InCred Equities - Schaeffler India Ltd

	Dec-24A	Dec-25F	Dec-26F	Dec-27F
Revenue (Rsm)	80,763	91,622	103,826	114,423
Operating EBITDA (Rsm)	14,678	17,216	19,509	21,500
Net Profit (Rsm)	9,777	11,270	12,792	14,055
Core EPS (Rs)	62.5	72.1	81.8	89.9
Core EPS Growth	6.6%	15.3%	13.5%	9.9%
FD Core P/E (x)	52.79	45.79	40.34	36.72
DPS (Rs)	28.0	33.0	38.0	38.0
Dividend Yield	0.85%	1.00%	1.15%	1.15%
EV/EBITDA (x)	34.24	28.87	25.25	22.72
P/FCFE (x)	418.32	55.30	58.89	60.83
Net Gearing	(25.3%)	(32.0%)	(35.3%)	(37.2%)
P/BV (x)	9.67	8.68	7.78	6.93
ROE	19.3%	20.0%	20.3%	20.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Dec-24A	Dec-25F	Dec-26F	Dec-27F
Total Net Revenues	80,763	91,622	103,826	114,423
Gross Profit	30,658	34,780	39,413	43,436
Operating EBITDA	14,678	17,216	19,509	21,500
Depreciation And Amortisation	(2,688)	(3,365)	(3,770)	(4,242)
Operating EBIT	11,991	13,851	15,739	17,258
Financial Income/(Expense)	(35)	(30)	(30)	(30)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,219	1,366	1,529	1,713
Profit Before Tax (pre-EI)	13,175	15,186	17,238	18,941
Exceptional Items
Pre-tax Profit	13,175	15,186	17,238	18,941
Taxation	(3,398)	(3,917)	(4,446)	(4,885)
Exceptional Income - post-tax
Profit After Tax	9,777	11,270	12,792	14,055
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	9,777	11,270	12,792	14,055
Recurring Net Profit	9,777	11,270	12,792	14,055
Fully Diluted Recurring Net Profit	9,777	11,270	12,792	14,055

(Rs mn)	Dec-24A	Dec-25F	Dec-26F	Dec-27F
EBITDA	14,678	17,216	19,509	21,500
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,818)	(2,627)	(1,270)	(2,601)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(1,219)	(1,366)	(1,529)	(1,713)
Net Interest (Paid)/Received	(35)	(30)	(30)	(30)
Tax Paid	(3,398)	(3,917)	(4,446)	(4,885)
Cashflow From Operations	7,208	9,276	12,234	12,271
Capex	(7,193)	(1,309)	(5,000)	(5,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,219	1,366	1,529	1,713
Cash Flow From Investing	(5,974)	57	(3,471)	(3,787)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(4,377)	(5,158)	(5,940)	(5,940)
Preferred Dividends
Other Financing Cashflow	35	30	30	30
Cash Flow From Financing	(4,341)	(5,128)	(5,910)	(5,910)
Total Cash Generated	(3,108)	4,205	2,854	2,574
Free Cashflow To Equity	1,234	9,333	8,763	8,484
Free Cashflow To Firm	1,269	9,363	8,793	8,514

(Rs mn)	Dec-24A	Dec-25F	Dec-26F	Dec-27F
Total Cash And Equivalents	13,500	19,041	23,394	27,651
Total Debtors	12,929	14,308	15,645	16,928
Inventories	14,696	16,065	18,205	20,377
Total Other Current Assets
Total Current Assets	41,126	49,414	57,244	64,956
Fixed Assets	22,674	20,618	21,848	23,105
Total Investments
Intangible Assets	1,513	1,513	1,513	1,513
Total Other Non-Current Assets	3,517	6,236	7,038	7,735
Total Non-current Assets	27,704	28,366	30,399	32,353
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	11,281	13,806	16,214	17,242
Other Current Liabilities	4,204	4,518	5,120	5,643
Total Current Liabilities	15,485	18,324	21,334	22,885
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions
Total Liabilities	15,485	18,324	21,334	22,885
Shareholders Equity	53,344	59,456	66,309	74,425
Minority Interests
Total Equity	53,344	59,456	66,309	74,425

	Dec-24A	Dec-25F	Dec-26F	Dec-27F
Revenue Growth	11.8%	13.4%	13.3%	10.2%
Operating EBITDA Growth	10.6%	17.3%	13.3%	10.2%
Operating EBITDA Margin	18.2%	18.8%	18.8%	18.8%
Net Cash Per Share (Rs)	86.37	121.82	149.67	176.91
BVPS (Rs)	341.29	380.39	424.23	476.15
Gross Interest Cover	341.61	461.69	524.63	575.25
Effective Tax Rate	25.8%	25.8%	25.8%	25.8%
Net Dividend Payout Ratio	44.8%	45.8%	46.4%	42.3%
Accounts Receivables Days	53.07	54.25	52.65	51.95
Inventory Days	101.45	98.77	97.10	99.19
Accounts Payables Days	(79.52)	(80.55)	(85.05)	(86.01)
ROIC (%)	30.1%	34.3%	36.7%	36.9%
ROCE (%)	23.7%	24.6%	25.0%	24.5%
Return On Average Assets	14.9%	15.4%	15.5%	15.2%

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(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg