InCred Equities - Hyundai Motor India

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	691,929	742,793	833,691	958,755
Operating EBITDA (Rsm)	89,538	94,216	102,523	119,462
Net Profit (Rsm)	56,402	58,163	61,129	70,690
Core EPS (Rs)	69.4	71.6	75.2	87.0
Core EPS Growth	(6.9%)	3.1%	5.1%	15.6%
FD Core P/E (x)	26.81	26.00	24.74	21.39
DPS (Rs)	20.8	25.1	30.1	34.8
Dividend Yield	1.12%	1.35%	1.62%	1.87%
EV/EBITDA (x)	16.07	15.53	14.26	12.00
P/FCFE (x)	(371.60)	(476.10)	64.87	16.91
Net Gearing	(44.9%)	(24.4%)	(21.3%)	(28.0%)
P/BV (x)	9.28	7.53	6.37	5.40
ROE	41.8%	32.0%	27.9%	27.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	691,929	742,793	833,691	958,755
Gross Profit	192,225	205,011	229,265	261,740
Operating EBITDA	89,538	94,216	102,523	119,462
Depreciation And Amortisation	(21,053)	(24,210)	(29,779)	(35,139)
Operating EBIT	68,485	70,005	72,744	84,323
Financial Income/(Expense)	7,428	8,171	9,419	10,691
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	75,913	78,176	82,163	95,014
Exceptional Items
Pre-tax Profit	75,913	78,176	82,163	95,014
Taxation	(19,511)	(20,013)	(21,034)	(24,324)
Exceptional Income - post-tax
Profit After Tax	56,402	58,163	61,129	70,690
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	56,402	58,163	61,129	70,690
Recurring Net Profit	56,402	58,163	61,129	70,690
Fully Diluted Recurring Net Profit	56,402	58,163	61,129	70,690

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	89,538	94,216	102,523	119,462
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,747)	(12,927)
(Incr)/Decr in Total Provisions	(17,812)	3,170	8,894
Other Non-Cash (Income)/Expense
Other Operating Cashflow		(900)	(100)
Net Interest (Paid)/Received	7,428	8,171	9,419	10,691
Tax Paid	(19,511)	(20,013)	(21,034)	(24,324)
Cashflow From Operations	55,896	71,716	99,702	105,830
Capex	(56,615)	(70,000)	(60,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(3,351)	(4,892)	(16,392)	(16,392)
Cash Flow From Investing	(59,965)	(74,892)	(76,392)	(16,392)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(16,921)	(20,357)	(24,452)	(28,276)
Preferred Dividends
Other Financing Cashflow	17,107	(1,589)	(774)	(74)
Cash Flow From Financing	187	(21,946)	(25,226)	(28,350)
Total Cash Generated	(3,883)	(25,122)	(1,915)	61,087
Free Cashflow To Equity	(4,069)	(3,176)	23,310	89,438
Free Cashflow To Firm	(2,797)	(1,776)	24,610	90,538

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	85,792	60,137	57,687	81,579
Total Debtors	23,891	30,526	34,261	36,774
Inventories	34,044	40,701	43,398	47,281
Total Other Current Assets	12,024	14,127	15,549	17,004
Total Current Assets	155,751	145,490	150,896	182,638
Fixed Assets	118,235	164,024	194,245	209,106
Total Investments	10,202	14,202	27,202	40,202
Intangible Assets
Total Other Non-Current Assets	16,786	18,300	19,000	19,000
Total Non-current Assets	145,223	196,526	240,447	268,308
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	70,862	71,227	77,659	89,309
Other Current Liabilities	40,824	43,825	52,534	60,415
Total Current Liabilities	111,686	115,052	130,193	149,723
Total Long-term Debt	12,612	11,112	7,112	3,112
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	12,612	11,112	7,112	3,112
Total Provisions	30,497	33,382	35,590	37,249
Total Liabilities	154,795	159,546	172,895	190,084
Shareholders Equity	162,965	200,771	237,448	279,862
Minority Interests
Total Equity	162,965	200,771	237,448	279,862

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	(0.9%)	7.4%	12.2%	15.0%
Operating EBITDA Growth	(2.0%)	5.2%	8.8%	16.5%
Operating EBITDA Margin	12.9%	12.7%	12.3%	12.5%
Net Cash Per Share (Rs)	90.06	60.34	62.24	96.57
BVPS (Rs)	200.56	247.09	292.23	344.43
Gross Interest Cover	53.84	50.00	55.96	76.66
Effective Tax Rate	25.7%	25.6%	25.6%	25.6%
Net Dividend Payout Ratio	30.0%	35.0%	40.0%	40.0%
Accounts Receivables Days	12.92	13.37	14.18	13.52
Inventory Days	24.54	25.37	25.39	23.74
Accounts Payables Days	53.25	48.22	44.95	43.72
ROIC (%)	129.2%	49.6%	31.5%	31.6%
ROCE (%)	47.1%	37.7%	33.8%	34.0%
Return On Average Assets	18.2%	16.4%	15.0%	15.1%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 22 4161 1552 ravi.gupta@incredresearch.com

More Reports

Market Data

Source: Bloomberg