Pramod AMTHE

Pramod AMTHE

Director & HOD - Research
(91) 22 4161 1541
pramod.amthe@incredresearch.com
Executive Summary

Pramod Amthe joins our InCred Research team from October 2020 as the Head of Research while also writing Research on the Automobile, Auto components. Prior to joining InCred Research, Pramod was with CGS-CIMB for 8 years, he has also worked with RBS India for 6 years and with domestic brokers for 4 years. He has been tracking Indian auto sector for last 18 years and diversified to cover construction and infra space. Prior to equity research, he has few years experience as a financial consultant . Pramod holds a Bachelor of Mechanical Engineering and MBA from Karnataka University.

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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