InCred Equities - Mahindra & Mahindra

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	992,682	1,171,631	1,309,124	1,459,598
Operating EBITDA (Rsm)	134,243	164,530	177,512	195,052
Net Profit (Rsm)	103,443	119,603	126,708	137,830
Core EPS (Rs)	93.2	107.7	114.1	124.1
Core EPS Growth	29.7%	15.6%	5.9%	8.8%
FD Core P/E (x)	31.65	27.38	25.84	23.76
DPS (Rs)	23.8	25.0	27.5	30.0
Dividend Yield	0.87%	0.92%	1.01%	1.10%
EV/EBITDA (x)	21.86	17.71	16.20	14.37
P/FCFE (x)	101.84	228.74	118.34	48.09
Net Gearing	(23.7%)	(20.2%)	(18.9%)	(22.0%)
P/BV (x)	6.26	5.35	4.64	4.05
ROE	21.6%	21.1%	19.2%	18.2%
% 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	1,171,631	1,309,124	1,459,598
Gross Profit	252,619	298,766	329,899	364,899
Operating EBITDA	134,243	164,530	177,512	195,052
Depreciation And Amortisation	(34,389)	(40,845)	(49,125)	(57,405)
Operating EBIT	99,854	123,686	128,387	137,647
Financial Income/(Expense)	(1,388)	(2,300)	(2,600)	(2,000)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	32,955	33,943	36,659	41,058
Profit Before Tax (pre-EI)	131,421	155,329	162,446	176,705
Exceptional Items
Pre-tax Profit	131,421	155,329	162,446	176,705
Taxation	(27,978)	(35,726)	(35,738)	(38,875)
Exceptional Income - post-tax
Profit After Tax	103,443	119,603	126,708	137,830
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	103,443	119,603	126,708	137,830
Recurring Net Profit	103,443	119,603	126,708	137,830
Fully Diluted Recurring Net Profit	103,443	119,603	126,708	137,830

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	134,243	164,530	177,512	195,052
Cash Flow from Invt. & Assoc.
Change In Working Capital	3,151	(25,074)	(1,165)	(144)
(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	31,643	34,059	39,058
Tax Paid	(27,978)	(35,726)	(35,738)	(38,875)
Cashflow From Operations	136,367	131,624	169,668	190,091
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	(15,667)	(5,311)	32,114
Free Cashflow To Equity	32,151	14,314	27,668	68,091
Free Cashflow To Firm	64,127	21,614	35,268	75,091

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	139,726	134,592	139,281	178,394
Total Debtors	45,495	70,619	75,319	91,975
Inventories	95,048	112,348	125,532	131,964
Total Other Current Assets	50,204	55,704	62,204	68,704
Total Current Assets	330,473	373,263	402,337	471,037
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	203,270	219,990	242,933
Other Current Liabilities
Total Current Liabilities	185,920	203,270	219,990	242,933
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	250,133	263,354	282,797
Shareholders Equity	522,766	612,388	706,116	807,969
Minority Interests
Total Equity	522,766	612,388	706,116	807,969

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	16.8%	18.0%	11.7%	11.5%
Operating EBITDA Growth	28.6%	22.6%	7.9%	9.9%
Operating EBITDA Margin	13.5%	14.0%	13.6%	13.4%
Net Cash Per Share (Rs)	111.57	111.45	120.18	159.91
BVPS (Rs)	470.83	551.55	635.96	727.70
Gross Interest Cover	71.96	53.78	49.38	68.82
Effective Tax Rate	21.3%	23.0%	22.0%	22.0%
Net Dividend Payout Ratio	27.5%	25.1%	26.0%	26.1%
Accounts Receivables Days	15.79	18.09	20.34	20.92
Inventory Days	45.34	43.36	44.33	42.93
Accounts Payables Days	88.13	81.37	78.88	77.18
ROIC (%)	41.2%	42.7%	33.5%	29.9%
ROCE (%)	19.0%	20.7%	18.8%	17.7%
Return On Average Assets	14.6%	15.0%	14.0%	13.5%

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

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Market Data

Source: Bloomberg