ABCDEFGHIJKLMNOPQRSTUVWXYZ
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Revenue growth
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Revenue2024202520262027202820292030203120322033TV2024202520262027202820292030203120322033
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EID Sugar & Distillry biz
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Sugar 1,983 2,100 2,225 2,357 2,497 2,645 2,801 2,968 3,086 3,210 6%6%6%6%6%6%6%6%4%4%
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Co-generation 114 114 114 114 114 114 114 114 114 114 0%0%0%0%0%0%0%0%0%0%
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Distillery 900 1,200 1,272 1,348 1,429 1,515 1,606 1,702 1,770 1,841 13%33%6%6%6%6%6%6%4%4%
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Nutraceuticals 232 246 261 276 293 311 329 349 363 378 6%6%6%6%6%6%6%6%4%4%
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Refinery 4,093 4,093 4,093 4,093 4,093 4,093 4,093 4,093 4,093 4,093 0%0%0%0%0%0%0%0%0%0%
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Total7,322 7,753 7,965 8,189 8,426 8,677 8,944 9,226 9,427 9,635 3%7%3%3%3%3%3%3%2%2%
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Coromandel - total22,029 24,232 26,655 28,787 31,090 33,578 36,264 39,165 41,515 44,006 -26%10%10%8%8%8%8%8%6%6%
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56.2%Coromandel (EID share) 12,380 13,618 14,980 16,179 17,473 18,871 20,380 22,011 23,331 24,731
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EBIT %
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EBIT202420252026202720282029203020312032203320342024202520262027202820292030203120322033
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EID Sugar & Distillry biz
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Sugar85 90 96 101 107 114 121 128 133 138 4%4%4%4%4%4%4%4%4%4%
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Co-generation0 0 0 0 0 0 0 0 0 0 0%0%0%0%0%0%0%0%0%0%
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Distillery72 96 102 108 114 121 128 136 142 147 8%8%8%8%8%8%8%8%8%8%
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Nutraceuticals19 20 21 22 23 25 26 28 29 30 8%8%8%8%8%8%8%8%8%8%
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Refinery82 82 82 82 82 82 82 82 82 82 2%2%2%2%2%2%2%2%2%2%
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Total EBIT258 288 300 313 327 342 357 374 385 398 4%4%4%4%4%4%4%4%4%4%
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Tax and interest %25%25%25%25%25%25%25%25%25%25%
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FCF 193 216 225 235 245 256 268 280 289 298 3,379
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Coromandel EBIT (EID share) 867 953 1,049 1,133 1,223 1,321 1,427 1,541 1,633 1,731 7%7%7%7%7%7%7%7%7%7%
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Tax %25%25%25%25%25%25%25%25%25%25%
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Coromandel FCF (EID share) 650 715 786 849 917 991 1,070 1,156 1,225 1,298 14,715
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Consolidated FCF8439311,0121,0841,1631,2471,3381,4361,5141,597 18,094
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Market cap (Cr INR) 13,793
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Net debt- 2,299
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Enterprise value 11,494
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Share price 780
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Discount rate11%
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Terminal growth rate 2%
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Discounted FCF 843 839 821 793 766 740 715 692 657 624 6,373 7%
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Total discounted FCF 13,862
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Present value 16,161
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Shares outstanding17.8
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Value/share 911
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IRR calc- 10,651 931 1,012 1,084 1,163 1,247 1,338 1,436 1,514 1,597 18,094
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14%
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Discounted FCF - only sugar biz 193 195 183 172 162 152 143 135 125 117 1,190
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Discounted FCF - only coromandel share
 650 644 638 621 604 588 572 557 532 508 5,182
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Total
Value/share
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Discounted FCF - only sugar biz 2,767 156
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Discounted FCF - only coromandel share
 11,096 625
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Excess cash 2,299 130
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Total 16,161 911
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 46,986 26,312 1,482
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 1.90
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