InCred Equities - Schaeffler India Ltd

	Dec-22A	Dec-23F	Dec-24F	Dec-25F
Revenue (Rsm)	68,674	72,261	81,574	92,702
Operating EBITDA (Rsm)	12,944	13,268	15,401	17,594
Net Profit (Rsm)	8,792	9,210	10,434	11,813
Core EPS (Rs)	55.5	58.7	66.8	75.6
Core EPS Growth	38.0%	5.7%	13.7%	13.2%
FD Core P/E (x)	61.50	58.18	51.16	45.19
DPS (Rs)	24.0	24.0	30.0	33.0
Dividend Yield	0.70%	0.70%	0.88%	0.97%
EV/EBITDA (x)	40.04	39.04	33.40	29.09
P/FCFE (x)	445.64	119.68	78.05	85.00
Net Gearing	(36.3%)	(33.0%)	(36.0%)	(36.5%)
P/BV (x)	12.45	11.11	9.92	8.83
ROE	21.9%	20.2%	20.5%	20.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Dec-22A	Dec-23F	Dec-24F	Dec-25F
Total Net Revenues	68,674	72,261	81,574	92,702
Gross Profit	26,151	27,475	31,016	35,247
Operating EBITDA	12,944	13,268	15,401	17,594
Depreciation And Amortisation	(2,065)	(2,191)	(2,770)	(3,288)
Operating EBIT	10,879	11,077	12,631	14,307
Financial Income/(Expense)	(36)	(42)	(35)	(30)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	777	1,249	1,374	1,539
Profit Before Tax (pre-EI)	11,621	12,284	13,969	15,815
Exceptional Items	150	47
Pre-tax Profit	11,770	12,331	13,969	15,815
Taxation	(2,978)	(3,121)	(3,535)	(4,002)
Exceptional Income - post-tax
Profit After Tax	8,792	9,210	10,434	11,813
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,792	9,210	10,434	11,813
Recurring Net Profit	8,680	9,175	10,434	11,813
Fully Diluted Recurring Net Profit	8,680	9,175	10,434	11,813

(Rs mn)	Dec-22A	Dec-23F	Dec-24F	Dec-25F
EBITDA	12,944	13,268	15,401	17,594
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,459)	232	(1,899)	(1,982)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(771)	(1,249)	(1,374)	(1,539)
Net Interest (Paid)/Received	(36)	(42)	(35)	(30)
Tax Paid	(3,136)	(3,121)	(3,535)	(4,002)
Cashflow From Operations	6,543	9,088	8,558	10,042
Capex	(4,788)	(5,877)	(3,092)	(5,300)
Disposals Of FAs/subsidiaries	594
Acq. Of Subsidiaries/investments	(1,678)
Other Investing Cashflow	526	1,249	1,374	1,539
Cash Flow From Investing	(5,345)	(4,628)	(1,719)	(3,761)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(2,501)	(3,751)	(4,689)	(5,158)
Preferred Dividends
Other Financing Cashflow	(5)	42	35	30
Cash Flow From Financing	(2,505)	(3,710)	(4,654)	(5,128)
Total Cash Generated	(1,308)	751	2,185	1,152
Free Cashflow To Equity	1,198	4,460	6,839	6,280
Free Cashflow To Firm	1,233	4,502	6,874	6,310

(Rs mn)	Dec-22A	Dec-23F	Dec-24F	Dec-25F
Total Cash And Equivalents	15,545	15,857	19,381	22,042
Total Debtors	10,324	10,556	12,515	14,477
Inventories	12,434	13,156	14,303	16,255
Total Other Current Assets	37
Total Current Assets	38,340	39,569	46,200	52,773
Fixed Assets	14,064	17,711	18,033	20,045
Total Investments
Intangible Assets	6	1,609	1,609	1,609
Total Other Non-Current Assets	4,858	3,777	5,613	6,345
Total Non-current Assets	18,927	23,097	25,255	27,999
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	11,117	10,551	13,633	15,747
Other Current Liabilities	3,291	4,060	4,023	4,572
Total Current Liabilities	14,408	14,612	17,656	20,318
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions
Total Liabilities	14,408	14,612	17,656	20,318
Shareholders Equity	42,859	48,054	53,799	60,454
Minority Interests
Total Equity	42,859	48,054	53,799	60,454

	Dec-22A	Dec-23F	Dec-24F	Dec-25F
Revenue Growth	23.5%	5.2%	12.9%	13.6%
Operating EBITDA Growth	33.2%	2.5%	16.1%	14.2%
Operating EBITDA Margin	18.8%	18.4%	18.9%	19.0%
Net Cash Per Share (Rs)	99.46	101.45	123.99	141.02
BVPS (Rs)	274.20	307.44	344.19	386.77
Gross Interest Cover	306.46	265.63	360.87	476.89
Effective Tax Rate	25.3%	25.3%	25.3%	25.3%
Net Dividend Payout Ratio	43.4%	40.9%	44.9%	43.7%
Accounts Receivables Days	49.93	52.73	51.62	53.14
Inventory Days	99.99	104.28	99.12	97.06
Accounts Payables Days	(87.75)	(88.30)	(87.30)	(93.32)
ROIC (%)	39.8%	34.4%	36.7%	37.2%
ROCE (%)	27.4%	24.4%	24.8%	25.0%
Return On Average Assets	16.3%	15.4%	15.6%	15.6%

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Market Data

Source: Bloomberg