InCred Equities - Maruti Suzuki

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	1,409,326	1,565,436	1,844,346	2,127,831
Operating EBITDA (Rsm)	164,011	199,860	231,337	258,897
Net Profit (Rsm)	127,810	150,817	174,522	188,679
Core EPS (Rs)	421.5	506.3	555.1	600.1
Core EPS Growth	64.6%	20.1%	9.6%	8.1%
FD Core P/E (x)	26.96	22.85	19.74	18.26
DPS (Rs)	125.0	160.0	190.0	210.0
Dividend Yield	1.14%	1.46%	1.73%	1.84%
EV/EBITDA (x)	17.15	13.61	11.79	10.39
P/FCFE (x)	47.84	23.88	66.26	33.81
Net Gearing	(75.3%)	(67.9%)	(60.7%)	(57.8%)
P/BV (x)	4.10	3.22	2.91	2.63
ROE	18.4%	16.7%	15.5%	15.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	1,409,326	1,565,436	1,844,346	2,127,831
Gross Profit	402,063	454,427	527,335	600,303
Operating EBITDA	164,011	199,860	231,337	258,897
Depreciation And Amortisation	(30,223)	(35,840)	(46,284)	(57,443)
Operating EBIT	133,788	164,019	185,053	201,454
Financial Income/(Expense)	37,026	40,075	40,137	42,004
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	170,814	204,094	225,190	243,457
Exceptional Items
Pre-tax Profit	170,814	204,094	225,190	243,457
Taxation	(38,310)	(44,901)	(50,668)	(54,778)
Exceptional Income - post-tax	(4,694)	(8,376)
Profit After Tax	127,810	150,817	174,522	188,679
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	127,810	150,817	174,522	188,679
Recurring Net Profit	132,504	159,193	174,522	188,679
Fully Diluted Recurring Net Profit	132,504	159,193	174,522	188,679

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	164,011	199,860	231,337	258,897
Cash Flow from Invt. & Assoc.
Change In Working Capital	16,607	(7,149)	9,170	9,320
(Incr)/Decr in Total Provisions	(27,381)	35,882	7,825	24,260
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(4,433)	(8,809)	(800)	(800)
Net Interest (Paid)/Received	37,026	40,075	40,137	42,004
Tax Paid	(38,310)	(44,901)	(50,668)	(54,778)
Cashflow From Operations	147,520	214,958	237,001	278,903
Capex	(73,496)	(197,096)	(183,000)	(175,000)
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	(75,496)	(70,685)	(185,000)	(177,000)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(39,300)	(50,304)	(59,736)	(63,420)
Preferred Dividends
Other Financing Cashflow	135,951	(78)	(16)	(15)
Cash Flow From Financing	96,651	(50,382)	(59,752)	(63,435)
Total Cash Generated	168,675	93,890	(7,751)	38,468
Free Cashflow To Equity	72,024	144,273	52,001	101,903
Free Cashflow To Firm	73,956	146,273	55,201	105,403

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	632,453	726,344	718,593	757,061
Total Debtors	46,013	51,466	60,636	75,786
Inventories	41,196	55,755	70,742	87,445
Total Other Current Assets	113,572	96,200	107,000	117,800
Total Current Assets	833,234	929,765	956,971	1,038,092
Fixed Assets	322,388	411,548	548,264	665,821
Total Investments	18,162	20,162	22,162	24,162
Intangible Assets
Total Other Non-Current Assets	1,124	1,124	1,124	1,124
Total Non-current Assets	341,674	432,834	571,550	691,107
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	145,824	158,688	192,014	233,187
Other Current Liabilities	103,359	120,088	136,431	169,061
Total Current Liabilities	249,183	278,776	328,445	402,248
Total Long-term Debt	331	314	299	284
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	331	314	299	284
Total Provisions	13,478	14,826	16,308	17,939
Total Liabilities	262,992	293,916	345,052	420,471
Shareholders Equity	839,820	1,068,683	1,183,469	1,308,728
Minority Interests
Total Equity	839,820	1,068,683	1,183,469	1,308,728

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	19.9%	11.1%	17.8%	15.4%
Operating EBITDA Growth	49.0%	21.9%	15.7%	11.9%
Operating EBITDA Margin	11.6%	12.8%	12.5%	12.2%
Net Cash Per Share (Rs)	2,010.57	2,309.25	2,284.65	2,407.05
BVPS (Rs)	2,671.18	3,399.12	3,764.21	4,162.62
Gross Interest Cover	69.25	82.01	57.83	57.56
Effective Tax Rate	22.4%	22.0%	22.5%	22.5%
Net Dividend Payout Ratio	29.7%	31.6%	34.2%	33.6%
Accounts Receivables Days	10.23	11.36	11.09	11.70
Inventory Days	15.23	15.93	17.53	18.90
Accounts Payables Days	47.77	50.02	48.60	50.80
ROIC (%)	50.0%	39.4%	36.3%	29.0%
ROCE (%)	23.7%	21.6%	20.3%	19.8%
Return On Average Assets	10.6%	10.5%	10.2%	9.9%

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(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg