InCred Equities - Maruti Suzuki

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	1,519,002	1,742,550	2,140,526	2,411,439
Operating EBITDA (Rsm)	176,538	201,270	246,686	277,419
Net Profit (Rsm)	139,551	160,151	197,945	218,710
Core EPS (Rs)	470.5	525.3	629.6	695.6
Core EPS Growth	12.0%	11.6%	19.9%	10.5%
FD Core P/E (x)	34.53	30.09	24.34	22.03
DPS (Rs)	135.0	155.0	200.0	225.0
Dividend Yield	0.88%	1.01%	1.31%	1.47%
EV/EBITDA (x)	23.48	20.38	16.10	14.00
P/FCFE (x)	23.18	53.37	24.72	30.77
Net Gearing	(71.5%)	(68.0%)	(71.4%)	(69.9%)
P/BV (x)	5.12	4.58	4.06	3.61
ROE	16.6%	16.6%	17.7%	17.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	1,519,002	1,742,550	2,140,526	2,411,439
Gross Profit	434,292	483,839	585,581	654,823
Operating EBITDA	176,538	201,270	246,686	277,419
Depreciation And Amortisation	(31,593)	(39,192)	(43,998)	(49,155)
Operating EBIT	144,945	162,078	202,688	228,264
Financial Income/(Expense)	46,886	51,849	54,384	55,775
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	191,831	213,927	257,071	284,039
Exceptional Items
Pre-tax Profit	191,831	213,927	257,071	284,039
Taxation	(43,904)	(48,775)	(59,126)	(65,329)
Exceptional Income - post-tax	(8,376)	(5,000)
Profit After Tax	139,551	160,151	197,945	218,710
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	139,551	160,151	197,945	218,710
Recurring Net Profit	147,927	165,151	197,945	218,710
Fully Diluted Recurring Net Profit	147,927	165,151	197,945	218,710

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	176,538	201,270	246,686	277,419
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,011)	(9,863)	10,903	(19,004)
(Incr)/Decr in Total Provisions	(3,343)	(5,372)	32,893	13,422
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(7,785)	(6,824)	(800)	(700)
Net Interest (Paid)/Received	46,886	51,849	54,384	55,775
Tax Paid	(43,904)	(48,775)	(59,126)	(65,329)
Cashflow From Operations	167,381	182,285	284,940	261,583
Capex	(85,962)	(90,000)	(88,000)	(103,000)
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	40,449	(92,000)	(90,000)	(105,000)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(42,444)	(48,732)	(62,880)	(70,740)
Preferred Dividends
Other Financing Cashflow	(125,522)	1,444	0	0
Cash Flow From Financing	(167,966)	(47,288)	(62,880)	(70,740)
Total Cash Generated	39,864	42,997	132,060	85,843
Free Cashflow To Equity	207,830	90,285	194,940	156,583
Free Cashflow To Firm	209,761	92,135	196,940	158,883

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	672,317	715,314	847,374	933,218
Total Debtors	65,377	66,838	76,238	99,100
Inventories	51,230	66,838	87,967	99,100
Total Other Current Assets	141,011	152,835	163,635	174,335
Total Current Assets	929,935	1,001,824	1,175,214	1,305,753
Fixed Assets	304,661	355,469	399,470	453,315
Total Investments	20,162	22,162	24,162	26,162
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	324,823	377,631	423,632	479,477
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	174,211	181,416	222,849	237,841
Other Current Liabilities	125,841	128,901	170,069	191,594
Total Current Liabilities	300,052	310,317	392,918	429,434
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	15,683	17,251	18,976	20,874
Total Liabilities	315,735	327,568	411,895	450,308
Shareholders Equity	940,467	1,051,886	1,186,951	1,334,922
Minority Interests
Total Equity	940,467	1,051,886	1,186,951	1,334,922

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	7.8%	14.7%	22.8%	12.7%
Operating EBITDA Growth	7.6%	14.0%	22.6%	12.5%
Operating EBITDA Margin	11.6%	11.6%	11.5%	11.5%
Net Cash Per Share (Rs)	2,138.41	2,275.17	2,695.21	2,968.25
BVPS (Rs)	2,991.31	3,345.69	3,775.29	4,245.93
Gross Interest Cover	75.06	87.61	101.34	99.25
Effective Tax Rate	22.9%	22.8%	23.0%	23.0%
Net Dividend Payout Ratio	28.7%	29.5%	31.8%	32.3%
Accounts Receivables Days	13.38	13.85	12.20	13.27
Inventory Days	15.55	17.12	18.17	19.43
Accounts Payables Days	53.85	51.56	47.45	47.86
ROIC (%)	34.8%	40.9%	40.4%	45.1%
ROCE (%)	21.8%	21.7%	23.1%	22.7%
Return On Average Assets	9.6%	9.9%	10.9%	10.7%

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

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

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Market Data

Source: Bloomberg