Ravi GUPTA

Ravi GUPTA

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ravi.gupta@incredresearch.com
Executive Summary

Valuation
Company Industry Sector Rating MktCap
(US$bn)		 Price Target
Price		 Up/
down (%)		 CORE EPS EPS Growth (%) PER (x) P/Bk (x) EV/EBITDA (x) Yield (%) ROAE (%)
FY24 FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY25F FY25F
Apollo Tyres Ltd Auto Parts Automobiles and Parts REDUCE 3.5 471 378 (19.8)% 27.1 17.7 23.0 (34.9%) 30.1% 26.69 20.51 2.80 2.56 9.07 1.06% 10.5%
Ashok Leyland Auto & Parts - Overall Automobiles and Parts ADD 8.3 242 275 13.6% 8.9 11.2 12.6 26.2% 11.9% 21.52 19.22 6.17 5.40 12.40 2.58% 31.5%
Bajaj Auto Autos Automobiles and Parts ADD 28.2 8,637 10,400 20.4% 264.5 284.3 345.5 7.5% 21.5% 30.38 25.00 7.50 6.87 20.94 2.43% 28.6%
Balkrishna Industries Ltd Auto Parts Automobiles and Parts REDUCE 5.6 2,493 2,400 (3.7)% 72.3 84.2 86.3 16.5% 2.4% 29.59 28.89 4.64 4.12 19.35 0.64% 16.9%
Bharat Forge Auto Parts Automobiles and Parts ADD 7.2 1,296 1,363 5.1% 19.0 19.1 27.6 0.3% 44.8% 67.87 46.89 6.70 4.82 24.09 0.85% 13.0%
Bosch Ltd Auto Parts Automobiles and Parts REDUCE 10.9 31,595 27,910 (11.7)% 518.8 682.0 776.7 31.5% 13.9% 46.33 40.68 6.75 6.39 35.73 1.42% 15.5%
Eicher Motors Ltd Autos Automobiles and Parts HOLD 17.3 5,394 5,652 4.8% 145.6 172.8 174.7 18.7% 1.1% 31.22 30.87 6.94 6.88 27.72 1.30% 23.7%
Endurance Technologies Ltd Auto Parts Automobiles and Parts ADD 4.1 2,481 2,529 1.9% 48.4 59.5 77.3 22.9% 30.0% 41.73 32.11 6.10 5.30 22.43 0.53% 15.4%
Escorts Kubota Ltd Autos Automobiles and Parts REDUCE 4.3 3,293 3,098 (5.9)% 84.7 99.2 220.4 17.1% 122.1% 33.19 14.94 3.55 2.96 30.34 0.85% 11.5%
Exide Industries Ltd Auto Parts Automobiles and Parts REDUCE 3.9 393 349 (11.3)% 12.4 12.7 14.4 2.3% 13.8% 31.04 27.29 2.31 2.24 12.33 1.91% 7.8%
Hero MotoCorp Autos Automobiles and Parts ADD 10.0 4,268 5,525 29.5% 195.2 236.9 270.2 21.4% 14.1% 18.02 15.79 4.37 4.00 12.03 3.75% 25.2%
Hyundai Motor India Auto Parts Automobiles and Parts REDUCE 17.7 1,861 1,612 (13.4)% 74.6 69.4 71.6 (6.9%) 3.1% 26.81 26.00 9.28 7.53 16.07 1.12% 41.8%
Mahindra & Mahindra Autos Automobiles and Parts HOLD 45.1 3,107 3,254 4.7% 95.0 114.5 122.0 20.6% 6.5% 27.12 25.46 5.63 4.82 17.53 0.87% 22.5%
Maruti Suzuki Autos Automobiles and Parts ADD 45.8 12,462 13,621 9.3% 406.5 443.9 541.0 9.2% 21.9% 28.08 23.03 4.17 3.73 18.39 1.08% 16.6%
Samvardhana Motherson International Ltd Auto Parts Automobiles and Parts ADD 12.9 157 172 9.2% 3.1 5.0 6.1 58.3% 23.1% 31.69 25.73 3.27 2.84 10.84 0.53% 12.1%
Schaeffler India Ltd Industrial Goods and Services Industrial Goods and Services ADD 7.8 4,269 3,773 (11.6)% 58.9 62.5 72.1 0.1% 0.2% 68.25 59.21 12.51 11.22 44.54 0.66% 19.3%
SKF India Ltd Industrial Machinery Industrial Goods and Services ADD 2.7 4,709 5,265 11.8% 111.6 114.4 143.1 0.0% 0.3% 41.15 32.91 8.96 7.32 31.20 0.31% 21.8%
Tata Motors Autos Automobiles and Parts REDUCE 30.6 711 642 (9.7)% 86.6 71.1 70.3 (17.9%) (1.1%) 9.99 10.11 2.25 1.88 4.14 0.88% 24.8%
Timken Ltd Industrial Machinery Industrial Goods and Services REDUCE 2.9 3,310 2,838 (14.2)% 52.1 59.5 58.3 0.1% 0.0% 55.64 56.81 8.75 7.63 41.40 1.09% 17.0%
TVS Motor Co Ltd Autos Automobiles and Parts REDUCE 15.2 2,748 2,154 (21.6)% 48.6 57.1 57.7 17.5% 1.2% 48.16 47.59 13.14 10.70 29.60 0.36% 30.8%
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