InCred Equities - Bosch Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	180,874	200,825	221,963	243,443
Operating EBITDA (Rsm)	23,097	27,235	29,244	31,824
Net Profit (Rsm)	20,119	22,912	24,584	26,846
Core EPS (Rs)	682.0	776.7	833.3	910.0
Core EPS Growth	31.5%	13.9%	7.3%	9.2%
FD Core P/E (x)	46.33	40.68	37.91	34.72
DPS (Rs)	450.0	520.0	550.0	550.0
Dividend Yield	1.42%	1.65%	1.74%	1.74%
EV/EBITDA (x)	35.73	30.43	28.17	25.55
P/FCFE (x)	41.56	111.02	64.43	55.07
Net Gearing	(77.2%)	(70.9%)	(70.3%)	(72.2%)
P/BV (x)	6.75	6.39	6.05	5.66
ROE	15.5%	16.1%	16.4%	16.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	180,874	200,825	221,963	243,443
Gross Profit	66,239	74,506	82,126	89,344
Operating EBITDA	23,097	27,235	29,244	31,824
Depreciation And Amortisation	(3,756)	(4,730)	(5,565)	(6,181)
Operating EBIT	19,341	22,506	23,680	25,644
Financial Income/(Expense)	(171)	(500)	(400)	(400)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	8,142	8,956	9,941	11,035
Profit Before Tax (pre-EI)	27,312	30,962	33,221	36,279
Exceptional Items
Pre-tax Profit	27,312	30,962	33,221	36,279
Taxation	(7,193)	(8,050)	(8,638)	(9,432)
Exceptional Income - post-tax
Profit After Tax	20,119	22,912	24,584	26,846
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	20,119	22,912	24,584	26,846
Recurring Net Profit	20,119	22,912	24,584	26,846
Fully Diluted Recurring Net Profit	20,119	22,912	24,584	26,846

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	23,097	27,235	29,244	31,824
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,585	(7,417)	(3,417)	(1,020)
(Incr)/Decr in Total Provisions	9,028	(1,429)	1,504	1,754
Other Non-Cash (Income)/Expense	1,606
Other Operating Cashflow	14
Net Interest (Paid)/Received	7,971	8,456	9,541	10,635
Tax Paid	(7,193)	(8,050)	(8,638)	(9,432)
Cashflow From Operations	36,108	18,796	28,235	33,761
Capex	(3,999)	(6,819)	(7,000)	(7,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(9,684)	(3,581)	(6,768)	(9,836)
Cash Flow From Investing	(13,683)	(10,400)	(13,768)	(16,836)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(13,275)	(15,340)	(16,225)	(16,225)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(13,275)	(15,340)	(16,225)	(16,225)
Total Cash Generated	9,150	(6,945)	(1,758)	699
Free Cashflow To Equity	22,425	8,395	14,467	16,924
Free Cashflow To Firm	22,596	8,895	14,867	17,324

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	106,696	103,332	108,342	118,878
Total Debtors	42,945	50,510	54,406	57,681
Inventories	19,423	25,309	28,582	30,014
Total Other Current Assets	11,934	13,127	14,440	15,884
Total Current Assets	180,998	192,279	205,770	222,457
Fixed Assets	19,405	22,274	23,709	24,529
Total Investments
Intangible Assets
Total Other Non-Current Assets	1,271	1,271	1,271	1,271
Total Non-current Assets	20,676	23,545	24,980	25,800
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	47,112	51,195	55,874	60,683
Other Current Liabilities
Total Current Liabilities	47,112	51,195	55,874	60,683
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	17,164	18,880	20,768	22,845
Total Liabilities	64,276	70,075	76,642	83,528
Shareholders Equity	138,177	145,749	154,108	164,729
Minority Interests
Total Equity	138,177	145,749	154,108	164,729

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	8.1%	11.0%	10.5%	9.7%
Operating EBITDA Growth	10.3%	17.9%	7.4%	8.8%
Operating EBITDA Margin	12.8%	13.6%	13.2%	13.1%
Net Cash Per Share (Rs)	3,616.81	3,502.79	3,672.62	4,029.76
BVPS (Rs)	4,683.97	4,940.64	5,223.99	5,584.03
Gross Interest Cover	113.11	45.01	59.20	64.11
Effective Tax Rate	26.3%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio	66.0%	67.0%	66.0%	60.4%
Accounts Receivables Days	45.88	46.49	47.62	47.29
Inventory Days	61.06	64.63	70.33	69.39
Accounts Payables Days	87.97	88.84	86.89	85.28
ROIC (%)	34.5%	47.0%	38.6%	38.5%
ROCE (%)	14.9%	15.9%	15.8%	16.1%
Return On Average Assets	10.9%	11.2%	11.2%	11.4%

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

(91) 22 4161 1552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg