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 3.4 475 378 (20.5)% 27.1 17.7 23.0 (34.9%) 30.1% 26.93 20.70 2.83 2.58 9.15 1.05% 10.5%
Ashok Leyland Auto & Parts - Overall Automobiles and Parts ADD 8.9 134 139 3.7% 4.5 5.6 6.3 26.2% 11.9% 23.84 21.30 6.84 5.98 13.96 2.33% 31.5%
Bajaj Auto Autos Automobiles and Parts ADD 28.5 9,000 9,944 10.5% 264.5 284.3 329.3 7.5% 15.8% 31.65 27.33 7.82 7.20 21.94 2.33% 28.6%
Balkrishna Industries Ltd Auto Parts Automobiles and Parts REDUCE 5.2 2,389 2,400 0.5% 72.3 84.2 86.3 16.5% 2.4% 28.36 27.69 4.45 3.95 18.60 0.67% 16.9%
Bharat Forge Auto Parts Automobiles and Parts HOLD 6.6 1,223 1,209 (1.1)% 19.0 19.1 25.4 0.3% 33.1% 64.03 48.12 6.32 4.63 22.78 0.90% 13.0%
Bosch Ltd Auto Parts Automobiles and Parts REDUCE 13.3 39,885 27,910 (30.0)% 518.8 682.0 776.7 31.5% 13.9% 58.48 51.35 8.52 8.07 46.32 1.13% 15.5%
Eicher Motors Ltd Autos Automobiles and Parts HOLD 21.4 6,875 5,652 (17.8)% 145.6 172.8 174.7 18.7% 1.1% 39.79 39.35 8.85 8.76 36.34 1.02% 23.7%
Endurance Technologies Ltd Auto Parts Automobiles and Parts ADD 4.6 2,867 3,041 6.1% 48.4 59.5 77.3 22.9% 30.0% 48.22 37.09 7.05 6.08 25.93 0.39% 15.4%
Escorts Kubota Ltd Autos Automobiles and Parts REDUCE 4.7 3,689 3,098 (16.0)% 84.7 99.2 220.4 17.1% 122.1% 37.18 16.74 3.98 3.31 34.10 0.76% 11.5%
Exide Industries Ltd Auto Parts Automobiles and Parts REDUCE 4.0 419 349 (16.6)% 12.4 12.7 14.4 2.3% 13.8% 33.03 29.04 2.46 2.39 13.46 1.79% 7.8%
Hero MotoCorp Autos Automobiles and Parts ADD 12.0 5,302 5,231 (1.3)% 206.5 230.6 255.1 11.6% 10.6% 22.99 20.78 5.35 4.98 15.46 3.11% 24.4%
Hyundai Motor India Auto Parts Automobiles and Parts REDUCE 23.6 2,561 1,612 (37.1)% 74.6 69.4 71.6 (6.9%) 3.1% 36.89 35.77 12.77 10.36 22.42 0.81% 41.8%
Mahindra & Mahindra Autos Automobiles and Parts ADD 50.6 3,590 4,157 15.8% 95.0 114.5 126.7 20.6% 10.6% 31.34 28.32 6.51 5.61 20.67 0.75% 22.5%
Maruti Suzuki Autos Automobiles and Parts ADD 54.6 15,325 17,677 15.3% 405.2 443.9 509.4 9.5% 14.8% 34.53 30.09 5.12 4.58 23.48 0.88% 16.6%
Samvardhana Motherson International Ltd Auto Parts Automobiles and Parts ADD 12.5 105 115 9.8% 2.1 3.3 3.9 58.3% 18.0% 31.59 26.77 3.20 2.83 10.97 0.81% 12.0%
Schaeffler India Ltd Industrial Goods and Services Industrial Goods and Services ADD 7.0 3,953 3,773 (4.6)% 58.9 62.5 72.1 0.1% 0.2% 63.20 54.83 11.58 10.39 41.18 0.71% 19.3%
SKF India Ltd Industrial Machinery Industrial Goods and Services ADD 2.7 4,827 5,265 9.1% 111.6 114.4 143.1 0.0% 0.3% 42.18 33.74 9.19 7.50 32.01 0.30% 21.8%
Tata Motors Autos Automobiles and Parts HOLD 29.8 715 744 4.0% 86.6 71.1 72.4 (17.9%) 1.7% 10.05 9.88 2.27 1.88 4.16 0.87% 24.8%
Timken Ltd Industrial Machinery Industrial Goods and Services REDUCE 2.6 3,026 2,838 (6.2)% 52.1 59.5 58.3 0.1% 0.0% 50.87 51.94 8.00 6.98 37.80 1.19% 17.0%
TVS Motor Co Ltd Autos Automobiles and Parts REDUCE 18.8 3,492 2,328 (33.3)% 48.6 57.1 63.4 17.5% 11.1% 61.22 55.11 16.70 13.30 37.54 0.29% 30.8%
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