801.00 563786.00 563786.00
(iii) Contract assets 700302.00 834616.00 834616.00
(iv) Cash and cash equivalents 17939.00 714615.00 714615.00
(v) Bank balances other than cash and cash equivalent 3372.00 3120.00 3120.00
(vi) Loans 2245.00 1470.00 1470.00
(vii) Other Financial Assets 118127.00 105510.00 105510.00
Current Tax Assets (Net) 39097.00 0.00
Other current assets 153104.00 139541.00 139541.00
Total current assets 4146484.00 4017135.00 4017135.00
Assets held for Sale 0.00 0.00 0.00

Total Assets 5345357.00 5194590.00 5194590.00

EQUITY AND LIABILITIES

Equity
(a) Equity Share capital 33439.00 33439.00 33439.00
(b) Other Equity 1365219.00 1507788.00 1507788.00
Equity attributable to the owners of the parent 1398658.00 1541227.00 1541227.00
Non-controlling interests 426.00 391.00 391.00
Total Equity 1399084.00 1541618.00 1541618.00

LIABILITIES
Non-current liabilities
Financial Liabilities
(i) Borrowings 0.00 0.00 0.00
(ia) Lease liabilities 0.00 0.00
(ii) Trade payables 0.00 0.00 0.00
(A) Total outstanding dues of micro
0.00 0.00
enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors
other than micro enterprises and small 0.00 0.00
enterprises 0.00
(iii) Other financial liabilities 42074.00 49560.00 49560.00
Provisions 170331.00 121572.00 121572.00
Deferred Tax Liabilities (Net) 0.00 0.00 0.00
Other non-current liabilities 656693.00 930769.00 930769.00
Total non-current liabilities 869098.00 1101901.00 1101901.00
0.00
Current liabilities 0.00
Financial Liabilities 0.00
(i) Borrowings 433237.00 907.00 907.00
(ii) Lease liabilities 0.00 0.00
(iii) Trade payables 254390.00 224102.00 224102.00
(A) Total outstanding dues of micro
4698.00
enterprises and small enterprises 4708.00 4698.00
(B) Total outstanding dues of creditors
other than micro 219404.00
enterprises and small enterprises 249682.00 219404.00
Sub-Total Trades payable 224102.00 224102.00
(iv) Other financial liabilities 190346.00 196748.00 196748.00
Other current liabilities 1709414.00 1689422.00 1689422.00
Provisions 428228.00 397638.00 397638.00
Current Tax Liabilities (Net) 61560.00 42254.00 42254.00
Total current liabilities 3077175.00 2551071.00 2551071.00

Total Equity and Liabilities 5345357.00 5194590.00 5194590.00

Q1 2021-22Q2 2021-22 Q3 2021-22Q4 2021-22 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 E

645382.00 592758.00 592758.00 579862.00 578023.00 685359.93

108067.00 94910.00 94910.00 63690.00 93688.00
3.00 3.00 3.00 3.00 2.00
0.00 0.00 0.00 0.00 0.00 0.00
93646.00 83827.00 83827.00 103575.00 95664.00 95664.00
139961.00 152384.00 152384.00 124810.00 155655.00
15916.00 16779.00 16779.00 16833.00 20164.00

96042.00 119491.00 119491.00 128959.00 138969.00

1.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
644.00 623.00 623.00 621.00 561.00
39855.00 41030.00 41030.00 41298.00 39547.00
- 56557.00 56557.00 112571.00 145433.00
66816.00 181464.00 181464.00 359654.00 240063.00
1206332.00 1339826.00 1339826.00 1531876.00 1507769.00

1771313.00 1434728.00 1434728.00 1214869.00 1321754.00 1375486.80

0.00 0.00 0.00 0.00 0.00

548695.00 464153.00 464153.00 471907.00 461685.00 445697.28
765121.00 780865.00 780865.00 937640.00 1189396.00 1253987.87
1354117.00 307037.00 307037.00 444077.00 425469.00
2771.00 1127735.00 1127735.00 1587584.00 2217692.00
1109.00 821.00 821.00 776.00 1077.00 1130.85
96489.00 102323.00 102323.00 111927.00 151419.00 158989.95
0.00 0.00 0.00 0.00 0.00
228636.00 280899.00 280899.00 418913.00 533257.00 559888.64
4768251.00 4498561.00 4498561.00 5187693.00 6301749.00
0.00 811.00 811.00 0.00

5974583.00 5839198.00 5839198.00 6720380.00 7809518.00

33439.00 33439.00 33439.00 33439.00 33439.00 33439.00

1614704.00 1897874.00 1897874.00 2323776.00 2880378.00 4547154.06
1648143.00 1931313.00 1931313.00 2357215.00 2913817.00 4580593.06
386.00 375.00 375.00 374.00 364.00 364.00
1648529.00 1931688.00 1931688.00 2357589.00 2914181.00 4580957.06
 0.00 0.00 0.00 0.00 0.00
239.00 241.00 241.00 251.00 108.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

50822.00 52470.00 52470.00 52503.00 50586.00

123592.00 126301.00 126301.00 134710.00 157834.00
3076.00 0.00 0.00 0.00 0.00
1261650.00 1226244.00 1226244.00 1092600.00 1054376.00
1439379.00 1405256.00 1405256.00 1280064.00 1262904.00
0.00
0.00
0.00
383.00 0.00 0.00 0.00 0.00
9.00 8.00 8.00 14.00 2.00 5.84
248099.00 255761.00 255761.00 313497.00 341287.00 351868.72

4575.00 4575.00 6407.00 14605.00

3849.00
251186.00 251186.00 307090.00 326682.00
244250.00
255761.00 255761.00 313497.00 341287.00
182538.00 185360.00 185360.00 210943.00 245138.00 256864.16
2010401.00 1475515.00 1475515.00 1853714.00 2254968.00 2008210.73
421755.00 505696.00 505696.00 677831.00 761071.00 840646.35
23490.00 79914.00 79914.00 26728.00 29967.00 35026.93
2886675.00 2502254.00 2502254.00 3082727.00 3632433.00

5974583.00 5839198.00 5839198.00 6720380.00 7809518.00

FY 2025-26 EFY 2026-27 EFY 2027-28 E

811079.76 958330.81 1130800.60

0.00 0.00 0.00

95664.00 95664.00 95664.00

1420430.04 1626477.96 1596905.63

427219.41 504317.61 405600.12

1341767.02 1449108.38 1565037.05

1210.01 1306.81 1411.36

170119.25 183728.79 198427.09
0.00 0.00 0.00
599080.84 647007.31 698767.89

33439.00 33439.00 33439.00

6575476.00 8733161.86 11166965.87
6608915.00 8766600.86 11200404.87
364.00 364.00 364.00
6609279.00 8766964.86 11200768.87
 18.13 19.58 21.15
376499.53 406619.49 439149.05

797807.42 861632.01 930562.57

2148785.48 2320688.32 2506343.39
899491.60 971450.93 1049167.00
37478.82 40477.12 43715.29
FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23
A. Cash Flow from Operating Activities
Profit After Tax 323906.00 507988.00 582773.00
Adjustments to reconcile net profit to net cash
provided by operating activities
Income Tax expense 103793.00 14465.00 68177.00

(Gain)/Loss on sale of property, plant and equipment -0.12 -157.00 -318.00

Finance costs 25917.00 253.00 2582.00

Interest Income -8923.00 -42496.00 -149913.00
Share of (profit) / loss of and joint ventures -481.00 23.00 -287.00
Other Adjustments -0.14 19.00 -25.00
Net (Gain)/Loss on Fair Value Adjusment 64.00 313.00 -291.00
Depreciation, amortization and impairment expense 124213.00 128696.00 238210.00
Provision for Impairment in Value of Investments 25.00 86.00 3.00
Provision for Doubtful Debts 1426.00 105418.00 10416.00
Provision for Doubtful Contract Assets 0.00 0.00 0.00
Provision for Doubtful Claims 2955.00 6777.00 2678.00
Provision for Doubtful Advances 0.00 0.00 0.00
Provision for Replacement and Other charges 21175.00 78729.00 245052.00
Provision for Warranty 32561.00 51544.00 43901.00

Provision for Raw Materials and Components, Stores

and Spare parts, Loose Tools and Equipment, 43009.00 56005.00 28140.00
Construction Materials and Inventory - Warranty

Provision for Liquidated Damages 43875.00 74395.00 42290.00

Provision for Onerous Contract -32183.00 0.00 0.00
Operating Profit Before Working Capital Changes 681306.00 982058.00 1113388.00
Adjustments for:
(Increase)/decrease in Trade Receivables 507818.00 61137.00 -174945.00

(Increase)/decrease in Loans, Financial Assets and

-21740.00 -161416.00 -162492.00
Other Assets

(Increase)/decrease in Inventories 246104.00 176567.00 191719.00

Increase/(decrease) in Trade Payables -184272.00 30201.00 57736.00
Increase/(decrease) in Financial Liabilities,
368914.00 20049.00 133136.00
Provisions and Other Liabilities
Cash generated from Operations 1598130.00 1108596.00 1158542.00
Income Taxes Paid -71858.00 -105318.00 -275570.00
Net Cash from Operating Activities (A) 1526272.00 1003278.00 882972.00

B. Cash Flow from Investing Activities

Purchase of property, plant and equipment. -76298.00 -79929.00 -78242.00
Purchase of Intangible Assets -55430.00 -70128.00 -99880.00
Proceeds from sale of Property, Plant & Equipment 123.00 317.00 506.00
Investment in Joint Ventures -1000.00 0.00
Purchase of other non current Investments -6129.00 -23455.00 -9468.00
Investment in short term deposits 604.00 -1124615.00 -459849.00
Interest Received 8923.00 22663.00 73891.00
Dividend Received from Joint Ventures 111.00 196.00 240.00
Share application money refunded/(paid) by Joint Ventu 1000.00 0.00 0.00
Net Cash from Investing Activities (B) -127096.00 -1275951.00 -572802.00

C. Cash Flow from Financing Activities

Repayment of Borrowings-Current (Net) -585980.00 -907.00 0.00
Payment of Lease Liabilities -297.00 -7.00 -368.00
Interest paid -25900.00 -236.00 -5568.00
Dividend Paid -100316.00 -133755.00 -167194.00
Net Cash from Financing Activities © -712493.00 -134905.00 -173130.00

Effect of Exchange differences on translation of foreign

0.00 0.00 0.00
currency cash and cash equivalents (D)

NET INCREASE/ (DECREASE) IN CASH AND

686683.00 -407578.00 137040.00
CASH EQUIVALENTS (A+B+C+D)
Cash and Cash Equivalents at the beginning of the year 27932.00 714615.00 307037.00
Cash and Cash Equivalents at the end of the year 714615.00 307037.00 444077.00
FY 2023-24 FY 2024-25 EFY 2025-26 EFY 2026-27 EFY 2027-28 E

762095.00

260393.00

-590.00

3141.00 3735.62 3795.62 3855.62 3915.62

-163443.00
-2650.00
45.00
221.00
142212.00 140270.72 166318.53 196827.37 232561.26
0.00
3534.00
2386.00
3898.00
1015.00
116611.00
32425.00

100164.00

70271.00
0.00
1331728.00

-247443.00

-136194.00

-207049.00
27790.00

250383.00

1019215.00
-196933.00
822282.00

-91642.00 -107336.93 -125719.83 -147251.05 -172469.78

-83875.00
797.00
 -1050.00
-10010.00
-630108.00
174588.00
295.00
0.00
-641005.00

0.00
-31.00
-2565.00
-197289.00
-199885.00

0.00

-18608.00

444077.00
425469.00
FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
Gross from the sale of products and services 2236889.00 2436147.00 2636056.00 2816190.00
% of Revenue from operation 98.31% 98.95% 97.89% 92.70%
Other operating revenues 38565.00 25855.00 56690.00 221918.00
% of Revenue from operation 1.69% 1.05% 2.11% 7.30%
Revenue from operation 2275454.00 2462002.00 2692746.00 3038108.00
% of Net Revenue 98.45% 96.15% 94.16% 94.12%
Other Income 35823.00 98493.00 167012.00 189660.00
% of Net Revenue 1.55% 3.85% 5.84% 5.88%
NET REVENUE 2311277.00 2560495.00 2859758.00 3227768.00
YoY 10.78% 11.69% 12.87%
QoQ

Scenario
Conservative
Moderate
Aggressive
FY 2024-25 E FY 2025-26 EFY 2026-27 EFY 2027-28 E
3121819.74 3340347.13 3607574.90 3896180.89
96.96% 96.96% 96.96% 96.96%
97878.84 104730.36 113108.78 122157.49
1.01% 1.01% 1.01% 1.01%
3219698.58 3445077.48 3720683.68 4018338.37
95.00% 95.00% 95.00% 95.00%
169457.82 181319.87 195825.46 211491.49
6.00% 6.00% 6.00% 6.00%
3389156.40 3626397.35 3916509.14 4229829.87
5.00% 7.00% 8.00% 8.00%

2
3.00% 4.00% 6.00% 6.00%
5.00% 7.00% 8.00% 8.00%
7.00% 10.00% 14.50% 14.50%
FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 E
Cost of materials consumed 776472.00 875224.00 999368.00 1234633.00 1226874.62
% of Net Revenue 33.59% 34.18% 34.95% 38.25% 36.20%

Purchase of stock-in-trade 82116.00 65668.00 79915.00 67140.00 84728.91

% of Net Revenue 3.55% 2.56% 2.79% 2.08% 2.50%

Change in inventories 245814.00 59230.00 -69072.00 -195864.00 -144039.15

% of Net Revenue 10.64% 2.31% -2.42% -6.07% -4.25%

Direct input to WIP 25977.00 32315.00 51603.00 42599.00 54226.50

% of Net Revenue 1.12% 1.26% 1.80% 1.32% 1.60%

Employee benefits expense 430517.00 460442.00 491037.00 529069.00 576156.59

% of Net Revenue 18.63% 17.98% 17.17% 16.39% 17.00%

Other expenses 121603.00 121086.00 156059.00 153053.00 205043.96

% of Net Revenue 5.26% 4.73% 5.46% 4.74% 6.05%

Provisions 145026.00 372954.00 372480.00 330304.00 379585.52

% of Net Revenue 6.27% 14.57% 13.02% 10.23% 11.20%

Impairment loss 6385.00 17643.00 59743.00 1495.00 1694.58

% of Net Revenue 0.28% 0.69% 2.09% 0.05% 0.05%

Expenses relating to capital account

93394.00 83416.00 116302.00 98427.00 135566.26
and other accounts
% of Net Revenue 4.04% 3.26% 4.07% 3.05% 4.00%

NET REVENUE 2311277.00 2560495.00 2859758.00 3227768.00 3389156.40

FY 2025-26 E FY 2026-27 E FY 2027-28 E
1312755.84 1417776.31 1531198.41
36.20% 36.20% 36.20%

90659.93 97912.73 105745.75

2.50% 2.50% 2.50%

-154121.89 -166451.64 -179767.77

-4.25% -4.25% -4.25%

58022.36 62664.15 67677.28

1.60% 1.60% 1.60%

616487.55 665806.55 719071.08

17.00% 17.00% 17.00%

219397.04 236948.80 255904.71

6.05% 6.05% 6.05%

406156.50 438649.02 473740.95

11.20% 11.20% 11.20%

1813.20 1958.25 2114.91

0.05% 0.05% 0.05%

145055.89 156660.37 169193.19

4.00% 4.00% 4.00%

3626397.35 3916509.14 4229829.87

FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 E
Inventories 1654477.00 1434728.00 1214869.00 1321754.00 1375486.80

Financial Assets
(ii) Trade receivables 563786.00 464153.00 471907.00 461685.00 445697.28

(iii) Contract assets 834616.00 780865.00 937640.00 1189396.00 1253987.87

% of Net Revenue 36.11% 30.50% 32.79% 36.85% 37.00%

(vi) Loans 1470.00 821.00 776.00 1077.00 1130.85

% of Net Revenue 0.06% 0.03% 0.03% 0.03% 0.03%

(vii) Other Financial Assets 105510.00 102323.00 111927.00 151419.00 158989.95

% of Net Revenue 4.57% 4.00% 3.91% 4.69% 4.69%

Other current assets 139541.00 280899.00 418913.00 533257.00 559888.64

% of Net Revenue 6.04% 10.97% 14.65% 16.52% 16.52%

CA Excluding Cash & Investments 3299400.00 3063789.00 3156032.00 3658588.00 3795181.39

COGS 1104402.00 1000122.00 1010211.00 1105909.00 1167564.38

NET REVENUE 2311277.00 2560495.00 2859758.00 3227768.00 3389156.40

Inventory Days 546.80 523.61 438.95 436.24 430.00

Trade Receivable Days 89.03 66.17 60.23 52.21 48.00

FY 2025-26 E FY 2026-27 E FY 2027-28 E
1420430.04 1626477.96 1596905.63

427219.41 504317.61 405600.12

1341767.02 1449108.38 1565037.05

37.00% 37.00% 37.00%

1210.01 1306.81 1411.36

0.03% 0.03% 0.03%

170119.25 183728.79 198427.09

4.69% 4.69% 4.69%

599080.84 647007.31 698767.89

16.52% 16.52% 16.52%

3959826.57 4411946.86 4466149.14

1249293.89 1349237.40 1457176.39

3626397.35 3916509.14 4229829.87

415.00 440.00 400.00

43.00 47.00 35.00

FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 E
(ii) Lease liabilities 0.00 8.00 14.00 2.00 5.84
% of COGS 0.000% 0.001% 0.001% 0.000% 0.0005%
(iii) Trade payables 224102.00 255761.00 313497.00 341287.00 351868.72
(A) Total outstanding
(B) Total outstanding dues
dues ofof creditors
micro enterprises 4698.00
other than micro 4575.00 6407.00 14605.00
enterprises and small enterprises 219404.00 251186.00 307090.00 326682.00
(iv) Other financial liabilities 196748.00 185360.00 210943.00 245138.00 256864.16
% of COGS 17.81% 18.53% 20.88% 22.17% 22.00%
Other current liabilities 1689422.00 1475515.00 1853714.00 2254968.00 2008210.73
% of COGS 152.97% 147.53% 183.50% 203.90% 172.00%
Provisions 397638.00 505696.00 677831.00 761071.00 840646.35
% of COGS 36.00% 50.56% 67.10% 68.82% 72.00%
Current Tax Liabilities (Net) 42254.00 79914.00 26728.00 29967.00 35026.93
% of COGS 3.83% 7.99% 2.65% 2.71% 3.00%
CL Excluding Loans 2550164.00 2502254.00 3082727.00 3632433.00 3492622.74

COGS 1104402.00 1000122.00 1010211.00 1105909.00 1167564.38

NET REVENUE 2311277.00 2560495.00 2859758.00 3227768.00 3389156.40

Trade Payable Days 74.06 93.34 113.27 112.64 110.00

FY 2025-26 EFY 2026-27 EFY 2027-28 E
18.13 19.58 21.15
0.0005% 0.0005% 0.0005%
376499.53 406619.49 439149.05

797807.42 861632.01 930562.57

22.00% 22.00% 22.00%
2148785.48 2320688.32 2506343.39
172.00% 172.00% 172.00%
899491.60 971450.93 1049167.00
72.00% 72.00% 72.00%
37478.82 40477.12 43715.29
3.00% 3.00% 3.00%
4260080.98 4600887.45 4968958.45

1249293.89 1349237.40 1457176.39

3626397.35 3916509.14 4229829.87

110.00 110.00 110.00

FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 E
Inventory Days 546.80 523.61 438.95 436.24 430.00
Trade Receivable Days 89.03 66.17 60.23 52.21 48.00
Operating Cycle 635.83 589.78 499.18 488.45 478.00
Trade Payable Days 74.06 93.34 113.27 112.64 110.00
Cash Conversion Cycle 561.77 496.44 385.91 375.81 368.00

CA Excluding Cash & Investments 3299400.00 3063789.00 3156032.00 3658588.00 3795181.39

CL Excluding Loans 2550164.00 2502254.00 3082727.00 3632433.00 3492622.74
Net Working Capital 749236.00 561535.00 73305.00 26155.00 302558.65

Change In WC (Increase)/ Decrease 187701.00 488230.00 47150.00 -276403.65

FY 2025-26 E FY 2026-27 EFY 2027-28 E
415.00 440.00 400.00
43.00 47.00 35.00
458.00 487.00 435.00
110.00 110.00 110.00
348.00 377.00 325.00

3959826.57 4411946.86 4466149.14

4260080.98 4600887.45 4968958.45
-300254.41 -188940.59 -502809.30

602813.06 -111313.82 313868.71

FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
Revenue from operation 2275454.00 2462002.00 2692746.00 3038108.00

Property, Plant and Equipment 654701.00 592758.00 579862.00 578023.00

Goodwill 0.00 0.00 0.00 0.00
Other Intangible assets 94407.00 83827.00 103575.00 95664.00
Total Tangible & Intangible Assets 749108.00 676585.00 683437.00 673687.00

Purchase of property, plant and equipment. 76298.00 79929.00 78242.00 91642.00

YoY 5% -2% 17%

D&A 117828.00 111053.00 178467.00 140717.00

Capex 194126.00 190982.00 256709.00 232359.00
D&A As % of Previous yr Cl PPE 16.96% 30.11% 24.27%

Opening Property Plant & Equipment 654701.00 592758.00 579862.00

Capex 79929.00 78242.00 91642.00
D&A 111053.00 178467.00 140717.00
Proceeds from sale of Property, Plant & Equipment 317.00 506.00 797.00
Cl Property Plant & Equipment 654701.00 592758.00 579862.00 578023.00
FY 2024-25 E FY 2025-26 E FY 2026-27 E FY 2027-28 E
3219698.58 3445077.48 3720683.68 4018338.37

685359.93 811079.76 958330.81 1130800.60

0.00 0.00 0.00 0.00
95664.00 95664.00 95664.00 95664.00
781023.93 906743.76 1053994.81 1226464.60

107336.93 125719.83 147251.05 172469.78

17% 17% 17% 17%

140270.72 166318.53 196827.37 232561.26

247607.65 292038.36 344078.42 405031.04
24.27% 24.27% 24.27% 24.27%

578023.00 685359.93 811079.76 958330.81

247607.65 292038.36 344078.42 405031.04
140270.72 166318.53 196827.37 232561.26
0.00 0.00 0.00 0.00
685359.93 811079.76 958330.81 1130800.60
FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 E
Long Term
(i) Borrowings 0.00 0.00 0.00 0.00 0.00 0.00
Provisions 121572.00 126301.00 134710.00 157834.00 164834.00 171834.00

Short Term
(i) Borrowings 907.00 0.00 0.00 0.00 0.00 0.00
Provisions 397638.00 505696.00 677831.00 761071.00 769071.00 777071.00
Total Debt 520117.00 631997.00 812541.00 918905.00 933905.00 948905.00

Finance costs 25917.00 5820.00 5797.00 3211.00 3735.62 3795.62

Interest rate % 4.98% 0.92% 0.71% 0.35% 0.40% 0.40%
FY 2026-27 EFY 2027-28 E

0.00 0.00
178834.00 185834.00

0.00 0.00
785071.00 793071.00
963905.00 978905.00

3855.62 3915.62
0.40% 0.40%
FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 EFY 2025-26 E

(a) Equity Share capital 33439.00 33439.00 33439.00 33439.00 33439.00 33439.00

Op. Other Equity 1507788.00 1897874.00 2323776.00 2880378.00 4547154.06

Net Profit 323906.00 507988.00 582779.00 762095.00 963454.37 1014160.97
Retained Earnings 223590.00 374233.00 415585.00 564806.00 703321.69 740337.51
Dividend Paid 100316.00 133755.00 167194.00 197289.00 260132.68 273823.46
Dividend payout ratio 30.97% 26.33% 28.69% 25.89% 27.00% 27.00%
Cl. Other Equity 1507788.00 1897874.00 2323776.00 2880378.00 4547154.06 6575476.00

Non-controlling interests 391.00 375.00 374.00 364.00 364.00 364.00

Total Equity 1541618.00 1931688.00 2357589.00 2914181.00 4547518.06 6575840.00
FY 2026-27 EFY 2027-28 E

33439.00 33439.00

6575476.00 8733161.86
1078842.93 1216902.00
787555.34 888338.46
291287.59 328563.54
27.00% 27.00%
8733161.86 11166965.87

364.00 364.00
8733525.86 11167329.87
FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 E
Net Profit 323906.00 507988.00 582779.00 762095.00 963454.37
Finance costs 25917.00 5820.00 5797.00 3211.00 3735.62
Tax % 4.49% 0.56% 2.38% 8.07% 3.00%
D&A 117828.00 111053.00 178467.00 140717.00 140270.72
Capex 194126.00 190982.00 256709.00 232359.00 247607.65
Change In WC (Increase)/ Decrease 0.00 187701.00 488230.00 47150.00 -276403.65
FCFF 272361.14 621547.12 998425.80 720554.96 583337.34
YoY % 128.21% 60.64% -27.83% -19.04%
Avg. YoY Growth Rate of FCFF 53.67%
Avg. YoY Growth Rate of FCFF (incl. forecasted data) 45.52%
FY 2025-26 E FY 2026-27 EFY 2027-28 E
1014160.97 1078842.93 1216902.00
3795.62 3855.62 3915.62
3.00% 3.00% 3.00%
166318.53 196827.37 232561.26
292038.36 344078.42 405031.04
602813.06 -111313.82 313868.71
1494935.95 824018.01 1362099.08
156.27% -44.88% 65.30%
FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 EFY 2025-26 E

Total Debt 520117.00 631997.00 812541.00 918905.00 933905.00 948905.00

Total Equity 1541618.00 1931688.00 2357589.00 2914181.00 4580957.06 6609279.00
Total Capital 2061735.00 2563685.00 3170130.00 3833086.00 5514862.06 7558184.00

Debt-to-Equity 0.34 0.33 0.34 0.32 0.20 0.14

We 74.77% 75.35% 74.37% 76.03% 83.07% 87.45%
Wd 25.23% 24.65% 25.63% 23.97% 16.93% 12.55%

Rf 6.86%
Beta 0.66
Rm 11.71%
Ke 10.06%

Int. rate 0.35%

Tax 8.07%
Kd 0.32%

WACC (K) 7.73%

Economy growth rate 7.00%
FY 2026-27 EFY 2027-28 E

963905.00 978905.00
8766964.86 11200768.87
9730869.86 12179673.87

0.11 0.09
90.09% 91.96%
9.91% 8.04%

10 Yr Sensex
2014 27057.41
2024 81921.29
CAGR 11.71%
FY Ending March (in Lakhs) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 E

Years -3 -2 -1 0 1
FCFF 272361.14 621547.12 998425.80 720554.96 583337.34

Terminal Value
Cash flow 720554.96 583337.34
Present Value (PV) 720554.96 541488.19
WACC (K) 7.73%
Economy growth rate 7.00%

Valuation 152750392.67
No. Of Outstanding Shares 33439.00 33439.00 33439.00 33439.00
fair price (in Rs.) 4568.03

PE Ratio 37.8 37.8

PE Valuation 861.48 1089.10
YoY 26.42%
FY 2025-26 E FY 2026-27 E FY 2027-28 E

2 3 4
1494935.95 824018.01 1362099.08

186961858.10
1494935.95 187785876.11
1288133.89 150200215.63

37.8 37.8 37.8

1146.42 1219.54 1375.61
5.26% 6.38% 12.80%