Sales Growth 5%

Current Assets/Sales 30.34%

Current Liabilities/Sales 48.48%
Net Fixed Assets/Sales 24.27%
Cost of Goods Sold/Sales -88.23%
Depreciation Rate 7.30%
Interest Rate on Debt 1.76%
Interest Earned on Cash and Marketable Securities 5.84%
Tax Rate 25%
Dividend Payout Ratio 0.00%
Cash and Marketable Securities/Sales 12.08%
Capex/Sales 3.33%
Year 0 1
Income Statement
Sales 261,068 273,866
Costs of Goods Sold -230,342 -241,634
Interest Payments on Debt -8 -218
Interest Earned on Cash and Marketable Securities 1,842 951
Depreciation 6,013 6,308
Profit before Tax 26,547 26,657
Taxes @25% 6,637 6,664
Profit After Tax 19,910 19,993
Dividends 0 0
Retained Earnings 19,910 19,993

Balance Sheet
Cash and Marketable Securities 31534 16279
Current Assets 79215 83098
Fixed Assets at Cost 82414 86454
Depreciation 19047 19981
Net Fixed Assets 63367 66473
Total Assets 174115 165851

Current Liabilities 126571 132776

Debt 432 12403
Accumulated Retained Earnings 0 19993
Stock 720 679
Total Liabilities and Equity 127722 165851
Target DE Ratio 60% 60%

NetWorking Capital -47356 -49677

Capex 8682 9107
Change in WC -2322 -2435
FCFF 19569 19792
PV of FCFF 19569 17735
Terminal Value
PV of Terminal Value
Value of Firm 322623
Value of Equity 322191
No. of Shares Outstanding 3090
IV 104
 Intrinsic Value Per Share
Ke
KdT
We
Wd
Terminal Growth Rate
WACC

2 3 4 5

287,292 301,376 316,150 331,649

-253,480 -265,906 -278,942 -292,616
-454 -716 -1,007 -1,329
2,986 5,253 7,771 10,563
6,617 6,941 7,282 7,639
29,727 33,065 36,692 40,629
7,432 8,266 9,173 10,157
22,296 24,799 27,519 30,471
0 0 0 0
22,296 24,799 27,519 30,471

51128 89943 133067 180871

87172 91445 95928 100631
90693 95139 99803 104695
20961 21988 23066 24197
69732 73150 76736 80498
208032 254539 305732 362000

139285 146113 153276 160790

25780 40660 57171 75454
42288 67087 94606 125077
679 679 679 679
208032 254539 305732 362000
60% 60% 60% 60%

-52113 -54667 -57347 -60159

9554 10022 10514 11029
-2555 -2680 -2811 -2811
22254 24935 27853 30889
17868 17940 17956 17844 31815.47
369952.9576633
213711.5959437
 104 MPS 148
21%
5.42%
40%
60%
3%
11.60%
 TATA Motor group volumes 2016 2017 2018
Commercial Vehicle 390,953 396,097 456,552
Passenger Vehicle 673,643 761,711 764,572
Total vehicles sold 1,064,596 1,157,808 1,221,124
8.76% 5.47%
JLR Volumes 534,746 545,298

JLR Revenue 216388.82 226964.86

Remaining Revenue 56448.78 66230.38

JLR EBIT 9408.8

Remaining EBIT 2103

Value Per Unit - JLR 4,046,572 4,162,217

Value Per Unit - Remaining 905,990 979,992

Y-o-Y Growth in Value (JLR) 3%

Y-o-Y Growth in Value (Remaining) 8%

Total 277,661 274,492 295,409

-1% 8%

Assumptions
Sales Growth The sales growth would increase 5% y-o-y basis the median growth of last 5 years
Cost of Debt (KdT) Cost of Debt has been taken as median of last 5 years ratio of Finance Cost / Tota
Target D/E Ratio
Terminal Growth Rate Terminal Growth Rate is assumed to be 3% because the company has been facing
Current Assets/Sales Current Asset as a % of sales has been taken basis median Current Asset/ sales% o
Current Liabilities/Sales Current Liabilities as a % of sales has been taken basis median Current Liabilities/
Net Fixed Assets/Sales Net Fixed Asset as a % of sales has been taken basis median Net Fixed Asset / sale
Cost of Goods Sold/Sales COGS as a % of sales has been taken basis median Net Fixed Asset / sales% of last
Depreciation Rate Depreciation Rate has been taken basis median Depreciation / sales% of last 5 yea
Interest Rate on Debt Interest Rate on Debt has been taken basis median Finace Cost / sales% of last 5 y
Interest Earned on Cash and Marketable Securities It has been assumed that the interest earned will be equal to risk-free rate of the
Tax Rate The tax rate has been taken as 25% as per ministry of finance guidelines
Dividend Payout Ratio Due to losses faced by TATA Motors we assume that the company would not pay
Cash and Marketable Securities/Sales Cash and Marketable Securities as a % of sales has been taken on median Cash an
Capex/Sales Capex / sales has been taken basis median Capital Work-in-progress / sales % of la
 2019 2020 Median
527286 347,587
746786 613,876
1,274,072 961,463
4.34% -24.54% 4.90%
507895 475952

223,513.58 208040
76417.68 51,322
Margins
-1278.47 594 0.29%
2302 2855 6%

4,400,783 4,371,029
997,389 1,057,072

6% -1% 3%
2% 6% 6%

299,190.59 258,594.36
1% -14% -1%
-2%

e median growth of last 5 years in number of vehicles sold

ars ratio of Finance Cost / Total debt

e the company has been facing losses in last 2 years and is undergoing aggressive turnaround. Thus, the growth will be slow in coming years
median Current Asset/ sales% of last 5 years
asis median Current Liabilities/ sales% of last 5 years
s median Net Fixed Asset / sales% of last 5 years
Net Fixed Asset / sales% of last 5 years
epreciation / sales% of last 5 years
n Finace Cost / sales% of last 5 years
be equal to risk-free rate of the economy
of finance guidelines
at the company would not pay dividend in coming years and focus on turnaroud of the company
been taken on median Cash and Marketable Securities / sales% of last 5 years
Work-in-progress / sales % of last 5 years
will be slow in coming years
 Income 2016 2017 2018 2019 2020
Revenue from operations 277,661 274,492 295,409 299,190.59 258,594.36
Other income (operating) 885 755 888 2,747.81 2,473.61
Total Income 278,546 275,247 296,297 301,938 261,068

Other income (includes Govt. grants) 2,965 2,973

Expenses
Cost of material and services consumed 151,066 160,147 173,371 182,254.45 152,968.74
Basis adjustment on hedge accounted derivatives 2,227 (778) (1,379) -1,245.37 -297.27
Purchase of products for sale 12,842 13,925 15,904 13,258.83 12,228.35
Changes in inventories of finished goods, stock-in-trade
and work-in-progress (2,751) (7,400) (2,047) 2,053.28 2,231.19
Excise duty on sale of goods 4,615 4,800 790 0 0
Employee benefits expense 28,881 28,333 30,300 33,243.87 30,438.60
Finance costs 4,889 4,238 4,681 5,758.60 7,243.33
Foreign exchange (gain)/loss (net) 1,617 3,910 (1,185) 905.91 1,738.74
Depreciation and amortisation expense 16,711 17,905 21,553 23,590.63 21,425.43
Product development/Engineering expenses 3,469 3,414 3,532 4,224.57 4,188.49
Other expenses 55,684 55,430 60,184 62,238.12 57,087.46
Amount capitalised (16,678) (16,877) (18,588) -19,659.59 -17,503.40
Total expenses 262,570 267,046 287,116 306,623 271,750
Profit before exceptional items and tax 15,976 8,200 9,181 (1,720) (7,709)
Exceptional Items:
Defined benefit pension plan amendment past service
credit (3,609) 147.93 0
Employee separation cost 33 68 4 1,371.45 436.14
Provision for impairment of capital work-in-progress
and intangibles under development 1,641 180.97 -73.04

Provision for impairment of Passenger Vehicle Business 1418.64

Provision for Onerous Contracts 777
Provision for costs of closure of operation of a
subsidiary company 381.01 -65.62
Provision for impairment in Jaguar Land Rover 27,837.91 0.00
Provision for impairment in subsidiaries 353.20

Profit on sale of investment in a subsidiary company -376.98 0.00

Provision for loan given to a Joint venture 25.12
Others 1,818 (1,182) (11) 109.27
Profit before tax 14,126 9,315 11,156 (31,371) (10,580)
Tax expense
Current tax 1,862 3,138 3,303 2,225.23 1,893.05
Deferred tax 1,163 114 1,039 -4,662.68 -1,497.80
Profit for the year 11,101 6,064 6,814 (28,934) (10,975)

Share of profit of joint ventures and associates (net) 578 1,493 2,278 209.5 -1000
Profit for the year 11,679 7,557 9,092 (28,724) (11,975)

EBITDA 36,691 29,589 34,527 24,664 17,987

EBIT 19,980 11,684 12,974 1,074 (3,438)
 Common Size
2016 2017 2018 2019 2020 Median Values
100% 100% 100% 100% 100%
0% 0% 0% 1% 1% 0%
100% 99% 107% 109% 94% 100%

0% 0% 0% 1% 1% 0%

54% 58% 59% 61% 59% 59%

1% 0% 0% 0% 0% 0%
5% 5% 5% 4% 5% 5%

-1% -3% -1% 1% 1% -1%

2% 2% 0% 0% 0% 0%
10% 10% 10% 11% 12% 10%
2% 2% 2% 2% 3% 2%
1% 1% 0% 0% 1% 1%
6% 7% 7% 8% 8% 7%
1% 1% 1% 1% 2% 1%
20% 20% 20% 21% 22% 20%
-6% -6% -6% -7% -7% -6%
95% 97% 97% 102% 105% 97%
6% 3% 3% -1% -3% 3%

5% 3% 4% -10% -4% 3%

1% 1% 1% 1% 1% 1%
0% 0% 0% -2% -1% 0%
4% 2% 2% -10% -4% 2%

0% 1% 1% 0% 0% 0%
4% 3% 3% -10% -5% 3%

13% 11% 12% 8% 7% 11%

7% 4% 4% 0% -1% 4%
 ASSETS 2016 2017 2018 2019
Non-current assets
Property, plant and equipment 64,927 59,595 73,868 72,619.86
Capital work-in-progress 6,551 10,187 16,143 8,538.17
Right of use assets
Goodwill 760 673 117 747.87
Other intangible assets 41,545 35,676 47,430 37,866.74
Intangible assets under development 19,368 23,512 23,891 23,345.67
Investment in equity accounted investees 3,764 4,606 4,888 4,743.38
Financial assets:
Other Investments 770 691 764 1,497.51
Financial receivables 9,672 10,753 15,479 22,073.17
Loans and advances 504 754 495 407.42
Others financial assets 1,826 2,911 4,564 2,809.18
Deferred tax assets (net) 3,957 4,457 4,159 5,151.11
Non-current tax assets (net 1,266 972 900 1,024.56
Other non-current assets 2,309 2,847 2,681 2,938.73
Total Non-current assets 157,217 157,634 195,379 183,763
Current assets:
Inventories 32,656 35,085 42,138 39,013.73
Investments in equity accounted investees (held-for-sale) 498 591.5
Financial current assets
Investments 19,233 15,041 14,664 8,938.33
Trade receivables 13,571 14,076 19,893 18,996.17
Cash and bank balance 17,154 13,987 14,717 21,559.80
Bank balances 13,307 22,091 19,897 11,089.02
Finance receivables 6,080 6,810 8,402 11,551.52
Loans 1,117 710 2,280 1,268.70
Others financial asset 836 1,556 3,029 3,213.56
Current tax asset 147 223 209 184.37
Assets classified as held-for-sale 2,585 162.24
Other current assets 5,824 6,540 7,662 6,862.22
Total current assets 109,924 116,119 135,974 123,431

Total assets 267,141 273,754 331,353 307,195

Liabilities
Equity
Equity Share Capital 679 679 679 679.22
Other Equity 78,273 57,383 94,749 59,500.34
Equity attributed to the owners of the company 78,952 58,062 95,428 60,179.56
Non-controlling interest 433 453 525 523.06
Total equity 79,385 58,515 95,953 60,703
Non Current Liabilities
Financial Liabilities
Borrowings 50,510 60,629 61,199 70,973.67
Other financial liabilities 7,944 11,410 2,739 2,792.71
Long Term Provisions 7,891 9,004 10,949 11,854.85
Deferred tax liabilities(net) 4,475 1,174 6,126 1,491.04
Other Non-Current Liabilities 9,887 17,393 11,165 13,922.21
Total Non-Current Liabilities 80,706 99,610 92,178 101,034
Current Liabilities
Financial Liabilities
Borrowings 11,451 13,860 16,795 20,150.26
Trade Payables 57,580 57,698 72,038 68513.53
Acceptances 3,981 4,834 4,901 3,177.14
Other financial liabilities 21,282 25,635 31,268 32,855.65
Short Term provisions 5,845 5,808 7,954 10,196.75
current tax liability 724 1,393 1,559 1,017.64
directly associated with Assets held-for-sale 1,070
Other current liabilities 6,187 6,402 7,635 9,546.46
Total Current Liabilities 107,049 115,630 143,220 145,457
Total liabilities 187,756 215,239 235,398 246,492

Total equity and Liabilities 267,141 273,754 331,351 307,195

Current Asset 79,463 80,042 101,360 90,782

Current Liability 101,205 109,822 135,266 135,261
Working Capital (21,742) (29,780) (33,906) (44,478)

Sales
 Common Size
2020 2016 2017 2018 2019 2020 Median Values

77,882.83 23% 22% 25% 24% 30% 24%

8,599.56 2% 4% 5% 3% 3% 3%
6,275.34 0% 0% 0% 0% 2% 0%
777.06 0% 0% 0% 0% 0% 0%
42,171.91 15% 13% 16% 13% 16% 15%
27,022.73 7% 9% 8% 8% 10% 8%
4,418.89 1% 2% 2% 2% 2% 2%

1,028.05 0% 0% 0% 1% 0% 0%
16,833.77 3% 4% 5% 7% 7% 5%
782.78 0% 0% 0% 0% 0% 0%
4,749.57 1% 1% 2% 1% 2% 1%
5,457.90 1% 2% 1% 2% 2% 2%
1,152.05 0% 0% 0% 0% 0% 0%
5,381.57 1% 1% 1% 1% 2% 1%
202,534 57% 57% 66% 61% 78% 61%

37,456.88 12% 13% 14% 13% 14% 13%

0% 0% 0% 0% 0% 0%

10,861.54 7% 5% 5% 3% 4% 5%
11,172.69 5% 5% 7% 6% 4% 5%
18,467.80 6% 5% 5% 7% 7% 6%
15,259.17 5% 8% 7% 4% 6% 6%
14,245.30 2% 2% 3% 4% 6% 3%
935.25 0% 0% 1% 0% 0% 0%
4,586.48 0% 1% 1% 1% 2% 1%
142.8 0% 0% 0% 0% 0% 0%
194.43 0% 0% 1% 0% 0% 0%
6,264.91 2% 2% 3% 2% 2% 2%
119,587 40% 42% 46% 41% 46% 42%

322,121 96% 100% 112% 103% 125% 103%

719.54 0% 0% 0% 0% 0% 0%
62,358.99 28% 21% 32% 20% 24% 24%
63,078.53 28% 21% 32% 20% 24% 24%
813.56 0% 0% 0% 0% 0% 0%
63,892 29% 21% 32% 20% 25% 25%

83,315.62 18% 22% 21% 24% 32% 22%

3,858.48 3% 4% 1% 1% 1% 1%
14,736.69 3% 3% 4% 4% 6% 4%
1,941.87 2% 0% 2% 0% 1% 1%
13,922.46 4% 6% 4% 5% 5% 5%
117,775 29% 36% 31% 34% 46% 34%
16,362.53 4% 5% 6% 7% 6% 6%
63626.88 21% 21% 24% 23% 25% 23%
2,771.33 1% 2% 2% 1% 1% 1%
36,544.00 8% 9% 11% 11% 14% 11%
10,329.04 2% 2% 3% 3% 4% 3%
1,040.14 0% 1% 1% 0% 0% 0%
0% 0% 0% 0% 0% 0%
9,780.13 2% 2% 3% 3% 4% 3%
140,454 39% 42% 48% 49% 54% 48%
258,229 68% 78% 80% 82% 100% 80%

322,121 96% 100% 112% 103% 125% 103%

85,860 29% 29% 34% 30% 33% 30%

130,125 36% 40% 46% 45% 50% 45%
(44,265) -8% -11% -11% -15% -17% -11%
 Ratio Formula 2016 2017
Profitability
EBITDA Margin EBITDA / Net Sales 13% 11%
EBIT Margins EBIT / Net Sales 7% 4%
NPM Net Profit / Net Sales 4% 3%

Return Ratios
ROE Net Profit / Total Shareholder Equity 14.71% 12.91%
ROA EBIT / Total Assets 7.48% 4.27%
ROCE EBIT / (Shareholder Equity + Debt) 14.14% 8.78%

Stability Ratios
Debt / Equity Long Term Debt / Equity 0.78 1.27
Interest Coverage EBIT / Interest 4.09 2.76

Solvency Ratio
Current Ratio Current Assets / Current Liabilities 1.0 1.0
Quick Ratio (Current Assets - Inventory) / Current Liabilitie 0.7 0.7

Turnover Ratios
Receivable Turnover ratio Sales / Receivables 20.5 19.5
Inventory Turnover Ratio Sales / Inventory 8.5 7.8
Payable Turnover Ratio Sales / Payables 4.8 4.8
Asset Turnover ratio Sales/Fixed Assets 2.1 2.1

Dupont Analysis
ROE NPM*Asset Turnover*Leverage 14.71% 12.91%
NPM Net Profit / Net Sales 4% 3%
Asset Turnover Net Sales / Total Assets 1.0 1.0
Assets / Equity Total Assets / Shareholder Equity 3.4 4.7

Cash Conversion Cycle

Receivable Days 365 / RTR 18 19
Inventory Days 365 / ITR 43 47
Payable Days 365 / PTR 76 77

Cash Conversion Cycle (14.93) (11.35)

Costs as percentage of sales

Cost of material and services consumed as % of sales 54.41% 58.34%

Basis adjustment on hedge accounted
derivatives as % of sales 0.80% -0.28%
Purchase of products for sale as % of sales 4.62% 5.07%
Changes in inventories of finished goods,
stock-in-trade and work-in-progress as % of sales -0.99% -2.70%
Excise duty on sale of goods as % of sales 1.66% 1.75%
Employee benefits expense as % of sales 10.40% 10.32%
Finance costs as % of sales 1.76% 1.54%
Foreign exchange (gain)/loss (net) as % of sales 0.58% 1.42%

Depreciation and amortisation expense as % of sales 6.02% 6.52%

Product development/Engineering
expenses as % of sales 1.25% 1.24%
Other expenses as % of sales 20.05% 20.19%
Amount capitalised as % of sales -6.01% -6.15%

Growth in Net Sales (Present Year - Previous Year)/Previous Year 4.1% -1.1%
Growth in Total Operating Income (Present Year - Previous Year)/Previous Year -27.0% -48.7%
Growth in EBIDTA (Present Year - Previous Year)/Previous Year -6.5% -19.4%
Growth in PAT (Present Year - Previous Year)/Previous Year -17% -35%

Total debt 61,961 78,603

Cost of Debt 7.89% 5.39%
 pessimstic normal optimistic
Projections
2018 2019 2020 2021 2022 2023 2024 2025

12% 8% 7%
4% 0% -1%
3% -10% -5%

9.48% -47% -19%

3.92% 0.35% -1.07%
7.46% 0.71% -2.10%

0.81 1.50 1.56 1.19

2.77 0.19 -0.47

0.9 0.8 0.9

0.7 0.6 0.6

14.8 15.8 23.1

7.0 7.7 6.9
4.1 4.4 4.1
1.8 2.1 1.6

9.48% -47.32% -18.74%

3% -10% -5%
0.9 1.0 0.8
3.5 5.1 5.0

25 23 16
52 48 53
89 84 90

(12.36) (12.81) (21.17)

58.69% 60.92% 59.15%

-0.47% -0.42% -0.11%

5.38% 4.43% 4.73%
-0.69% 0.69% 0.86%
0.27% 0.00% 0.00%
10.26% 11.11% 11.77%
1.58% 1.92% 2.80%
-0.40% 0.30% 0.67%

7.30% 7.88% 8.29%

1.20% 1.41% 1.62%

20.37% 20.80% 22.08%
-6.29% -6.57% -6.77%

7.6% 1.3% -13.6% -0.3%

12.0% -118.7% 348.3%
16.7% -28.6% -27.1%
20% -416% -58%

88,950 106,175 106,176

5.26% 5.42% 6.82% 5.42%
Exchange Date TATA Motors Nifty 50 Return TATA Motors Return Nifty 50
30-Sep-2020 146.95 11,492.00 0.026187150837989 0.00917672887
31-Aug-2020 143.20 11,387.50 0.368370759675107 0.02836062835
31-Jul-2020 104.65 11,073.45 0.065139949109415 0.07487308413
30-Jun-2020 98.25 10,302.10 0.129310344827586 0.07534210828
31-May-2020 87.00 9,580.30 -0.06702412868633 -0.0283572856
30-Apr-2020 93.25 9,859.90 0.312456016889515 0.14680003489
31-Mar-2020 71.05 8,597.75 -0.44901124466848 -0.2324636776
29-Feb-2020 128.95 11,201.75 -0.269818799547 -0.0635632539
31-Jan-2020 176.60 11,962.10 -0.04617877396705 -0.0169577884
31-Dec-2019 185.15 12,168.45 0.146439628482972 0.00932311993
30-Nov-2019 161.50 12,056.05 -0.09116488463703 0.01503689765
31-Oct-2019 177.70 11,877.45 0.512984248616432 0.03512150909
30-Sep-2019 117.45 11,474.45 0.006426735218509 0.04093166716
31-Aug-2019 116.70 11,023.25 -0.13938053097345 -0.0085222162
31-Jul-2019 135.60 11,118.00 -0.16579513995694 -0.0569054658
30-Jun-2019 162.55 11,788.85 -0.05822711471611 -0.0112347771
31-May-2019 172.60 11,922.80 -0.1945870275315 0.01486617042
30-Apr-2019 214.30 11,748.15 0.229842180774749 0.01068918349
31-Mar-2019 174.25 11,623.90 -0.01803324880248 0.07703497799
28-Feb-2019 177.45 10,792.50 -0.02069536423841 -0.0035500118
31-Jan-2019 181.20 10,830.95 0.049218297625941 -0.0029090775
31-Dec-2018 172.70 10,862.55 0.004361733061937 -0.001305537
30-Nov-2018 171.95 10,876.75 -0.03992183137912 0.04719061098
31-Oct-2018 179.10 10,386.60 -0.19937416182387 -0.0497554995
30-Sep-2018 223.70 10,930.45 -0.16373831775701 -0.0642138607
31-Aug-2018 267.50 11,680.50 0.012873911397198 0.02852991679
31-Jul-2018 264.10 11,356.50 -0.01930932046045 0.05993858675
30-Jun-2018 269.30 10,714.30 -0.04672566371681 -0.0020351802
31-May-2018 282.50 10,736.15 -0.17009400705053 -0.0002979696
30-Apr-2018 340.40 10,739.35 0.041456325531589 0.06186163323
31-Mar-2018 326.85 10,113.70 -0.11638280616383 -0.0361341294
28-Feb-2018 369.90 10,492.85 -0.07409261576971 -0.048500594
31-Jan-2018 399.50 11,027.70 -0.0749102697696 0.04719534314
31-Dec-2017 431.85 10,530.70 0.068538908820983 0.02974121282
30-Nov-2017 404.15 10,226.55 -0.05660597572362 -0.0105221909
31-Oct-2017 428.40 10,335.30 0.066998754669988 0.05585068345
30-Sep-2017 401.50 9,788.60 0.066259460894967 -0.013037034
31-Aug-2017 376.55 9,917.90 -0.15305892937472 -0.0157981959
31-Jul-2017 444.60 10,077.10 0.027858051092359 0.05841884696
30-Jun-2017 432.55 9,520.90 -0.09156778326158 -0.0104300377
31-May-2017 476.15 9,621.25 0.037589888864676 0.03409268007
30-Apr-2017 458.90 9,304.05 -0.01491896533219 0.01420356997
31-Mar-2017 465.85 9,173.75 0.01992337164751 0.03312649218
28-Feb-2017 456.75 8,879.60 -0.12759048801452 0.03717893311
31-Jan-2017 523.55 8,561.30 0.109216101694915 0.04587212001
31-Dec-2016 472.00 8,185.80 0.027650772915306 -0.0047054532
30-Nov-2016 459.30 8,224.50 -0.13657298618291 -0.0465121671
31-Oct-2016 531.95 8,625.70 -0.00542208095728 0.00168966979
30-Sep-2016 534.85 8,611.15 -0.00530035335689 -0.0199232888
31-Aug-2016 537.70 8,786.20 0.068561208267091 0.01709787579
31-Jul-2016 503.20 8,638.50 0.095699510070768 0.0423214986
30-Jun-2016 459.25 8,287.75 -0.00087022734689 0.01564319065
31-May-2016 459.65 8,160.10 0.125627525407126 0.03952966955
30-Apr-2016 408.35 7,849.80 0.056259699948267 0.01439574072
31-Mar-2016 386.60 7,738.40 0.289956623289957 0.10753465339
29-Feb-2016 299.70 6,987.05 -0.11041852181656 -0.0762208222
31-Jan-2016 336.90 7,563.55 -0.13902376693074 -0.0481730606
31-Dec-2015 391.30 7,946.35 -0.07548730064973 0.00139882171
30-Nov-2015 423.25 7,935.25 0.099493440706585 -0.0161856232
31-Oct-2015 384.95 8,065.80 0.289182853315472 0.01470643737
30-Sep-2015 298.60 7,948.90
 SUMMARY OUTPUT
Intercect -0.01474265796131
Slope 1.96370902675809 Regression Statistics
Rf 5.84% Multiple R 0.665689
Rm-Rf 7.65% R Square 0.443141
Ke 0.21 Adjusted R Square 0.43354
Standard Error 0.117828
Total Beta 2.98237538492 Observations 60
Ke Total Beta based 0.29
ANOVA
df SS MS
Regression 1 0.640798 0.640798
Residual 58 0.805237 0.013883
Total 59 1.446035

Coefficients
Standard Error t Stat
Intercept -0.014743 0.01537 -0.95919
Return Nifty 50 1.963709 0.289044 6.7938
 F Significance F
46.15572 6.501E-09

P-value Lower 95%Upper 95%Lower 95.0%

Upper 95.0%
0.341444 -0.045509 0.016024 -0.045509 0.016024
6.501E-09 1.385124 2.542294 1.385124 2.542294
 Country of GICS Industry
Identifier (RIC) Company Name Exchange Name
MRTI.NS Maruti Suzuki India Ltd India Automobiles
BAJA.NS Bajaj Auto Ltd India Automobiles
MAHM.NS Mahindra and Mahindra Ltd India Automobiles
HROM.NS Hero MotoCorp Ltd India Automobiles
EICH.NS Eicher Motors Ltd India Automobiles
TAMO.NS Tata Motors Ltd India Automobiles
TVSM.NS TVS Motor Company Ltd India Automobiles
MHSC.NS Maharashtra Scooters Ltd India Automobiles
ATUL.NS Atul Auto Ltd India Automobiles
SCOO.BO Scooters India Ltd India Automobiles
HMTR.NS Hindustan Motors Ltd India Automobiles
MJST.BO Majestic Auto Ltd India Automobiles
 Price To Sales
Price To Book Value Per Share (Daily Net Profit
Company Market Cap P/E (Daily Time Per Share (Daily Time Series Margin, (%)
(INR) Series Ratio) Time Series Ratio) Ratio) (FY0)
2,142,531,727,130.61 53.10 4.33 3.57 7.5%
874,488,621,505.54 19.00 4.03 3.46 17.5%
759,964,796,394.07 1.77 0.89 1.0%
612,015,369,738.35 24.96 4.24 2.54 12.4%
586,757,537,307.87 44.37 5.87 7.72 20.0%
489,783,486,388.12 0.84 0.23 -4.6%
217,345,279,714.30 72.66 6.62 1.38 3.4%
34,585,454,837.78 23.76 0.42 224.58 1,170.3%
3,886,545,682.90 10.89 1.26 0.77 8.6%
3,577,201,071.53 7.14 6.08 -21.8%
1,211,376,023.34 -3.86 483.70 -392.5%
965,284,153.67 0.32 1.46 -23.2%
 Forward P/E (Daily Time Series Ratio) Historic P/E
Long Term In the last 5 FY In the last 5 FY
Growth - Mean FY0 FY-1 FY-2 FY-3 FY-4 FY0 FY-1 FY-2
23.5% 28.84 22.82 30.02 20.51 20.58 22.82 26.35 33.97
8.3% 17.93 16.39 21.13 16.79 17.33 11.22 17.10 18.83
-87.9% 14.34 17.66 19.76 15.21 18.45 31.64 13.84 10.73
5.4% 13.93 15.35 19.18 16.01 15.92 8.76 14.81 19.02
18.9% 26.41 21.88 31.48 28.44 28.47 19.57 25.27 35.51
-5.4% 15.77 8.67 10.65 9.31 8.31 12.35
16.5% 27.61 28.67 39.70 24.31 21.19 23.90 31.75 45.10
38.51 13.02 55.70 43.05
9.38 10.92 18.02 15.77 21.07 5.70 13.55 20.21

5.70 2.56
2.64 15.82
FY-3 FY-4
24.20 20.43
19.90 17.14
18.94 20.87
17.95 18.72
40.72
21.23 11.29
40.03 35.74
164.52 13.85
27.90 23.92
40.09

11.98 7.13