InCred Equities - Eicher Motors Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	165,358	189,685	216,696	239,735
Operating EBITDA (Rsm)	43,269	46,733	53,263	58,982
Net Profit (Rsm)	39,831	44,197	47,639	52,710
Core EPS (Rs)	145.6	158.5	174.0	192.5
Core EPS Growth	36.6%	8.9%	9.8%	10.6%
FD Core P/E (x)	36.79	33.18	30.78	27.82
DPS (Rs)	51.0	56.0	62.0	68.0
Dividend Yield	0.95%	1.05%	1.16%	1.27%
EV/EBITDA (x)	30.57	28.27	24.43	21.61
P/FCFE (x)	104.84	92.08	84.70	61.10
Net Gearing	(79.1%)	(76.6%)	(75.7%)	(76.5%)
P/BV (x)	8.13	7.74	6.73	5.86
ROE	24.1%	23.5%	23.4%	22.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	165,358	189,685	216,696	239,735
Gross Profit	75,551	85,136	97,426	107,719
Operating EBITDA	43,269	46,733	53,263	58,982
Depreciation And Amortisation	(5,976)	(7,100)	(8,570)	(9,470)
Operating EBIT	37,293	39,633	44,693	49,512
Financial Income/(Expense)	(509)	(615)	(780)	(700)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	10,759	13,518	15,420	16,871
Profit Before Tax (pre-EI)	47,543	52,536	59,333	65,683
Exceptional Items
Pre-tax Profit	47,543	52,536	59,333	65,683
Taxation	(12,010)	(13,804)	(16,341)	(17,770)
Exceptional Income - post-tax		803
Profit After Tax	35,533	39,535	42,992	47,914
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax	4,298	4,661	4,646	4,796
Net Profit	39,831	44,197	47,639	52,710
Recurring Net Profit	39,831	43,394	47,639	52,710
Fully Diluted Recurring Net Profit	39,831	43,394	47,639	52,710

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	43,269	46,733	53,263	58,982
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,436	(3,067)	(580)	(61)
(Incr)/Decr in Total Provisions	(18,329)	1,652	(5,981)	(5,000)
Other Non-Cash (Income)/Expense
Other Operating Cashflow	4,298	5,464	4,646	4,796
Net Interest (Paid)/Received	10,250	12,903	14,640	16,171
Tax Paid	(13,620)	(13,804)	(16,341)	(17,770)
Cashflow From Operations	27,305	49,882	49,648	57,118
Capex	(9,050)	(12,534)	(10,470)	(10,470)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,070)	(22,025)	(21,866)	(22,651)
Cash Flow From Investing	(13,120)	(34,559)	(32,336)	(33,121)
Debt Raised/(repaid)	(206)	602
Proceeds From Issue Of Shares	0
Shares Repurchased
Dividends Paid	(13,964)	(15,333)	(16,976)	(18,618)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(14,170)	(14,731)	(16,976)	(18,618)
Total Cash Generated	14	592	336	5,379
Free Cashflow To Equity	13,978	15,924	17,312	23,997
Free Cashflow To Firm	14,693	15,938	18,092	24,697

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	143,855	146,810	166,674	193,178
Total Debtors	3,738	11,190	13,347	14,758
Inventories	14,096	13,224	16,248	17,967
Total Other Current Assets	29,357	27,552	34,833	39,833
Total Current Assets	191,046	198,776	231,102	265,737
Fixed Assets	35,845	40,129	42,029	43,029
Total Investments
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	35,845	40,129	42,029	43,029
Short-term Debt	1,121	1,723	1,723	1,723
Current Portion of Long-Term Debt
Total Creditors	20,901	24,414	29,015	32,084
Other Current Liabilities	13,841	16,000	17,000	17,000
Total Current Liabilities	35,863	42,137	47,737	50,806
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	9,422	7,305	7,605	7,605
Total Liabilities	45,285	49,441	55,342	58,411
Shareholders Equity	180,455	189,464	217,789	250,355
Minority Interests
Total Equity	180,455	189,464	217,789	250,355

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	14.5%	14.7%	14.2%	10.6%
Operating EBITDA Growth	25.7%	8.0%	14.0%	10.7%
Operating EBITDA Margin	26.2%	24.6%	24.6%	24.6%
Net Cash Per Share (Rs)	521.31	529.90	602.45	699.25
BVPS (Rs)	659.08	691.98	795.43	914.37
Gross Interest Cover	73.30	64.44	57.30	70.73
Effective Tax Rate	25.3%	26.3%	27.5%	27.1%
Net Dividend Payout Ratio	35.1%	35.3%	35.6%	35.3%
Accounts Receivables Days	8.20	14.36	20.66	21.40
Inventory Days	54.63	47.69	45.10	47.30
Accounts Payables Days	79.27	79.10	81.75	84.46
ROIC (%)	155.8%	82.1%	86.5%	81.9%
ROCE (%)	21.9%	20.7%	21.3%	20.6%
Return On Average Assets	19.3%	18.9%	18.9%	18.4%

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

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg