InCred Equities - Mahindra & Mahindra

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	992,682	1,152,545	1,301,769	1,451,078
Operating EBITDA (Rsm)	134,243	167,498	180,588	198,663
Net Profit (Rsm)	103,443	122,142	129,463	140,957
Core EPS (Rs)	93.2	110.0	116.6	127.0
Core EPS Growth	29.7%	18.1%	6.0%	8.9%
FD Core P/E (x)	28.31	23.98	22.62	20.78
DPS (Rs)	23.8	25.0	27.5	30.0
Dividend Yield	0.97%	1.02%	1.13%	1.23%
EV/EBITDA (x)	19.29	15.32	13.98	12.32
P/FCFE (x)	91.08	186.33	93.11	41.12
Net Gearing	(23.7%)	(20.4%)	(19.5%)	(22.8%)
P/BV (x)	5.60	4.76	4.12	3.59
ROE	21.6%	21.5%	19.5%	18.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	992,682	1,152,545	1,301,769	1,451,078
Gross Profit	252,619	297,357	328,046	362,770
Operating EBITDA	134,243	167,498	180,588	198,663
Depreciation And Amortisation	(34,389)	(40,845)	(49,125)	(57,405)
Operating EBIT	99,854	126,653	131,463	141,258
Financial Income/(Expense)	(1,388)	(2,300)	(2,500)	(2,000)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	32,955	34,273	37,015	41,456
Profit Before Tax (pre-EI)	131,421	158,626	165,978	180,715
Exceptional Items
Pre-tax Profit	131,421	158,626	165,978	180,715
Taxation	(27,978)	(36,484)	(36,515)	(39,757)
Exceptional Income - post-tax
Profit After Tax	103,443	122,142	129,463	140,957
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	103,443	122,142	129,463	140,957
Recurring Net Profit	103,443	122,142	129,463	140,957
Fully Diluted Recurring Net Profit	103,443	122,142	129,463	140,957

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	134,243	167,498	180,588	198,663
Cash Flow from Invt. & Assoc.
Change In Working Capital	3,151	(26,210)	(136)	(147)
(Incr)/Decr in Total Provisions	(12,929)	(3,750)	(5,000)	(5,000)
Other Non-Cash (Income)/Expense
Other Operating Cashflow	8,313
Net Interest (Paid)/Received	31,567	31,973	34,515	39,456
Tax Paid	(27,978)	(36,484)	(36,515)	(39,757)
Cashflow From Operations	136,367	133,027	173,451	193,215
Capex	(44,544)	(79,777)	(100,000)	(80,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(29,083)	(32,533)	(37,000)	(37,000)
Cash Flow From Investing	(73,627)	(112,310)	(137,000)	(117,000)
Debt Raised/(repaid)	(30,588)	(5,000)	(5,000)	(5,000)
Proceeds From Issue Of Shares	6
Shares Repurchased
Dividends Paid	(28,482)	(29,981)	(32,979)	(35,977)
Preferred Dividends
Other Financing Cashflow	9,410	0	0	0
Cash Flow From Financing	(49,654)	(34,981)	(37,979)	(40,977)
Total Cash Generated	13,085	(14,265)	(1,528)	35,238
Free Cashflow To Equity	32,151	15,716	31,451	71,215
Free Cashflow To Firm	64,127	23,016	38,951	78,215

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	139,726	135,995	144,467	186,705
Total Debtors	45,495	69,468	74,896	91,438
Inventories	95,048	110,518	124,827	131,193
Total Other Current Assets	50,204	55,704	62,204	68,704
Total Current Assets	330,473	371,685	406,394	478,040
Fixed Assets	212,615	251,770	302,646	325,241
Total Investments	215,487	237,487	264,487	294,487
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	428,103	489,258	567,133	619,728
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	185,920	199,153	218,754	241,515
Other Current Liabilities
Total Current Liabilities	185,920	199,153	218,754	241,515
Total Long-term Debt	15,849	10,849	5,849	849
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	15,849	10,849	5,849	849
Total Provisions	34,265	36,015	37,515	39,015
Total Liabilities	236,033	246,017	262,118	281,379
Shareholders Equity	522,766	614,926	711,410	816,390
Minority Interests
Total Equity	522,766	614,926	711,410	816,390

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	16.8%	16.1%	12.9%	11.5%
Operating EBITDA Growth	28.6%	24.8%	7.8%	10.0%
Operating EBITDA Margin	13.5%	14.5%	13.9%	13.7%
Net Cash Per Share (Rs)	111.57	112.71	124.85	167.39
BVPS (Rs)	470.83	553.83	640.73	735.28
Gross Interest Cover	71.96	55.07	52.59	70.63
Effective Tax Rate	21.3%	23.0%	22.0%	22.0%
Net Dividend Payout Ratio	27.5%	24.5%	25.5%	25.5%
Accounts Receivables Days	15.79	18.20	20.24	20.92
Inventory Days	45.34	43.87	44.11	42.93
Accounts Payables Days	88.13	82.18	78.33	77.18
ROIC (%)	41.2%	43.7%	34.2%	30.6%
ROCE (%)	19.0%	21.2%	19.1%	18.0%
Return On Average Assets	14.6%	15.3%	14.3%	13.8%

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

(91) 02241611552 ravi.gupta@incredresearch.com

More Reports

Market Data

Source: Bloomberg