InCred Equities - Eicher Motors Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	165,358	196,277	225,833	249,886
Operating EBITDA (Rsm)	43,269	49,923	55,887	61,882
Net Profit (Rsm)	39,831	44,407	47,934	53,074
Core EPS (Rs)	145.6	159.3	175.1	193.8
Core EPS Growth	36.6%	9.4%	9.9%	10.7%
FD Core P/E (x)	34.11	30.61	28.36	25.61
DPS (Rs)	51.0	56.0	62.0	68.0
Dividend Yield	1.03%	1.13%	1.25%	1.37%
EV/EBITDA (x)	28.10	24.31	21.35	18.85
P/FCFE (x)	97.19	80.91	77.02	55.63
Net Gearing	(79.1%)	(76.7%)	(75.9%)	(76.6%)
P/BV (x)	7.53	7.16	6.21	5.40
ROE	24.1%	23.6%	23.5%	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	196,277	225,833	249,886
Gross Profit	75,551	89,084	101,556	112,287
Operating EBITDA	43,269	49,923	55,887	61,882
Depreciation And Amortisation	(5,976)	(7,200)	(8,570)	(9,470)
Operating EBIT	37,293	42,723	47,317	52,412
Financial Income/(Expense)	(509)	(625)	(800)	(700)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	10,759	12,583	13,299	14,559
Profit Before Tax (pre-EI)	47,543	54,681	59,816	66,270
Exceptional Items
Pre-tax Profit	47,543	54,681	59,816	66,270
Taxation	(12,010)	(15,173)	(16,462)	(17,916)
Exceptional Income - post-tax		803
Profit After Tax	35,533	40,311	43,354	48,354
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax	4,298	4,096	4,580	4,720
Net Profit	39,831	44,407	47,934	53,074
Recurring Net Profit	39,831	43,604	47,934	53,074
Fully Diluted Recurring Net Profit	39,831	43,604	47,934	53,074

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	43,269	49,923	55,887	61,882
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,436	(3,067)	(605)	(64)
(Incr)/Decr in Total Provisions	(18,329)	1,652	(5,981)	(5,000)
Other Non-Cash (Income)/Expense
Other Operating Cashflow	4,298	4,899	4,580	4,720
Net Interest (Paid)/Received	10,250	11,958	12,499	13,859
Tax Paid	(13,620)	(15,173)	(16,462)	(17,916)
Cashflow From Operations	27,305	50,192	49,918	57,480
Capex	(9,050)	(12,534)	(10,470)	(10,470)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,070)	(21,459)	(21,799)	(22,575)
Cash Flow From Investing	(13,120)	(33,993)	(32,269)	(33,045)
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	1,468	673	5,817
Free Cashflow To Equity	13,978	16,800	17,649	24,435
Free Cashflow To Firm	14,693	16,824	18,449	25,135

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	143,855	147,212	167,831	194,765
Total Debtors	3,738	11,587	13,922	15,398
Inventories	14,096	13,694	16,949	18,746
Total Other Current Assets	29,357	27,552	34,833	39,833
Total Current Assets	191,046	200,045	233,536	268,742
Fixed Assets	35,845	40,029	41,929	42,929
Total Investments
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	35,845	40,029	41,929	42,929
Short-term Debt	1,121	1,723	1,723	1,723
Current Portion of Long-Term Debt
Total Creditors	20,901	25,281	30,266	33,474
Other Current Liabilities	13,841	16,000	17,000	17,000
Total Current Liabilities	35,863	43,003	48,989	52,197
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	50,308	56,594	59,802
Shareholders Equity	180,455	189,766	218,871	251,869
Minority Interests
Total Equity	180,455	189,766	218,871	251,869

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	14.5%	18.7%	15.1%	10.7%
Operating EBITDA Growth	25.7%	15.4%	11.9%	10.7%
Operating EBITDA Margin	26.2%	25.4%	24.7%	24.8%
Net Cash Per Share (Rs)	521.31	531.37	606.68	705.05
BVPS (Rs)	659.08	693.08	799.38	919.90
Gross Interest Cover	73.30	68.36	59.15	74.87
Effective Tax Rate	25.3%	27.7%	27.5%	27.0%
Net Dividend Payout Ratio	35.1%	35.2%	35.4%	35.1%
Accounts Receivables Days	8.20	14.25	20.61	21.41
Inventory Days	54.63	47.31	45.00	47.34
Accounts Payables Days	79.27	78.63	81.57	84.54
ROIC (%)	155.8%	88.5%	91.7%	86.8%
ROCE (%)	21.9%	22.3%	22.4%	21.7%
Return On Average Assets	19.3%	18.9%	18.9%	18.3%

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

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg