J.

KUMAR INFRAPROJECTS LTD

Table of Contents

Dashboard
3 Statement Financial Model
Relative Valuation
Scenario Analysis
CTS LTD
 Dashboard
Income Statement Cash Flow Statement
1,000
Revenue EBIT Margin Operating Investing Financing
Net Income Margin 800 Change in Cash
12,000 14.0 %
600
10,000 9,685 12.0 %
400
8,208 10.0 %
8,000 200
6,956
5,895 8.0 %
6,000 -
4,996
4,234 6.0 %
(200)
4,000 3,552
2,999 4.0 %
2,596 (400)
2,000 2.0 %
(600)
- 0.0 %
2020 2021 2022 2023 2024 2025 2026 2027 2028 (800)
2020 2021 2022 2023 2024 2025 2026 2027 2028

Earnings per Share Asset Turnover Ratio

120 2.5 4 Asset Turnover Ratio
EPS EPS Growth Rate 4 4

100 2 3
3 3
1.5
80
1
60 2
0.5
40
0 1

20 -0.5
-
0 -1 2020 2021 2022 2023
2020 2021 2022 2023 2024 2025 2026 2027 2028

Segment Wise Breakup Geographical Breakup (%)

2%

6% 4%

32%
44%

48% 64%

Metro Flyover,Bridges,Roads and Tunnel Civil and Other Water Maharashtra Delhi Gujrat
 Order Book Order Book to Sales
12,200 Order Book 5 Order Book to Sales
12,000 11,936 4
11,854 4
11,800 4
11,644 3
11,600
3 3
11,400
11,200
2
11,000 10,927
10,800 1
10,600
10,400 -
2020 2021 2022 2023 2020 2021 2022 2023

Ratios
35.0 %
30.0 %
25.0 %
20.0 %
15.0 %
10.0 %
5.0 %
0.0 %
2020 2021 2022 2023 2024 2025 2026 2027 2028

Return on Equity (ROE)

Return on Capital Employed (ROCE)
tatement 2020 2021 2022 2023 2024
Investing Financing

Income Statement
Revenue 2,999 2,596 3,552 4,234 4,996
EBIT 331 193 383 473 574
EBIT Margin 11.0 % 7.4 % 10.8 % 11.2 % 11.5 %

Net Income 184 64 206 274 351

Net Income Margin 6.1 % 2.5 % 5.8 % 6.5 % 7.0 %

Cash Flow
Operating 382 256 120 206 517
Investing (126) (150) (171) (325) (157)
4 2025 2026 2027 2028 Financing (49) (48) (47) 18 (33)
Change in Cash 206 59 (98) (101) 328
over Ratio
r Ratio EPS
4 24.25099 8.442536 27.19551 36.24703 46.3841
4
EPS Growth Rate -65.19% 222.12% 33.28% 27.97%

Order Book 11,644 10,927 11,936 11,854

Order Book to Sales 4 4 3 3

Asset Turnover Ratio 3 3 4 4

Segment Wise Breakup

Metro 44%
2022 2023 Flyover,Bridges,Roads and Tunnel 48%
Civil and Other 6%

Breakup (%) Water 2%

Geographical Breapkup
Maharashtra 64%
Delhi 32%
Gujrat 4%

Return on Equity (ROE) 10.0 % 3.4 % 9.9 % 11.8 % 13.3 %

Return on Capital Employed (ROCE) 21.6 % 16.1 % 22.4 % 23.1 % 25.7 %
64%

Delhi Gujrat
k to Sales
Order Book to Sales

3
3

2022 2023
 2025 2026 2027 2028

5,895 6,956 8,208 9,685

678 800 944 1,114
11.5 % 11.5 % 11.5 % 11.5 %

428 518 624 750

7.3 % 7.4 % 7.6 % 7.7 %

495 597 718 860

(436) (514) (607) (716)
(43) (52) (62) (75)
16 31 49 69

56.49282 68.4211 82.49647 99.10542

21.79% 21.11% 20.57% 20.13%

14.2 % 14.9 % 15.4 % 15.9 %

26.9 % 27.9 % 28.7 % 29.4 %
 3 Statement Financial Model

Master Check OK

Assumptions & Drivers

2020 2021 2022 2023

Days in Period 365 365 365 365

Income Statement
Sales Growth (13.4 %) 36.8 % 19.2 %
Gross Margin 39.4 % 37.9 % 36.1 % 34.2 %
Power &Fuel Cost (% of Sales) 1.2 % 1.3 % 1.0 % 0.9 %
Employee Cost (% of Sales) 10.0 % 8.9 % 7.9 % 7.3 %
Selling and Administrative Expenses (% of Sales) 6.1 % 6.6 % 4.8 % 5.2 %
Operating and Other Expenses (% of Sales) 6.9 % 8.2 % 7.6 % 6.0 %
Depreciation / Amortization (% of Sales) 4.2 % 5.5 % 4.1 % 3.7 %
Tax Rate (Percent of EBT) 21.3 % 27.8 % 27.2 % 26.5 %

Balance Sheet
Capital Asset Turnover Ratio (x) 3 3 4 4
Receivable Days (Sales Basis) (Days) 78 87 91 98
Inventory Days (COGS Basis) (Days) 63 65 59 51
Payable Days (COGS Basis) (Days) 92 104 92 83
Long Term Debt 117 77 53 98
Other Current Assets 1,171 1,013 1,199 1,176
Other Assets 350 458 347 437
Other Current Liabilities 1,126 1,120 1,086 1,089
Other Liabilities 174 129 239 302
Common Share Capital 8 8 8 8
Dividend Payout Ratio 5.2 % 11.8 % 11.0 % 9.7 %

Income Statement

2020 2021 2022 2023

Revenues 2,999 2,596 3,552 4,234

Cost of Goods Sold/ Raw Material Cost (1,817) (1,612) (2,268) (2,784)
Gross Profit 1,182 984 1,284 1,450
Power &Fuel Cost (35) (33) (35) (40)
Employee Cost (299) (231) (279) (309)
Selling and Administrative Expenses (184) (172) (172) (218)
Operating and Other Expenses (207) (212) (268) (255)
 Depreciation / Amortization (126) (144) (147) (155)
EBIT 331 193 383 473
Interest and Other Items (98) (104) (100) (99)
PBT 233 89 283 374
Taxes (50) (25) (77) (99)
Net Income 184 64 206 274

Dividend 9 8 23 26

EPS 24.3 8.4 27.2 36.2

DPS 1.3 1.0 3.0 3.5
Payout Ratio 0.1 0.1 0.1 0.1

Balance Sheet

2020 2021 2022 2023

ASSETS
Cash and Equivalents 276 336 237 137
Trade and Other Receivables 645 620 888 1,141
Inventories 313 286 366 393
Other Current assets 1,171 1,013 1,199 1,176
Total Current Assets 2,405 2,254 2,690 2,847

Property Plant and Equipment 953 959 983 1,153

Other Assets 350 458 347 437
Non Current Assets 1,303 1,417 1,331 1,590
TOTAL ASSETS 3,708 3,672 4,021 4,436

LIABILITIES
Trade and Other Payables 460 458 573 630
Other Current Liabilities 1,126 1,120 1,086 1,089
Total Current Liabilities 1,586 1,578 1,659 1,719
Long-Term Debt 117 77 53 98
Other Non Current Liabilities 174 129 239 302
Total Non Current Liabilities 291 206 292 399
Total Liabilities 1,877 1,784 1,950 2,118

EQUITY
Common Stock 38 38 38 38
Additional Paid in Capital 686 686 686 686
Reserve and Surplus 1,107 1,164 1,347 1,595
Total Shareholders' Equity 1,831 1,887 2,070 2,318
Total Liabilities & Equity 3,708 3,672 4,021 4,436
Total Common share Outstanding 8 8 8 8

Balance Sheet Check OK OK OK OK OK

Cash Flow Statement

2020 2021 2022 2023

Cash Flows from Operating Activities

Net Income 184 64 206 274
Depreciation 126 144 147 155
Changes in Operating Assets and Liabilities:
Trade and Other Receivables (146) 25 (268) (253)
Inventories 61 26 (80) (27)
Trade and Other Payables 158 (3) 115 57
Cash Flows from Operating Activities 382 256 120 206
Investing Activities
Acquisitions of Property and Equipment (126) (150) (171) (325)
Cash flow from Investing Activities (126) (150) (171) (325)
Issuance of Common Stock - - - -
Dividends (current year) (9) (8) (23) (26)
Increase/(Decrease) in Long-Term Debt (40) (40) (24) 45
Cash flow from Financing Activities (49) (48) (47) 18
Net Change in cash 206 59 (98) (101)

Cash and Equivalents, Beginning of the Year 70 276 336 237

Increase/(Decrease) in Cash and Equivalents 206 59 (98) (101)
Cash and Equivalents, End of the Year 276 336 237 137

Schedules

2020 2021 2022 2023

Days in Period 365 365 365 365

Revenue 2,999 2,596 3,552 4,234
Cost of Goods Sold 1,817 1,612 2,268 2,784

Trade and Other Receivables (Days) 78 87 91 98

Inventory (Days) 63 65 59 51
Trade and Other Payables (Days) 92 104 92 83

Working Capital
Trade and Other Receivables 645 620 888 1,141
Inventory 313 286 366 393
Trade and Other Payables 460 458 573 630

Cash Changes from Working Capital

Trade and Other Receivables (146) 25 (268) (253)
 Inventory 61 26 (80) (27)
Trade and Other Payables 158 (3) 115 57
Cash from Working Capital Items 72 49 (233) (223)

Revenue 2,999 2,596 3,552 4,234

Capital Asset Turnover Ratio (x) 3.15x 2.71x 3.61x 3.67x
Depreciation (Percent of Sales) 4.2 % 5.5 % 4.1 % 3.7 %

Property, Plant & Equipment (PP&E)

Beginning of Period 953 953 959 983
Capital Expenditures/Additions (Disposals) 126 150 171 325
Depreciation Expense (126) (144) (147) (155)
Net PP&E, End of Period 953 959 983 1,153

Common Stock
Beginning of Period 38 38 38 38
Additions(Repayments) - - - -
Common Stock , End of Period 38 38 38 38

Additional Paid in capital

Beginning of Period 686 686 686 686
Additions(Repayments) - - - -
Additional Paid in capital , End of Period 686 686 686 686

Net Income 184 64 206 274

Dividends 9 8 23 26

Retained Earning
Beginning of Period 933 1,107 1,164 1,347
Net Income 184 64 206 274
Dividend (9) (8) (23) (26)
Retained Earnings, End of Period 1,107 1,164 1,347 1,595

Long Term Debt

Beginning of Period 157 117 77 53
+/- Debt (40) (40) (24) 45
Long Term Debt,End of Period 117 77 53 98
 2024 2025 2026 2027 2028

365 365 365 365 365

18.0 % 18.0 % 18.0 % 18.0 % 18.0 %

35.0 % 35.0 % 35.0 % 35.0 % 35.0 %
1.0 % 1.0 % 1.0 % 1.0 % 1.0 %
7.5 % 7.5 % 7.5 % 7.5 % 7.5 %
5.0 % 5.0 % 5.0 % 5.0 % 5.0 %
6.0 % 6.0 % 6.0 % 6.0 % 6.0 %
4.0 % 4.0 % 4.0 % 4.0 % 4.0 %
26.0 % 26.0 % 26.0 % 26.0 % 26.0 %

4.5 4.5 4.5 4.5 4.5

90 90 90 90 90
60 60 60 60 60
93 93 93 93 93
100 100 100 100 100
1,200 1,200 1,200 1,200 1,200
400 400 400 400 400
1,100 1,100 1,100 1,100 1,100
278 278 278 278 278
8 8 8 8 8
0 0 0 0 0

2024 2025 2026 2027 2028

4,996 5,895 6,956 8,208 9,685

(3,247) (3,832) (4,521) (5,335) (6,296)
1,748 2,063 2,435 2,873 3,390
(50) (59) (70) (82) (97)
(375) (442) (522) (616) (726)
(250) (295) (348) (410) (484)
(300) (354) (417) (492) (581)
(200) (236) (278) (328) (387)
574 678 800 944 1,114
(100) (100) (100) (100) (100)
474 578 700 844 1,014
(123) (150) (182) (219) (264)
351 428 518 624 750

35 43 52 62 75

46.4 56.5 68.4 82.5 99.1

4.6 5.6 6.8 8.2 9.9
0.1 0.1 0.1 0.1 0.1

2024 2025 2026 2027 2028

464 481 512 560 630

1,232 1,454 1,715 2,024 2,388
534 630 743 877 1,035
1,200 1,200 1,200 1,200 1,200
3,430 3,764 4,170 4,661 5,253

1,110 1,310 1,546 1,824 2,152

400 400 400 400 400
1,510 1,710 1,946 2,224 2,552
4,940 5,474 6,116 6,885 7,805

827 976 1,152 1,359 1,604

1,100 1,100 1,100 1,100 1,100
1,927 2,076 2,252 2,459 2,704
100 100 100 100 100
278 278 278 278 278
378 378 378 378 378
2,306 2,455 2,630 2,838 3,082

38 38 38 38 38
686 686 686 686 686
1,911 2,296 2,762 3,324 3,999
2,634 3,019 3,485 4,047 4,723
4,940 5,474 6,116 6,885 7,805
8 8 8 8 8

OK OK OK OK OK
 2024 2025 2026 2027 2028

351 428 518 624 750

200 236 278 328 387

(91) (222) (262) (309) (364)

(141) (96) (113) (134) (158)
198 149 176 207 245
517 495 597 718 860

(157) (436) (514) (607) (716)

(157) (436) (514) (607) (716)
- - - - -
(35) (43) (52) (62) (75)
2 - - - -
(33) (43) (52) (62) (75)
328 16 31 49 69

137 464 481 512 560

328 16 31 49 69
464 481 512 560 630

2024 2025 2026 2027 2028

365 365 365 365 365

4,996 5,895 6,956 8,208 9,685
3,247 3,832 4,521 5,335 6,296

90 90 90 90 90
60 60 60 60 60
93 93 93 93 93

1,232 1,454 1,715 2,024 2,388

534 630 743 877 1,035
827 976 1,152 1,359 1,604

(91) (222) (262) (309) (364)

 (141) (96) (113) (134) (158)
198 149 176 207 245
(34) (169) (199) (235) (277)

4,996 5,895 6,956 8,208 9,685

4.50x 4.50x 4.50x 4.50x 4.50x
4.0 % 4.0 % 4.0 % 4.0 % 4.0 %

1,153 1,110 1,310 1,546 1,824

157 436 514 607 716
(200) (236) (278) (328) (387)
1,110 1,310 1,546 1,824 2,152

38 38 38 38 38
- - - - -
38 38 38 38 38

686 686 686 686 686

- - - - -
686 686 686 686 686

351 428 518 624 750

35 43 52 62 75

1,595 1,911 2,296 2,762 3,324

351 428 518 624 750
(35) (43) (52) (62) (75)
1,911 2,296 2,762 3,324 3,999

98 100 100 100 100

2 - - - -
100 100 100 100 100
 Scenario and Sensitivity Analysis

Master Check OK

Assumptions & Drivers

2020 2021 2022

Days in Period 365 365 365

Live Case

Base Case

Income Statement
Sales Growth
Gross Margin
Power &Fuel Cost (% of Sales)
Employee Cost (% of Sales)
Selling and Administrative Expenses (% of Sales)
Operating and Other Expenses (% of Sales)
Depreciation / Amortization (% of Sales)
Tax Rate (Percent of EBT)

Balance Sheet
Capital Asset Turnover Ratio (x)
Receivable Days (Sales Basis) (Days)
Inventory Days (COGS Basis) (Days)
Payable Days (COGS Basis) (Days)
Long Term Debt
Other Current Assets
Other Assets
Other Current Liabilities
Other Liabilities
Common Share Capital
Dividend Payout Ratio

Upside Case

Income Statement
Sales Growth
Gross Margin
Power &Fuel Cost (% of Sales)
Employee Cost (% of Sales)
Selling and Administrative Expenses (% of Sales)
 Operating and Other Expenses (% of Sales)
Depreciation / Amortization (% of Sales)
Tax Rate (Percent of EBT)

Balance Sheet
Capital Asset Turnover Ratio (x)
Receivable Days (Sales Basis) (Days)
Inventory Days (COGS Basis) (Days)
Payable Days (COGS Basis) (Days)
Long Term Debt
Other Current Assets
Other Assets
Other Current Liabilities
Other Liabilities
Common Share Capital
Dividend Payout Ratio

Downside Case

Income Statement
Sales Growth
Gross Margin
Power &Fuel Cost (% of Sales)
Employee Cost (% of Sales)
Selling and Administrative Expenses (% of Sales)
Operating and Other Expenses (% of Sales)
Depreciation / Amortization (% of Sales)
Tax Rate (Percent of EBT)

Balance Sheet
Capital Asset Turnover Ratio (x)
Receivable Days (Sales Basis) (Days)
Inventory Days (COGS Basis) (Days)
Payable Days (COGS Basis) (Days)
Long Term Debt
Other Current Assets
Other Assets
Other Current Liabilities
Other Liabilities
Common Share Capital
Dividend Payout Ratio

Live Case

Income Statement
Sales Growth (13.4 %) 36.8 %
 Gross Margin 39.4 % 37.9 % 36.1 %
Power &Fuel Cost (% of Sales) 1.2 % 1.3 % 1.0 %
Employee Cost (% of Sales) 10.0 % 8.9 % 7.9 %
Selling and Administrative Expenses (% of Sales) 6.1 % 6.6 % 4.8 %
Operating and Other Expenses (% of Sales) 6.9 % 8.2 % 7.6 %
Depreciation / Amortization (% of Sales) 4.2 % 5.5 % 4.1 %
Tax Rate (Percent of EBT) 21.3 % 27.8 % 27.2 %

Balance Sheet
Capital Asset Turnover Ratio (x) 3 3 4
Receivable Days (Sales Basis) (Days) 78 87 91
Inventory Days (COGS Basis) (Days) 63 65 59
Payable Days (COGS Basis) (Days) 92 104 92
Long Term Debt 117 77 53
Other Current Assets 1,171 1,013 1,199
Other Assets 350 458 347
Other Current Liabilities 1,126 1,120 1,086
Other Liabilities 174 129 239
Common Share Capital 8 8 8
Dividend Payout Ratio 5.2 % 11.8 % 11.0 %

Income Statement

2020 2021 2022

Revenues 2,999 2,596 3,552

Cost of Goods Sold/ Raw Material Cost (1,817) (1,612) (2,268)
Gross Profit 1,182 984 1,284
Power &Fuel Cost (35) (33) (35)
Employee Cost (299) (231) (279)
Selling and Administrative Expenses (184) (172) (172)
Operating and Other Expenses (207) (212) (268)
Depreciation / Amortization (126) (144) (147)
EBIT 331 193 383
Interest and Other Items (98) (104) (100)
PBT 233 89 283
Taxes (50) (25) (77)
Net Income 184 64 206

Dividend 9 8 23

EPS 24.3 8.4 27.2

DPS 1.3 1.0 3.0
Payout Ratio 0.1 0.1 0.1
Balance Sheet

2020 2021 2022

ASSETS
Cash and Equivalents 276 336 237
Trade and Other Receivables 645 620 888
Inventories 313 286 366
Other Current assets 1,171 1,013 1,199
Total Current Assets 2,405 2,254 2,690

Property Plant and Equipment 953 959 983

Other Assets 350 458 347
Non Current Assets 1,303 1,417 1,331
TOTAL ASSETS 3,708 3,672 4,021

LIABILITIES
Trade and Other Payables 460 458 573
Other Current Liabilities 1,126 1,120 1,086
Total Current Liabilities 1,586 1,578 1,659
Long-Term Debt 117 77 53
Other Non Current Liabilities 174 129 239
Total Non Current Liabilities 291 206 292
Total Liabilities 1,877 1,784 1,950

EQUITY
Common Stock 38 38 38
Additional Paid in Capital 686 686 686
Reserve and Surplus 1,107 1,164 1,347
Total Shareholders' Equity 1,831 1,887 2,070
Total Liabilities & Equity 3,708 3,672 4,021
Total Common share Outstanding 8 8 8

