InCred Equities - Eicher Motors Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	188,705	215,610	241,976	276,793
Operating EBITDA (Rsm)	47,121	51,770	57,753	68,355
Net Profit (Rsm)	47,344	47,906	53,333	58,336
Core EPS (Rs)	169.9	174.7	194.5	212.7
Core EPS Growth	16.7%	2.9%	11.3%	9.4%
FD Core P/E (x)	31.22	30.87	27.73	25.35
DPS (Rs)	70.0	75.0	82.0	90.0
Dividend Yield	1.30%	1.39%	1.52%	1.67%
EV/EBITDA (x)	27.72	25.41	22.33	18.41
P/FCFE (x)	41.02	96.26	62.25	57.44
Net Gearing	(80.6%)	(76.1%)	(77.9%)	(79.7%)
P/BV (x)	6.94	6.88	6.09	5.35
ROE	23.7%	22.4%	23.3%	22.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	188,705	215,610	241,976	276,793
Gross Profit	85,734	95,615	106,511	122,998
Operating EBITDA	47,121	51,770	57,753	68,355
Depreciation And Amortisation	(7,293)	(8,570)	(9,470)	(10,470)
Operating EBIT	39,828	43,200	48,283	57,885
Financial Income/(Expense)	(543)	(700)	(750)	(720)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	13,049	15,199	16,719	18,223
Profit Before Tax (pre-EI)	52,334	57,699	64,252	75,388
Exceptional Items
Pre-tax Profit	52,334	57,699	64,252	75,388
Taxation	(11,986)	(15,913)	(17,446)	(20,096)
Exceptional Income - post-tax	803
Profit After Tax	41,150	41,786	46,806	55,292
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax	6,194	6,120	6,526	3,044
Net Profit	47,344	47,906	53,333	58,336
Recurring Net Profit	46,541	47,906	53,333	58,336
Fully Diluted Recurring Net Profit	46,541	47,906	53,333	58,336

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	47,121	51,770	57,753	68,355
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,097	(3,587)	71	(1,388)
(Incr)/Decr in Total Provisions	(119)	(3,310)	(400)	(900)
Other Non-Cash (Income)/Expense
Other Operating Cashflow	6,997	6,120	6,526	3,044
Net Interest (Paid)/Received	12,506	14,499	15,969	17,503
Tax Paid	(11,986)	(15,913)	(17,446)	(20,096)
Cashflow From Operations	55,615	49,579	62,473	66,518
Capex	(12,248)	(12,042)	(11,470)	(10,470)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(7,034)	(23,195)	(27,245)	(30,299)
Cash Flow From Investing	(19,282)	(35,237)	(38,715)	(40,769)
Debt Raised/(repaid)	(300)	1,023
Proceeds From Issue Of Shares	0
Shares Repurchased
Dividends Paid	(19,194)	(20,565)	(22,484)	(24,678)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(19,495)	(19,543)	(22,484)	(24,678)
Total Cash Generated	16,839	(5,200)	1,274	1,071
Free Cashflow To Equity	36,034	15,365	23,758	25,749
Free Cashflow To Firm	36,877	15,042	24,508	26,469

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	172,407	165,463	191,086	222,384
Total Debtors	5,496	13,261	14,883	17,037
Inventories	15,638	14,414	16,824	20,741
Total Other Current Assets	31,741	36,333	37,833	39,833
Total Current Assets	225,281	229,471	260,626	299,995
Fixed Assets	39,368	43,121	45,121	45,121
Total Investments
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	39,368	43,121	45,121	45,121
Short-term Debt	821	1,844	1,844	1,844
Current Portion of Long-Term Debt
Total Creditors	25,298	28,251	32,354	37,037
Other Current Liabilities	15,420	19,000	20,000	21,000
Total Current Liabilities	41,538	49,095	54,198	59,880
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	10,427	8,405	8,505	8,605
Total Liabilities	51,965	57,500	62,703	68,486
Shareholders Equity	212,965	215,092	243,044	276,630
Minority Interests
Total Equity	212,965	215,092	243,044	276,630

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	14.1%	14.3%	12.2%	14.4%
Operating EBITDA Growth	8.9%	9.9%	11.6%	18.4%
Operating EBITDA Margin	25.0%	24.0%	23.9%	24.7%
Net Cash Per Share (Rs)	625.77	596.72	690.16	804.31
BVPS (Rs)	776.68	784.43	886.37	1,008.86
Gross Interest Cover	73.29	61.71	64.38	80.40
Effective Tax Rate	22.9%	27.6%	27.2%	26.7%
Net Dividend Payout Ratio	41.2%	42.9%	42.2%	42.3%
Accounts Receivables Days	8.93	15.88	21.23	21.05
Inventory Days	52.70	45.70	42.08	44.58
Accounts Payables Days	81.88	81.44	81.65	82.34
ROIC (%)	82.5%	83.8%	80.6%	92.9%
ROCE (%)	19.7%	19.6%	20.4%	21.7%
Return On Average Assets	19.2%	18.1%	18.7%	18.1%

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

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

More Reports

Market Data

Source: Bloomberg