InCred Equities - Maruti Suzuki

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	1,519,001	1,731,550	2,029,301	2,273,499
Operating EBITDA (Rsm)	176,539	206,892	236,142	265,593
Net Profit (Rsm)	139,552	170,100	188,498	207,738
Core EPS (Rs)	470.5	541.0	599.5	660.7
Core EPS Growth	11.6%	15.0%	10.8%	10.2%
FD Core P/E (x)	28.08	23.03	20.79	18.86
DPS (Rs)	135.0	190.0	210.0	240.0
Dividend Yield	1.08%	1.52%	1.69%	1.93%
EV/EBITDA (x)	18.39	15.51	13.15	11.45
P/FCFE (x)	18.85	41.35	22.96	28.04
Net Gearing	(71.5%)	(67.5%)	(69.3%)	(67.2%)
P/BV (x)	4.17	3.73	3.34	3.00
ROE	16.6%	17.1%	17.0%	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	1,519,001	1,731,550	2,029,301	2,273,499
Gross Profit	434,285	494,135	568,006	630,518
Operating EBITDA	176,539	206,892	236,142	265,593
Depreciation And Amortisation	(31,593)	(34,838)	(39,924)	(44,604)
Operating EBIT	144,946	172,055	196,218	220,989
Financial Income/(Expense)	46,886	48,282	48,584	48,800
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	191,832	220,336	244,802	269,789
Exceptional Items
Pre-tax Profit	191,832	220,336	244,802	269,789
Taxation	(43,904)	(50,237)	(56,305)	(62,051)
Exceptional Income - post-tax	(8,376)
Profit After Tax	139,552	170,100	188,498	207,738
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	139,552	170,100	188,498	207,738
Recurring Net Profit	147,928	170,100	188,498	207,738
Fully Diluted Recurring Net Profit	147,928	170,100	188,498	207,738

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	176,539	206,892	236,142	265,593
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,011)	(10,164)	8,158	(18,225)
(Incr)/Decr in Total Provisions	(3,343)	(6,185)	24,870	11,300
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(7,785)	(1,824)	(800)	(700)
Net Interest (Paid)/Received	46,886	48,282	48,584	48,800
Tax Paid	(43,904)	(50,237)	(56,305)	(62,051)
Cashflow From Operations	167,382	186,764	260,650	244,716
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)	(59,736)	(66,024)	(75,456)
Preferred Dividends
Other Financing Cashflow	(125,523)	1,444	0	0
Cash Flow From Financing	(167,967)	(58,292)	(66,024)	(75,456)
Total Cash Generated	39,864	36,472	104,626	64,261
Free Cashflow To Equity	207,831	94,764	170,650	139,716
Free Cashflow To Firm	209,762	96,764	172,850	142,716

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	672,317	708,789	813,414	877,675
Total Debtors	65,377	66,416	72,276	93,431
Inventories	51,230	66,416	83,396	93,431
Total Other Current Assets	141,011	152,835	163,635	174,335
Total Current Assets	929,935	994,455	1,132,722	1,238,873
Fixed Assets	304,661	359,823	407,899	466,295
Total Investments	20,162	22,162	24,162	26,162
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	324,823	381,985	432,061	492,457
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	174,211	180,271	211,270	224,235
Other Current Liabilities	125,841	128,087	161,232	180,634
Total Current Liabilities	300,052	308,358	372,502	404,870
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	325,610	391,478	425,744
Shareholders Equity	940,467	1,050,831	1,173,304	1,305,586
Minority Interests
Total Equity	940,467	1,050,831	1,173,304	1,305,586

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	7.8%	14.0%	17.2%	12.0%
Operating EBITDA Growth	7.6%	17.2%	14.1%	12.5%
Operating EBITDA Margin	11.6%	11.9%	11.6%	11.7%
Net Cash Per Share (Rs)	2,138.41	2,254.42	2,587.20	2,791.59
BVPS (Rs)	2,991.31	3,342.34	3,731.88	4,152.63
Gross Interest Cover	75.06	86.03	89.19	73.66
Effective Tax Rate	22.9%	22.8%	23.0%	23.0%
Net Dividend Payout Ratio	28.7%	35.1%	35.0%	36.3%
Accounts Receivables Days	13.38	13.89	12.47	13.30
Inventory Days	15.55	17.35	18.71	19.64
Accounts Payables Days	53.84	52.28	48.90	48.38
ROIC (%)	34.8%	43.4%	38.5%	41.2%
ROCE (%)	21.8%	22.3%	22.2%	22.0%
Return On Average Assets	9.6%	10.5%	10.6%	10.6%

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

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

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Market Data

Source: Bloomberg