Balance Sheet Check OK OK OK OK

Cash Flow Statement

2020 2021 2022

Cash Flows from Operating Activities

Net Income 184 64 206
Depreciation 126 144 147
Changes in Operating Assets and Liabilities:
Trade and Other Receivables (146) 25 (268)
Inventories 61 26 (80)
Trade and Other Payables 158 (3) 115
Cash Flows from Operating Activities 382 256 120
Investing Activities
Acquisitions of Property and Equipment (126) (150) (171)
Cash flow from Investing Activities (126) (150) (171)
Issuance of Common Stock - - -
Dividends (current year) (9) (8) (23)
Increase/(Decrease) in Long-Term Debt (40) (40) (24)
Cash flow from Financing Activities (49) (48) (47)
Net Change in cash 206 59 (98)

Cash and Equivalents, Beginning of the Year 70 276 336

Increase/(Decrease) in Cash and Equivalents 206 59 (98)
Cash and Equivalents, End of the Year 276 336 237

Schedules

2020 2021 2022

Days in Period 365 365 365

Revenue 2,999 2,596 3,552
Cost of Goods Sold 1,817 1,612 2,268

Trade and Other Receivables (Days) 78 87 91

Inventory (Days) 63 65 59
Trade and Other Payables (Days) 92 104 92

Working Capital
Trade and Other Receivables 645 620 888
Inventory 313 286 366
Trade and Other Payables 460 458 573

Cash Changes from Working Capital

Trade and Other Receivables (146) 25 (268)
Inventory 61 26 (80)
Trade and Other Payables 158 (3) 115
Cash from Working Capital Items 72 49 (233)

Revenue 2,999 2,596 3,552

Capital Asset Turnover Ratio (x) 3.15x 2.71x 3.61x
Depreciation (Percent of Sales) 4.2 % 5.5 % 4.1 %

Property, Plant & Equipment (PP&E)

Beginning of Period 953 953 959
Capital Expenditures/Additions (Disposals) 126 150 171
Depreciation Expense (126) (144) (147)
Net PP&E, End of Period 953 959 983
Common Stock
Beginning of Period 38 38 38
Additions(Repayments) - - -
Common Stock , End of Period 38 38 38

Additional Paid in capital

Beginning of Period 686 686 686
Additions(Repayments) - - -
Additional Paid in capital , End of Period 686 686 686

Net Income 184 64 206

Dividends 9 8 23

Retained Earning
Beginning of Period 933 1,107 1,164
Net Income 184 64 206
Dividend (9) (8) (23)
Retained Earnings, End of Period 1,107 1,164 1,347

Long Term Debt

Beginning of Period 157 117 77
+/- Debt (40) (40) (24)
Long Term Debt,End of Period 117 77 53
nsitivity Analysis

2023 2024 2025 2026 2027 2028

365 365 365 365 365 365

18.0 % 18.0 % 18.0 % 18.0 % 18.0 %

35.0 % 35.0 % 35.0 % 35.0 % 35.0 %
1.0 % 1.0 % 1.0 % 1.0 % 1.0 %
7.5 % 7.5 % 7.5 % 7.5 % 7.5 %
5.0 % 5.0 % 5.0 % 5.0 % 5.0 %
6.0 % 6.0 % 6.0 % 6.0 % 6.0 %
4.0 % 4.0 % 4.0 % 4.0 % 4.0 %
26.0 % 26.0 % 26.0 % 26.0 % 26.0 %

4.5 4.5 4.5 4.5 4.5

90 90 90 90 90
60 60 60 60 60
93 93 93 93 93
100 100 100 100 100
1,200 1,200 1,200 1,200 1,200
400 400 400 400 400
1,100 1,100 1,100 1,100 1,100
278 278 278 278 278
8 8 8 8 8
0 0 0 0 0

24.0 % 24.0 % 24.0 % 24.0 % 24.0 %

40.0 % 40.0 % 40.0 % 40.0 % 40.0 %
1.0 % 1.0 % 1.0 % 1.0 % 1.0 %
7.5 % 7.5 % 7.5 % 7.5 % 7.5 %
5.0 % 5.0 % 5.0 % 5.0 % 5.0 %
 5.0 % 5.0 % 5.0 % 5.0 % 5.0 %
4.0 % 4.0 % 4.0 % 4.0 % 4.0 %
26.0 % 26.0 % 26.0 % 26.0 % 26.0 %

4.5 4.5 4.5 4.5 4.5

90 90 90 90 90
60 60 60 60 60
93 93 93 93 93
100 100 100 100 100
1,200 1,200 1,200 1,200 1,200
400 400 400 400 400
1,100 1,100 1,100 1,100 1,100
278 278 278 278 278
8 8 8 8 8
0 0 0 0 0

12.0 % 12.0 % 12.0 % 12.0 % 12.0 %

30.0 % 30.0 % 30.0 % 30.0 % 30.0 %
1.0 % 1.0 % 1.0 % 1.0 % 1.0 %
7.5 % 7.5 % 7.5 % 7.5 % 7.5 %
5.0 % 5.0 % 5.0 % 5.0 % 5.0 %
6.0 % 6.0 % 6.0 % 6.0 % 6.0 %
4.0 % 4.0 % 4.0 % 4.0 % 4.0 %
26.0 % 26.0 % 26.0 % 26.0 % 26.0 %

4.5 4.5 4.5 4.5 4.5

90 90 90 90 90
60 60 60 60 60
93 93 93 93 93
100 100 100 100 100
1,200 1,200 1,200 1,200 1,200
400 400 400 400 400
1,100 1,100 1,100 1,100 1,100
278 278 278 278 278
8 8 8 8 8
0 0 0 0 0

19.2 % 18.0 % 18.0 % 18.0 % 18.0 % 18.0 %

34.2 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 %
0.9 % 1.0 % 1.0 % 1.0 % 1.0 % 1.0 %
7.3 % 7.5 % 7.5 % 7.5 % 7.5 % 7.5 %
5.2 % 5.0 % 5.0 % 5.0 % 5.0 % 5.0 %
6.0 % 6.0 % 6.0 % 6.0 % 6.0 % 6.0 %
3.7 % 4.0 % 4.0 % 4.0 % 4.0 % 4.0 %
26.5 % 26.0 % 26.0 % 26.0 % 26.0 % 26.0 %

4 5 5 5 5 5
98 90 90 90 90 90
51 60 60 60 60 60
83 93 93 93 93 93
98 100 100 100 100 100
1,176 1,200 1,200 1,200 1,200 1,200
437 400 400 400 400 400
1,089 1,100 1,100 1,100 1,100 1,100
302 278 278 278 278 278
8 8 8 8 8 8
9.7 % 0 0 0 0 0

2023 2024 2025 2026 2027 2028

4,234 4,996 5,895 6,956 8,208 9,685

(2,784) (3,247) (3,832) (4,521) (5,335) (6,296)
1,450 1,748 2,063 2,435 2,873 3,390
(40) (50) (59) (70) (82) (97)
(309) (375) (442) (522) (616) (726)
(218) (250) (295) (348) (410) (484)
(255) (300) (354) (417) (492) (581)
(155) (200) (236) (278) (328) (387)
473 574 678 800 944 1,114
(99) (100) (100) (100) (100) (100)
374 474 578 700 844 1,014
(99) (123) (150) (182) (219) (264)
274 351 428 518 624 750

26 35 43 52 62 75

36.2 46.4 56.5 68.4 82.5 99.1

3.5 4.6 5.6 6.8 8.2 9.9
0.1 0.1 0.1 0.1 0.1 0.1
 2023 2024 2025 2026 2027 2028

137 464 481 512 560 630

1,141 1,232 1,454 1,715 2,024 2,388
393 534 630 743 877 1,035
1,176 1,200 1,200 1,200 1,200 1,200
2,847 3,430 3,764 4,170 4,661 5,253

1,153 1,110 1,310 1,546 1,824 2,152

437 400 400 400 400 400
1,590 1,510 1,710 1,946 2,224 2,552
4,436 4,940 5,474 6,116 6,885 7,805

630 827 976 1,152 1,359 1,604

1,089 1,100 1,100 1,100 1,100 1,100
1,719 1,927 2,076 2,252 2,459 2,704
98 100 100 100 100 100
302 278 278 278 278 278
399 378 378 378 378 378
2,118 2,306 2,455 2,630 2,838 3,082

38 38 38 38 38 38
686 686 686 686 686 686
1,595 1,911 2,296 2,762 3,324 3,999
2,318 2,634 3,019 3,485 4,047 4,723
4,436 4,940 5,474 6,116 6,885 7,805
8 8 8 8 8 8

OK OK OK OK OK OK

2023 2024 2025 2026 2027 2028

274 351 428 518 624 750

155 200 236 278 328 387

(253) (91) (222) (262) (309) (364)

(27) (141) (96) (113) (134) (158)
57 198 149 176 207 245
 206 517 495 597 718 860

(325) (157) (436) (514) (607) (716)

(325) (157) (436) (514) (607) (716)
- - - - - -
(26) (35) (43) (52) (62) (75)
45 2 - - - -
18 (33) (43) (52) (62) (75)
(101) 328 16 31 49 69

237 137 464 481 512 560

(101) 328 16 31 49 69
137 464 481 512 560 630

2023 2024 2025 2026 2027 2028

365 365 365 365 365 365

4,234 4,996 5,895 6,956 8,208 9,685
2,784 3,247 3,832 4,521 5,335 6,296

98 90 90 90 90 90
51 60 60 60 60 60
83 93 93 93 93 93

1,141 1,232 1,454 1,715 2,024 2,388

393 534 630 743 877 1,035
630 827 976 1,152 1,359 1,604

(253) (91) (222) (262) (309) (364)

(27) (141) (96) (113) (134) (158)
57 198 149 176 207 245
(223) (34) (169) (199) (235) (277)

4,234 4,996 5,895 6,956 8,208 9,685

3.67x 4.50x 4.50x 4.50x 4.50x 4.50x
3.7 % 4.0 % 4.0 % 4.0 % 4.0 % 4.0 %

983 1,153 1,110 1,310 1,546 1,824

325 157 436 514 607 716
(155) (200) (236) (278) (328) (387)
1,153 1,110 1,310 1,546 1,824 2,152
 38 38 38 38 38 38
- - - - - -
38 38 38 38 38 38

686 686 686 686 686 686

- - - - - -
686 686 686 686 686 686

274 351 428 518 624 750

26 35 43 52 62 75

1,347 1,595 1,911 2,296 2,762 3,324

274 351 428 518 624 750
(26) (35) (43) (52) (62) (75)
1,595 1,911 2,296 2,762 3,324 3,999

53 98 100 100 100 100

45 2 - - - -
98 100 100 100 100 100
1
2
3
 Relative Valuation

Peer Companies Ticker Enterprise Value Market Cap EBITDA Net Income
Larsen & Toubro Ltd LT 483,902 407,104 30,057 10,471
IRB Infrastructure Developers Ltd IRB 35,275 21,140 3,430 720
KEC International Ltd KEC 17,443 14,404 978 176
Ircon International Ltd IRCON 10,640 14,345 1,117 765
NBCC (India) Ltd NBCC 7,511 12,251 383 267
G R Infraprojects Ltd GRINFRA 16,193 11,330 2,641 1,454
Praj Industries Ltd PRAJIND 9,688 10,249 354 240
NCC Ltd NCC 9,913 9,344 1,603 609
PNC Infratech Ltd PNCINFRA 13,580 8,316 1,681 658
KNR Constructions Ltd KNRCON 7,911 7,526 1,015 458
Engineers India Ltd ENGINERSIN 6,118 7,341 474 346
Power Mech Projects Ltd POWERMECH 6,148 5,841 412 209
HG Infra Engineering Ltd (Part IX) HGINFRA 7,369 5,730 915 493
Techno Electric & Engineering Company Ltd TECHNOE 4,178 5,628 252 187
Man Infraconstruction Ltd MANINFRA 5,184 5,222 467 259

Target Company Valuation

Average 8,052 7,697 628 274

Median 6,970 5,817
Maximum 17,192 22,453
Minimum 3,848 2,138

Current Mcap 3,154

Undervalued Yes
EV / EBITDA P / E
16 39
10 29
18 82
10 19
20 46
6 8
27 43
6 15
8 13
8 16
13 21
15 28
8 12
17 30
11 20

13 28
11 21
27 82
6 8