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 (%)
FY21 FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY22F FY22F
Apollo Tyres Ltd Auto Parts Automobiles and Parts REDUCE 4.3 486 408 (16.2)% 5.5 10.1 17.4 82.3% 72.9% 48.37 27.97 2.63 2.40 13.78 1.03% 5.6%
Ashok Leyland Auto & Parts - Overall Automobiles and Parts ADD 9.0 221 265 19.7% (1.1) 0.1 4.7 (109.6%) 4,507.1% 2,168.97 47.08 8.86 7.71 59.91 0.36% 1.1%
Bajaj Auto Autos Automobiles and Parts HOLD 36.7 9,546 11,860 24.2% 137.3 179.8 201.6 30.9% 12.1% 53.10 47.36 9.99 10.48 47.33 1.52% 17.7%
Balkrishna Industries Ltd Auto Parts Automobiles and Parts ADD 7.4 2,763 3,517 27.3% 57.4 76.2 57.8 32.6% (24.2%) 36.28 47.83 7.71 7.04 25.57 1.01% 22.8%
Bharat Forge Auto Parts Automobiles and Parts ADD 8.5 1,323 1,622 22.6% 4.2 29.5 8.7 603.4% (70.6%) 44.85 152.66 9.38 9.19 31.81 0.42% 16.4%
Bosch Ltd Auto Parts Automobiles and Parts REDUCE 13.9 34,302 26,379 (23.1)% 298.1 364.9 487.1 22.4% 33.5% 94.00 70.43 9.47 9.19 67.03 0.61% 10.5%
Eicher Motors Ltd Autos Automobiles and Parts HOLD 18.7 4,965 4,841 (2.5)% 49.3 61.3 106.6 24.4% 73.7% 80.94 46.59 10.77 9.06 58.77 0.42% 13.6%
Endurance Technologies Ltd Auto Parts Automobiles and Parts ADD 4.6 2,357 2,832 20.2% 37.1 37.0 34.1 (0.1%) (7.9%) 63.67 69.12 8.46 7.51 32.35 0.31% 14.6%
Escorts Kubota Ltd Autos Automobiles and Parts REDUCE 5.4 3,494 3,064 (12.3)% 79.1 69.3 54.9 (12.4%) (20.7%) 50.43 63.61 4.90 4.58 40.31 0.24% 11.5%
Exide Industries Ltd Auto Parts Automobiles and Parts REDUCE 4.9 422 395 (6.3)% 8.9 8.4 10.6 (5.6%) 26.3% 50.05 39.65 3.38 3.20 21.23 1.19% 8.2%
Hero MotoCorp Autos Automobiles and Parts ADD 13.2 4,776 5,810 21.7% 148.4 123.7 145.8 (16.7%) 17.9% 38.62 32.75 6.05 5.71 25.13 2.51% 16.0%
Hyundai Motor India Auto Parts Automobiles and Parts REDUCE 20.5 1,830 1,585 (13.4)% 23.2 35.7 58.0 54.2% 62.3% 51.24 31.57 8.82 7.41 24.77 0.91% 18.0%
Mahindra & Mahindra Autos Automobiles and Parts HOLD 50.5 2,949 2,915 (1.2)% 36.9 46.3 71.9 25.5% 55.2% 63.69 41.04 8.40 7.55 43.33 0.37% 13.9%
Maruti Suzuki Autos Automobiles and Parts ADD 47.5 10,959 14,593 33.2% 150.8 121.8 256.0 (19.3%) 110.2% 89.98 42.81 6.37 5.71 52.49 0.53% 7.3%
Samvardhana Motherson International Ltd Auto Parts Automobiles and Parts HOLD 16.0 165 173 4.6% 1.3 1.2 3.4 (8.9%) 181.5% 135.77 48.23 5.44 4.99 25.81 0.26% 3.4%
Schaeffler India Ltd Industrial Goods and Services Industrial Goods and Services ADD 7.4 3,415 4,668 36.7% 18.6 40.2 56.3 1.2% 0.4% 84.85 60.71 14.61 12.45 53.49 0.47% 18.5%
SKF India Ltd Industrial Machinery Industrial Goods and Services ADD 3.2 4,662 5,784 24.1% 60.2 79.9 106.1 0.3% 0.3% 58.33 43.92 12.22 9.84 40.78 0.31% 21.0%
Tata Motors Autos Automobiles and Parts REDUCE 45.2 783 746 (4.7)% (24.0) (26.1) (9.1) 9.1% (65.0%) (29.97) (85.67) 6.47 6.36 10.94 0.00% (17.5%)
Timken Ltd Industrial Machinery Industrial Goods and Services REDUCE 3.4 3,271 2,981 (8.9)% 19.0 43.5 52.0 1.3% 0.2% 75.21 62.96 14.85 12.08 48.19 0.05% 21.8%
TVS Motor Co Ltd Autos Automobiles and Parts REDUCE 15.9 2,429 1,782 (26.6)% 15.5 18.8 31.4 21.3% 66.9% 129.17 77.41 23.93 19.08 60.19 0.21% 20.2%
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