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 3.2 428 353 (17.6)% 27.1 21.0 24.3 (22.6%) 16.0% 20.41 17.60 1.83 1.70 7.52 1.40% 9.6%
Ashok Leyland Auto & Parts - Overall Automobiles and Parts ADD 7.2 209 265 26.9% 8.9 10.6 12.3 18.6% 16.3% 19.74 16.97 5.95 5.11 11.60 2.64% 31.3%
Bajaj Auto Autos Automobiles and Parts ADD 26.4 8,073 10,590 31.2% 267.9 303.9 362.8 13.4% 19.4% 26.56 22.25 8.12 7.23 19.59 2.48% 32.2%
Balkrishna Industries Ltd Auto Parts Automobiles and Parts ADD 5.8 2,567 3,517 37.0% 72.3 85.8 100.2 18.6% 16.8% 29.93 25.62 4.88 4.25 19.22 0.70% 17.4%
Bharat Forge Auto Parts Automobiles and Parts ADD 6.4 1,153 1,407 22.0% 19.5 22.6 31.9 15.5% 41.6% 51.09 36.09 4.61 4.03 18.80 0.98% 12.8%
Bosch Ltd Auto Parts Automobiles and Parts REDUCE 9.7 28,024 26,379 (5.9)% 518.8 648.5 722.2 25.0% 11.4% 43.21 38.81 6.51 6.22 31.37 1.61% 15.5%
Eicher Motors Ltd Autos Automobiles and Parts HOLD 17.2 5,356 5,197 (3.0)% 145.6 161.4 174.0 10.9% 7.8% 33.18 30.78 7.74 6.73 28.27 1.05% 23.5%
Endurance Technologies Ltd Auto Parts Automobiles and Parts ADD 3.2 1,917 2,498 30.3% 48.4 58.7 79.9 21.4% 36.1% 32.65 23.99 4.80 4.13 17.16 0.68% 15.6%
Escorts Kubota Ltd Autos Automobiles and Parts REDUCE 4.2 3,228 3,010 (6.8)% 96.7 110.1 240.4 13.9% 118.3% 29.32 13.43 3.45 2.84 25.98 0.50% 11.5%
Exide Industries Ltd Auto Parts Automobiles and Parts REDUCE 3.7 372 395 6.3% 12.4 13.5 15.7 8.7% 16.7% 27.59 23.65 2.31 2.22 11.16 2.02% 8.5%
Hero MotoCorp Autos Automobiles and Parts ADD 8.9 3,784 5,525 46.0% 195.2 236.9 270.2 21.4% 14.1% 15.98 14.00 3.87 3.55 10.40 4.23% 25.2%
Hyundai Motor India Auto Parts Automobiles and Parts REDUCE 16.0 1,680 1,414 (15.8)% 74.6 67.0 74.2 (10.2%) 10.8% 25.08 22.64 10.00 8.04 15.36 1.79% 44.8%
Mahindra & Mahindra Autos Automobiles and Parts HOLD 38.4 2,638 3,205 21.5% 93.2 110.0 116.6 18.1% 6.0% 23.98 22.62 4.76 4.12 15.32 1.02% 21.5%
Maruti Suzuki Autos Automobiles and Parts ADD 43.1 11,716 14,261 21.7% 406.5 455.8 543.3 12.1% 19.2% 25.71 21.56 3.47 3.14 15.90 1.37% 16.0%
Samvardhana Motherson International Ltd Auto Parts Automobiles and Parts ADD 10.9 132 152 15.0% 2.9 4.9 6.5 71.2% 32.0% 26.98 20.44 2.79 2.43 9.00 0.90% 11.6%
Schaeffler India Ltd Industrial Goods and Services Industrial Goods and Services ADD 6.0 3,302 3,773 14.3% 58.9 62.5 72.1 0.1% 0.2% 52.79 45.79 9.67 8.68 34.24 0.85% 19.3%
SKF India Ltd Industrial Machinery Industrial Goods and Services ADD 2.2 3,820 5,784 51.4% 111.6 135.2 156.7 0.2% 0.2% 28.25 24.38 6.08 5.27 20.44 1.31% 21.5%
Tata Motors Autos Automobiles and Parts REDUCE 28.9 672 661 (1.6)% 86.6 55.5 73.0 (36.0%) 31.6% 12.11 9.21 2.40 1.95 4.50 0.93% 21.7%
Timken Ltd Industrial Machinery Industrial Goods and Services REDUCE 2.4 2,706 2,981 10.2% 52.1 58.4 73.0 0.1% 0.3% 46.34 37.04 7.16 6.03 31.65 0.07% 16.7%
TVS Motor Co Ltd Autos Automobiles and Parts REDUCE 13.9 2,496 1,901 (23.8)% 50.1 52.8 55.1 5.3% 4.4% 47.28 45.30 14.99 11.79 28.50 0.36% 31.7%
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