InCred Equities - Hyundai Motor India

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	698,291	683,528	742,727	830,771
Operating EBITDA (Rsm)	91,326	85,477	95,099	103,086
Net Profit (Rsm)	60,600	54,441	60,306	64,658
Core EPS (Rs)	74.6	67.0	74.2	79.6
Core EPS Growth	28.7%	(10.2%)	10.8%	7.2%
FD Core P/E (x)	22.53	25.08	22.64	21.12
DPS (Rs)	190.0	30.2	33.4	39.8
Dividend Yield	11.31%	1.79%	1.99%	2.37%
EV/EBITDA (x)	14.10	15.36	13.79	12.69
P/FCFE (x)	18.96	(10,224.90)	45.54	38.30
Net Gearing	(73.1%)	(38.4%)	(31.9%)	(28.1%)
P/BV (x)	12.80	10.00	8.04	6.76
ROE	39.5%	44.8%	39.4%	34.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	698,291	683,528	742,727	830,771
Gross Profit	182,361	187,287	204,993	228,462
Operating EBITDA	91,326	85,477	95,099	103,086
Depreciation And Amortisation	(22,079)	(21,417)	(23,987)	(27,585)
Operating EBIT	69,247	64,060	71,112	75,501
Financial Income/(Expense)	13,152	9,113	9,944	11,405
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	82,399	73,173	81,056	86,907
Exceptional Items
Pre-tax Profit	82,399	73,173	81,056	86,907
Taxation	(21,798)	(18,732)	(20,750)	(22,248)
Exceptional Income - post-tax
Profit After Tax	60,600	54,441	60,306	64,658
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	60,600	54,441	60,306	64,658
Recurring Net Profit	60,600	54,441	60,306	64,658
Fully Diluted Recurring Net Profit	60,600	54,441	60,306	64,658

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	91,326	85,477	95,099	103,086
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,462	(18,235)	5,630	482
(Incr)/Decr in Total Provisions	12,390	(12,956)	4,160	6,020
Other Non-Cash (Income)/Expense
Other Operating Cashflow	659	(800)	(100)	(100)
Net Interest (Paid)/Received	13,152	9,113	9,944	11,405
Tax Paid	(21,798)	(18,732)	(20,750)	(22,248)
Cashflow From Operations	101,191	43,866	93,983	98,646
Capex	(29,881)	(40,000)	(60,000)	(50,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	716	(4,000)	(4,000)	(13,000)
Cash Flow From Investing	(29,166)	(44,000)	(64,000)	(63,000)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(154,358)	(24,498)	(27,138)	(32,329)
Preferred Dividends
Other Financing Cashflow	(12,683)	(1,045)	(1,075)	(774)
Cash Flow From Financing	(167,042)	(25,543)	(28,212)	(33,103)
Total Cash Generated	(95,016)	(25,676)	1,770	2,543
Free Cashflow To Equity	72,026	(134)	29,983	35,646
Free Cashflow To Firm	73,606	1,066	31,383	36,946

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	90,173	62,606	62,951	61,568
Total Debtors	25,100	33,708	34,593	38,693
Inventories	33,156	41,199	42,732	45,522
Total Other Current Assets	9,371	10,800	11,900	13,100
Total Current Assets	157,801	148,313	152,176	158,884
Fixed Assets	82,673	101,256	137,269	159,684
Total Investments	6,654	10,654	14,654	27,654
Intangible Assets
Total Other Non-Current Assets	16,364	17,300	18,300	19,000
Total Non-current Assets	105,691	129,210	170,223	206,338
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	74,931	73,346	81,395	88,767
Other Current Liabilities	56,699	43,072	46,802	52,350
Total Current Liabilities	131,629	116,418	128,197	141,117
Total Long-term Debt	12,211	10,211	8,711	4,711
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	12,211	10,211	8,711	4,711
Total Provisions	29,360	31,595	34,025	36,297
Total Liabilities	173,200	158,224	170,932	182,125
Shareholders Equity	106,657	136,599	169,767	202,096
Minority Interests
Total Equity	106,657	136,599	169,767	202,096

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	15.8%	(2.1%)	8.7%	11.9%
Operating EBITDA Growth	21.0%	(6.4%)	11.3%	8.4%
Operating EBITDA Margin	13.1%	12.5%	12.8%	12.4%
Net Cash Per Share (Rs)	95.95	64.48	66.75	69.97
BVPS (Rs)	131.26	168.11	208.93	248.72
Gross Interest Cover	43.81	53.38	50.79	58.08
Effective Tax Rate	26.5%	25.6%	25.6%	25.6%
Net Dividend Payout Ratio	254.7%	45.0%	45.0%	50.0%
Accounts Receivables Days	14.13	15.70	16.78	16.10
Inventory Days	23.83	27.35	28.49	26.74
Accounts Payables Days	52.83	54.53	52.52	51.56
ROIC (%)	105.5%	120.9%	53.5%	42.8%
ROCE (%)	46.0%	49.7%	45.7%	41.7%
Return On Average Assets	17.0%	17.9%	17.9%	16.6%

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

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg