Financials Birla Corporation Limited NSE India S.E.

Equities

BIRLACORPN

INE340A01012

Construction Materials

Delayed NSE India S.E. Other stock markets 02:02:57 09/05/2024 pm IST			5-day change	1st Jan Change
1,497 ^INR	-2.39%		+0.63%	+4.24%

07/05	Jefferies Adjusts Birla’s Price Target to INR1,595 From INR1,475, Keeps at Hold	MT
06/05	Transcript : Birla Corporation Limited, Q4 2024 Earnings Call, May 06, 2024

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	40,432	32,111	73,190	90,824	68,311	1,18,015	-	-
Enterprise Value (EV) ¹	70,913	32,111	97,883	1,21,261	1,04,101	1,09,686	1,46,386	1,43,428
P/E ratio	15.8 x	6.36 x	11.6 x	22.8 x	169 x	26.1 x	19.1 x	15.4 x
Yield	1.43%	1.8%	1.05%	0.85%	0.28%	0.46%	0.71%	0.79%
Capitalization / Revenue	0.62 x	0.46 x	1.08 x	1.22 x	0.79 x	1.14 x	1.14 x	1.05 x
EV / Revenue	1.08 x	0.46 x	1.44 x	1.63 x	1.2 x	1.14 x	1.41 x	1.28 x
EV / EBITDA	7.48 x	2.4 x	7.32 x	10.9 x	13.5 x	7.63 x	8.7 x	7.6 x
EV / FCF	11 x	9.16 x	18.6 x	46.9 x	59.7 x	25.5 x	21 x	18.4 x
FCF Yield	9.09%	10.9%	5.36%	2.13%	1.68%	3.92%	4.76%	5.43%
Price to Book	0.9 x	0.67 x	1.33 x	1.5 x	1.14 x	1.87 x	1.68 x	1.53 x
Nbr of stocks (in thousands)	77,005	77,005	77,005	77,005	77,005	77,005	-	-
Reference price ²	525.0	417.0	950.4	1,179	887.1	1,533	1,533	1,533
Announcement Date	03/05/19	22/05/20	12/05/21	11/05/22	09/05/23	04/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	65,487	69,157	67,854	74,612	86,823	96,627	1,03,588	1,12,426
EBITDA ¹	9,486	13,360	13,376	11,100	7,720	14,376	16,825	18,880
EBIT ¹	6,095	9,841	9,668	7,131	2,621	8,593	10,999	12,560
Operating Margin	9.31%	14.23%	14.25%	9.56%	3.02%	8.89%	10.62%	11.17%
Earnings before Tax (EBT) ¹	3,174	6,815	7,126	5,378	431.1	5,799	8,389	10,257
Net income ¹	2,557	5,052	6,301	3,986	405	4,206	6,180	7,676
Net margin	3.9%	7.3%	9.29%	5.34%	0.47%	4.35%	5.97%	6.83%
EPS ²	33.21	65.60	81.83	51.76	5.260	54.61	80.24	99.68
Free Cash Flow ¹	6,444	3,505	5,249	2,586	1,744	5,986	6,966	7,792
FCF margin	9.84%	5.07%	7.74%	3.47%	2.01%	6.16%	6.72%	6.93%
FCF Conversion (EBITDA)	67.93%	26.24%	39.24%	23.29%	22.6%	41.92%	41.4%	41.27%
FCF Conversion (Net income)	252.03%	69.39%	83.3%	64.87%	430.74%	138.35%	112.72%	101.51%
Dividend per Share ²	7.500	7.500	10.00	10.00	2.500	7.090	10.88	12.09
Announcement Date	03/05/19	22/05/20	12/05/21	11/05/22	09/05/23	04/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	17,766	21,326	17,491	16,978	17,501	22,642	22,038	19,998	20,161	24,626	24,085	22,338	23,178	26,172	24,960
EBITDA ¹	3,297	3,920	3,436	2,673	2,224	2,767	2,593	939.6	1,444	2,743	2,978	2,912	3,506	4,068	3,875
EBIT	-	-	2,452	1,691	-	1,770	1,448	-	145.5	1,342	-	1,972	1,945	2,539	2,371
Operating Margin	-	-	14.02%	9.96%	-	7.82%	6.57%	-	0.72%	5.45%	-	8.83%	8.39%	9.7%	9.5%
Earnings before Tax (EBT) ¹	2,122	1,798	1,906	1,192	748.1	1,532	-	-824.8	-644.8	1,129	762.8	907.7	1,437	1,880	1,741
Net income ¹	1,484	2,493	1,415	855.5	604.5	1,111	619.2	-564.6	-499.1	849.5	597.1	666.2	1,043	1,437	1,288
Net margin	8.35%	11.69%	8.09%	5.04%	3.45%	4.91%	2.81%	-2.82%	-2.48%	3.45%	2.48%	2.98%	4.5%	5.49%	5.16%
EPS	-	32.38	18.38	11.11	7.850	14.42	-	-7.330	-6.480	11.03	-	9.567	13.70	18.60	16.70
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	23/01/21	12/05/21	05/08/21	10/11/21	04/02/22	11/05/22	06/08/22	08/11/22	04/02/23	09/05/23	08/08/23	-	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	30,481	-	24,693	30,438	35,790	34,745	28,372	25,414
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.213 x	-	1.846 x	2.742 x	4.636 x	2.433 x	1.686 x	1.346 x
Free Cash Flow ¹	6,444	3,505	5,249	2,586	1,745	5,986	6,966	7,792
ROE (net income / shareholders' equity)	5.83%	10.9%	12.2%	6.91%	0.67%	7.19%	9.33%	10.4%
ROA (Net income/ Total Assets)	-	-	-	3.3%	0.29%	-	-	-
Assets ¹	-	-	-	1,20,873	1,39,607	-	-	-
Book Value Per Share ²	584.0	624.0	712.0	785.0	777.0	818.0	912.0	999.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	4,197	9,907	8,035	7,806	6,310	7,155	8,083	8,757
Capex / Sales	6.41%	14.33%	11.84%	10.46%	7.27%	7.36%	7.8%	7.79%
Announcement Date	03/05/19	22/05/20	12/05/21	11/05/22	09/05/23	04/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Birla Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,533 INR

Average target price

1,826 INR

Spread / Average Target

+19.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

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Cement & Concrete Manufacturing