InCred Equities - Maruti Suzuki

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	1,409,326	1,535,481	1,768,008	2,027,325
Operating EBITDA (Rsm)	164,011	186,935	219,550	247,262
Net Profit (Rsm)	127,810	143,292	170,814	185,290
Core EPS (Rs)	421.5	482.4	543.3	589.3
Core EPS Growth	64.6%	14.5%	12.6%	8.5%
FD Core P/E (x)	28.82	25.71	21.56	19.88
DPS (Rs)	125.0	160.0	190.0	210.0
Dividend Yield	1.07%	1.37%	1.62%	1.72%
EV/EBITDA (x)	18.60	15.90	13.64	12.01
P/FCFE (x)	51.14	28.39	97.28	41.50
Net Gearing	(75.3%)	(67.0%)	(58.8%)	(55.2%)
P/BV (x)	4.39	3.47	3.14	2.85
ROE	18.4%	16.0%	15.3%	15.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	1,409,326	1,535,481	1,768,008	2,027,325
Gross Profit	402,063	438,881	508,677	568,657
Operating EBITDA	164,011	186,935	219,550	247,262
Depreciation And Amortisation	(30,223)	(32,107)	(40,730)	(50,815)
Operating EBIT	133,788	154,828	178,820	196,447
Financial Income/(Expense)	37,026	41,633	42,442	44,189
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	170,814	196,461	221,262	240,636
Exceptional Items
Pre-tax Profit	170,814	196,461	221,262	240,636
Taxation	(38,310)	(44,793)	(50,448)	(55,346)
Exceptional Income - post-tax	(4,694)	(8,376)
Profit After Tax	127,810	143,292	170,814	185,290
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	127,810	143,292	170,814	185,290
Recurring Net Profit	132,504	151,668	170,814	185,290
Fully Diluted Recurring Net Profit	132,504	151,668	170,814	185,290

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	164,011	186,935	219,550	247,262
Cash Flow from Invt. & Assoc.
Change In Working Capital	16,607	(8,133)	7,645	8,525
(Incr)/Decr in Total Provisions	(27,381)	33,584	4,476	21,922
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(4,433)	(8,809)	(800)	(800)
Net Interest (Paid)/Received	37,026	41,633	42,442	44,189
Tax Paid	(38,310)	(44,793)	(50,448)	(55,346)
Cashflow From Operations	147,520	200,417	222,865	265,752
Capex	(73,496)	(197,096)	(183,000)	(175,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments		128,411
Other Investing Cashflow	(2,000)	(2,000)	(2,000)	(2,000)
Cash Flow From Investing	(75,496)	(70,685)	(185,000)	(177,000)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(39,300)	(50,304)	(59,736)	(63,420)
Preferred Dividends
Other Financing Cashflow	135,951	(78)	(16)	(15)
Cash Flow From Financing	96,651	(50,382)	(59,752)	(63,435)
Total Cash Generated	168,675	79,349	(21,887)	25,318
Free Cashflow To Equity	72,024	129,732	37,865	88,752
Free Cashflow To Firm	73,956	131,732	40,365	91,752

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	632,453	711,803	689,916	715,233
Total Debtors	46,013	50,482	58,126	72,206
Inventories	41,196	54,688	67,814	83,315
Total Other Current Assets	113,572	96,200	107,000	117,800
Total Current Assets	833,234	913,172	922,856	988,554
Fixed Assets	322,388	415,281	557,552	681,737
Total Investments	18,162	20,162	22,162	24,162
Intangible Assets
Total Other Non-Current Assets	1,124	1,124	1,124	1,124
Total Non-current Assets	341,674	436,567	580,838	707,023
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	145,824	155,651	184,067	222,173
Other Current Liabilities	103,359	117,790	130,784	161,075
Total Current Liabilities	249,183	273,442	314,851	383,248
Total Long-term Debt	331	314	299	284
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	331	314	299	284
Total Provisions	13,478	14,826	16,308	17,939
Total Liabilities	262,992	288,582	331,458	401,471
Shareholders Equity	839,820	1,061,158	1,172,236	1,294,106
Minority Interests
Total Equity	839,820	1,061,158	1,172,236	1,294,106

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	19.9%	9.0%	15.1%	14.7%
Operating EBITDA Growth	49.0%	14.0%	17.4%	12.6%
Operating EBITDA Margin	11.6%	12.2%	12.4%	12.2%
Net Cash Per Share (Rs)	2,010.57	2,263.00	2,193.44	2,274.01
BVPS (Rs)	2,671.18	3,375.18	3,728.48	4,116.11
Gross Interest Cover	69.25	77.41	71.53	65.48
Effective Tax Rate	22.4%	22.8%	22.8%	23.0%
Net Dividend Payout Ratio	29.7%	33.2%	35.0%	34.2%
Accounts Receivables Days	10.23	11.47	11.21	11.73
Inventory Days	15.23	15.96	17.75	18.91
Accounts Payables Days	47.77	50.17	49.23	50.83
ROIC (%)	50.0%	37.2%	34.3%	27.2%
ROCE (%)	23.7%	20.9%	20.0%	19.8%
Return On Average Assets	10.6%	9.8%	10.0%	9.8%

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

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg