InCred Equities - Hyundai Motor India

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	698,291	695,564	755,806	845,520
Operating EBITDA (Rsm)	91,326	92,840	99,393	107,040
Net Profit (Rsm)	60,600	58,512	62,115	66,160
Core EPS (Rs)	74.6	72.0	76.4	81.4
Core EPS Growth	28.7%	(3.4%)	6.2%	6.5%
FD Core P/E (x)	24.53	25.41	23.94	22.47
DPS (Rs)	190.0	32.4	34.4	40.7
Dividend Yield	10.38%	1.77%	1.88%	2.22%
EV/EBITDA (x)	15.43	15.39	14.32	13.24
P/FCFE (x)	20.64	216.21	43.18	37.07
Net Gearing	(73.1%)	(41.5%)	(36.5%)	(33.8%)
P/BV (x)	13.94	10.71	8.59	7.21
ROE	39.5%	47.7%	39.8%	34.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	698,291	695,564	755,806	845,520
Gross Profit	182,361	194,758	210,870	234,209
Operating EBITDA	91,326	92,840	99,393	107,040
Depreciation And Amortisation	(22,079)	(23,625)	(26,460)	(30,429)
Operating EBIT	69,247	69,215	72,933	76,611
Financial Income/(Expense)	13,152	9,430	10,554	12,313
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	82,399	78,645	83,488	88,924
Exceptional Items
Pre-tax Profit	82,399	78,645	83,488	88,924
Taxation	(21,798)	(20,133)	(21,373)	(22,765)
Exceptional Income - post-tax
Profit After Tax	60,600	58,512	62,115	66,160
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	60,600	58,512	62,115	66,160
Recurring Net Profit	60,600	58,512	62,115	66,160
Fully Diluted Recurring Net Profit	60,600	58,512	62,115	66,160

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	91,326	92,840	99,393	107,040
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,462	(18,262)	5,730	492
(Incr)/Decr in Total Provisions	12,390	(12,198)	4,226	6,126
Other Non-Cash (Income)/Expense
Other Operating Cashflow	659	(800)	(100)	(100)
Net Interest (Paid)/Received	13,152	9,430	10,554	12,313
Tax Paid	(21,798)	(20,133)	(21,373)	(22,765)
Cashflow From Operations	101,191	50,877	98,430	103,106
Capex	(29,881)	(40,000)	(60,000)	(50,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	716	(4,000)	(4,000)	(13,000)
Cash Flow From Investing	(29,166)	(44,000)	(64,000)	(63,000)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(154,358)	(26,330)	(27,952)	(33,080)
Preferred Dividends
Other Financing Cashflow	(12,683)	(1,045)	(1,075)	(774)
Cash Flow From Financing	(167,042)	(27,375)	(29,027)	(33,854)
Total Cash Generated	(95,016)	(20,498)	5,403	6,252
Free Cashflow To Equity	72,026	6,877	34,430	40,106
Free Cashflow To Firm	73,606	8,497	36,030	41,406

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	90,173	67,879	71,923	74,311
Total Debtors	25,100	34,302	35,202	39,380
Inventories	33,156	41,924	43,485	46,330
Total Other Current Assets	9,371	10,800	11,900	13,100
Total Current Assets	157,801	154,905	162,509	173,121
Fixed Assets	82,673	99,048	132,588	152,159
Total Investments	6,654	10,654	14,654	27,654
Intangible Assets
Total Other Non-Current Assets	16,364	17,300	18,300	19,000
Total Non-current Assets	105,691	127,002	165,542	198,813
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	74,931	74,638	82,828	90,343
Other Current Liabilities	56,699	43,830	47,626	53,279
Total Current Liabilities	131,629	118,468	130,454	143,623
Total Long-term Debt	12,211	10,211	8,711	4,711
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	12,211	10,211	8,711	4,711
Total Provisions	29,360	31,595	34,025	36,297
Total Liabilities	173,200	160,274	173,190	184,631
Shareholders Equity	106,657	138,838	173,001	206,081
Minority Interests
Total Equity	106,657	138,838	173,001	206,081

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	15.8%	(0.4%)	8.7%	11.9%
Operating EBITDA Growth	21.0%	1.7%	7.1%	7.7%
Operating EBITDA Margin	13.1%	13.3%	13.2%	12.7%
Net Cash Per Share (Rs)	95.95	70.97	77.79	85.66
BVPS (Rs)	131.26	170.87	212.91	253.63
Gross Interest Cover	43.81	42.73	45.58	58.93
Effective Tax Rate	26.5%	25.6%	25.6%	25.6%
Net Dividend Payout Ratio	254.7%	45.0%	45.0%	50.0%
Accounts Receivables Days	14.13	15.59	16.78	16.10
Inventory Days	23.83	27.36	28.60	26.81
Accounts Payables Days	52.83	54.50	52.74	51.70
ROIC (%)	105.5%	130.6%	56.8%	45.6%
ROCE (%)	46.0%	53.2%	46.5%	42.0%
Return On Average Assets	17.0%	19.2%	18.1%	16.6%

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