INR Crore FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26

ASSETS
Non-current assets
Property Plant And Equipment 4,793 5,786 5,551 5,354 5,159 5,213 5,219 5,924
Capital Work In Progress 385 205 236 149 122 127 105 105
Right Of Use Of Assets - 519 511 518 481 476 483 483
Other Intangible Assets 160 168 318 321 519 544 580 0
Intangible Assets Under Developments 188 187 259 368 332 357 382 382
Equity Accounted Investments In Associates 1,705 2,098 2,408 2,203 2,619 3,084 2,981 2,981
Financial Assets
Investments 1,234 1,551 1,949 2,455 4,600 5,362 4,767 4,767
Loans 60 68 53 17 20 21 25 25
Other Finacial Assets 34 - - 42 206 189 47 47
Income Tax Assets(Net) 856 322 378 358 271 336 254 254
Other Non Current Assets 676 122 63 120 153 129 112 112
Total non current assets 10,090 11,025 11,726 11,906 14,481 15,837 14,956 15,081

Current Assets
Inventories 1,250 1,282 1,789 1,472 1,756 1,756 2,013 2383
Investments 3,174 4,709 6,223 5,870 3,672 4,305 6,636 6,636
Trade Receivables 2,745 1,512 2,275 2,158 2,719 2,630 3,381 3972
Cash And Cash Equalents 208 305 275 181 226 605 384 Err:522
Bank Balance Other Than Above 96 130 122 119 197 92 191 191
Loans 25 24 40 23 24 25 27 Err:522
Other Financial Assets 654 364 366 475 572 424 340 397
Other Current Assets 262 323 279 273 269 480 462 530
Total Current Assets 8,413 8,649 11,369 10,572 9,435 10,315 13,434 Err:522
Total assets 18,503 19,674 23,095 22,478 23,917 26,152 28,390 Err:522

EQUITY AND LIABILITIES

Equity
Equity Share Capital 40 40 40 40 40 40 40 40
Other Equity 13,080 14,366 15,376 15,807 16,616 17,659 19,232 Err:522
Equity Attributed To The Owners Of The Company 13,120 14,406 15,416 15,847 16,656 17,699 19,272 Err:522
Non Controlling Interests 116 141 143 148.05 125.06 135.65 132 132
Total equity 13,237 14,547 15,559 15,995 16,781 17,835 19,404 Err:522
LIABILITIES
Non Current Liabilities
Finacial Liabilities
Borrowings 125 44 45 191 216 178 196 Err:522
Lease Liabilities 208 358 216 220 199 144 0
Provisions 121 124 175 181 202 322 495 495
Deffered Tax Liabilities (Net) 613 473 453 378 486 570 675 675
Total Non Current Liabilities 859 848 1,031 966 1,123 1,270 1,510 Err:522

Current Liabilities
Financial Liabilities
Borrowings 184 166 285 317 293 363 457 532
Lease Liabilities 33 30 36.2 34.6 44 47 55
Trade Payables 3,438 3,128 5,264 4,343 4,759 5,623 5,700 6,639
Other Financial Liabilities 227 261 179 146 170 255 283 330
Other Current Liabilities 501 531 571 496 562 604 768 895
Provisions 60 160 176 179 193 159 221 258
Total Current Liabilities 4,409 4,279 6,505 5,518 6,012 7048 7476 8708
Total Equity And Liabilites 18,504 19,674 23,095 22,478 23,916 26,153 28,390 Err:522

check 1 0 - 0 (1) 0 0 Err:522

FY 27 FY 28 FY 29 FY 30 FY 31 FY 32

5,897 5,867 5,837 5,988 6,339 6,323

105 105 105 105 105 105
483 483 483 483 483 483
0 0 0 0 0 0
382 382 382 382 382 382
2,981 2,981 2,981 2,981 2,981 2,981

4,767 4,767 4,767 4,767 4,767 4,767

25 25 25 25 25 25
47 47 47 47 47 47
254 254 254 254 254 254
112 112 112 112 112 112
15,053 15,024 14,994 15,145 15,496 15,480

2826 3165 3570 3911 4443 5040

6,636 6,636 6,636 6,636 6,636 6,636
4711 5275 5950 6519 7406 8400
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
191 191 191 191 191 191
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
471 528 595 652 741 840
628 703 793 869 987 1120
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

40 40 40 40 40 40
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
 132 132 132 132 132 132
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

0 0 0 0 0 0
495 495 495 495 495 495
675 675 675 675 675 675
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

631 707 797 873 992 1125

65 73 82 90 102 116
7,873 8,817 9,945 10,895 12,377 14,038
391 438 494 541 614 697
1061 1188 1340 1468 1668 1892
306 343 386 423 481 546
10327 11564 13044 14290 16234 18413
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

 3/31/2026 8/11/2025
INR Crores FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 TV
EBIT*(1-t) 4,361 6,071 6,841 8,286 7,963 9,741 11,108
Add: dpn 700 728 757 787 826 875 911
less: change in NWC -173 -265 -203 -242 -204 -318 -357
Less; Capex 825 700 728 757 977 1,226 895

FCFF 4,409 6,364 7,073 8,559 8,016 9,708 11,480 111,585

Time to CF 1 2 3 4 5 6 7 7
Discounted CF 4,041 5,086 4,927 5,198 4,245 4,482 4,621 44,912

PV of FCFF 55,610
PV of TV 44,912
Total Firm value 100,522
Add: cash 574
Les: Debt 340 Terminal Growth
Equity value 100,756.18 5,037.41 2.0% 3.0% 4.0% 5.0%
no.of shares O/S 200015708 13.0% 5,152 5,413 5,733 6,132
Value 5,037.41 13.5% 4,984 5,216 5,497 5,845
CMP (30th July) 4,256.00 14.0% 4,832 5,039 5,288 5,592
14.5% 4,694 4,880 5,101 5,368
Terminal growth rate 4% 15.0% 4,569 4,736 4,933 5,170
WACC 15% WACC 15.5% 4,454 4,605 4,782 4,992
Share Price
>>Share
Price Data
>>Hero
MotoCorp
Date Close -Unit Sensex return of return of
Ltd (Curr. in Curr stock index
7/21/2025
Crores ) 4,409.70 82,200.34 0.3% 0.5%
7/18/2025 4,396.90 81,757.73 4.4% -0.9% Beta 1.098566 cost of debt
7/11/2025 4,211.15 82,500.47 -3.1% -1.1% MCLR 9%
7/4/2025 4,346.00 83,432.89 0.6% -0.7% spread for -0.20%
6/27/2025 4,320.85 84,058.90 -0.5% 2.0%
6/20/2025 4,340.60 82,408.17 0.2% 1.6% Cost of deb 8.800%
6/13/2025 4,330.55 81,118.60 1.4% -1.3%
6/6/2025 4,268.90 82,188.99 -0.8% 0.9%
5/30/2025 4,304.80 81,451.01 -0.1% -0.3% Cost of equRFR 6.37%
5/23/2025 4,307.60 81,721.08 -0.7% -0.7% Risk free retrun Market ret 14% mkt
5/16/2025 4,338.55 82,330.59 12.6% 3.6% MRP 7.6300%
5/9/2025 3,854.30 79,454.47 3.1% -1.3% Cost of equ 14.75%
5/2/2025 3,737.85 80,501.99 -3.9% 1.6%
4/25/2025 3,888.40 79,212.53 3.0% 0.8%
4/17/2025 3,773.45 78,553.20 2.9% 4.5%
4/11/2025 3,665.85 75,157.26 0.2% -0.3% Weight of equity
4/4/2025 3,659.90 75,364.69 -1.7% -2.6% Mkt cap as on 30th July INR crores 86552.8
3/28/2025 3,722.10 77,414.92 2.5% 0.7% Mkt debt (NA) so book 457
3/21/2025 3,631.80 76,905.51 2.9% 4.2% Total 87010
3/13/2025 3,531.15 73,828.91 -3.3% -0.7%
3/7/2025 3,651.55 74,332.58 -1.0% 1.5%
2/28/2025 3,686.90 73,198.10 -4.3% -2.8%
2/21/2025 3,853.50 75,311.06 -0.1% -0.8% WACC
2/14/2025 3,859.20 75,939.21 -9.8% -2.5%
2/7/2025 4,278.10 77,860.19 -2.8% 0.5%
2/1/2025 4,402.90 77,505.96 8.7% 1.7%
1/24/2025 4,050.75 76,190.46 -1.1% -0.6%
1/17/2025 4,096.85 76,619.33 -0.6% -1.0%
1/10/2025 4,122.50 77,378.91 -2.8% -2.3%
1/3/2025 4,242.95 79,223.11 0.1% 0.7%
12/27/2024 4,239.50 78,699.07 -2.3% 0.8%
12/20/2024 4,339.85 78,041.59 -5.1% -5.0%
12/13/2024 4,572.90 82,133.12 -1.2% 0.5%
 12/6/2024 4,630.50 81,709.12 -2.7% 2.4%
11/29/2024 4,758.65 79,802.79 -0.7% 0.9%
11/22/2024 4,791.20 79,117.11 4.1% 2.0%
11/14/2024 4,604.30 77,580.31 -3.3% -2.4%
11/8/2024 4,762.75 79,486.32 -5.1% -0.3%
11/1/2024 5,019.50 79,724.12 0.9% 0.4%
10/25/2024 4,973.55 79,402.29 -4.6% -2.2%
10/18/2024 5,214.70 81,224.75 -4.8% -0.2%
10/11/2024 5,476.55 81,381.36 -0.7% -0.4%
10/4/2024 5,513.85 81,688.45 -7.4% -4.5%
9/27/2024 5,954.15 85,571.85 -1.0% 1.2%
9/20/2024 6,013.80 84,544.31 3.8% 2.0%
9/13/2024 5,795.05 82,890.94 0.9% 2.1%
9/6/2024 5,741.40 81,183.93 5.3% -1.4%
8/30/2024 5,451.05 82,365.77 1.2% 1.6%
8/23/2024 5,387.30 81,086.21 5.1% 0.8%
8/16/2024 5,125.80 80,436.84 -1.5% 0.9%
8/9/2024 5,206.30 79,705.91 -1.3% -1.6%
8/2/2024 5,272.25 80,981.95 -3.7% -0.4%
7/26/2024 5,475.45 81,332.72 1.0% 0.9%
7/19/2024 5,423.80 80,604.65 -2.2% 0.1%
7/12/2024 5,546.40 80,519.34 -0.3% 0.7%
7/5/2024 5,563.10 79,996.60 -0.3% 1.2%
6/28/2024 5,580.80 79,032.73 2.4% 2.4%
6/21/2024 5,451.90 77,209.90 -6.2% 0.3%
6/14/2024 5,810.80 76,992.77 4.3% 0.4%
6/7/2024 5,573.65 76,693.36 8.9% 3.7%
5/31/2024 5,119.60 73,961.31 0.1% -1.9%
5/24/2024 5,116.35 75,410.39 0.3% 1.9%
5/18/2024 5,102.75 74,005.94 4.6% 1.8%
5/10/2024 4,877.25 72,664.47 7.3% -1.6%
5/3/2024 4,546.90 73,878.15 1.2% 0.2%
4/26/2024 4,491.85 73,730.16 6.6% 0.9%
4/19/2024 4,215.15 73,088.33 -5.1% -1.6%
4/12/2024 4,442.35 74,244.90 -1.8% 0.0%
 4/5/2024 4,523.85 74,248.22 -4.1% 0.8%
3/28/2024 4,717.20 73,651.35 0.7% 1.1%
3/22/2024 4,685.30 72,831.94 2.2% 0.3%
3/15/2024 4,583.35 72,643.43 -1.5% -2.0%
3/7/2024 4,652.10 74,119.39 1.5% 0.4%
3/2/2024 4,581.85 73,806.15 1.4% 0.9%
2/23/2024 4,518.55 73,142.80 -7.7% 1.0%
2/16/2024 4,895.00 72,426.64 -0.3% 1.2%
2/9/2024 4,908.50 71,595.49 4.1% -0.7%
2/2/2024 4,715.90 72,085.63 6.1% 2.0%
1/25/2024 4,445.25 70,700.67 1.0% -1.0%
1/20/2024 4,402.75 71,423.65 0.4% -1.6%
1/12/2024 4,384.15 72,568.45 9.9% 0.8%
1/5/2024 3,989.40 72,026.15 -3.6% -0.3%
12/29/2023 4,138.20 72,240.26 5.1% 1.6%
12/22/2023 3,936.10 71,106.96 1.0% -0.5%
12/15/2023 3,895.95 71,483.75 4.9% 2.4%
12/8/2023 3,715.40 69,825.60 -1.1% 3.5%
12/1/2023 3,758.55 67,481.19 6.0% 2.3%
11/24/2023 3,546.90 65,970.04 6.4% 0.3%
11/17/2023 3,335.10 65,794.73 7.6% 1.4%
11/10/2023 3,100.50 64,904.68 0.3% 0.8%
11/3/2023 3,090.80 64,363.78 -0.7% 0.9%
10/27/2023 3,111.95 63,782.80 -3.0% -2.5%
10/20/2023 3,207.95 65,397.62 3.5% -1.3%
10/13/2023 3,098.95 66,282.74 2.1% 0.4%
10/6/2023 3,035.75 65,995.63 -0.7% 0.3%
9/29/2023 3,056.95 65,828.41 1.2% -0.3%
9/22/2023 3,021.75 66,009.15 -1.4% -2.7%
9/15/2023 3,063.75 67,838.63 1.8% 1.9%
9/8/2023 3,008.55 66,598.91 2.8% 1.9%
9/1/2023 2,927.05 65,387.16 0.5% 0.8%
8/25/2023 2,911.25 64,886.51 -0.6% -0.1%
8/18/2023 2,927.60 64,948.66 -2.3% -0.6%
8/11/2023 2,995.20 65,322.65 1.7% -0.6%
 8/4/2023 2,944.25 65,721.25 -7.2% -0.7%
7/28/2023 3,172.00 66,160.20
 MCLR https://www.indianbank.in/lending-rates/

zero coouphttps://tradingeconomics.com/india/government-bond-yield

Weight Cost
99.5% 14.75%
0.5% 8.800%

14.7%
 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32
Net Profit Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Add: depn 700 728 757 787 826 875 911
less: change in nwc -173 -265 -203 -242 -204 -318 -357
less : capex 825 700 728 757 977 1,226 895
Add: net debt raised Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Net cashflow Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Add: op cash 384 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
closingcash Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
INR Crore FY 19 FY 20 FY 21 FY 22 FY 23 FY 24

INCOME
Revenue from operations 33,972 29,255 30,959 29,551 34,158 37,789
Other income 687 731 558 555 569 855
Total Income 34,659 29,986 31,517 30,106 34,727 38,643

Expenses
Cost of material consumed 23,503 20,004 21,999 20,846 24,060 24,837
Change in inventories of finished goods traded goods and workin progress (59) (173) (255) 29 (164) 188
Employee benefit expensess 1,778 1,889 1,951 1,996 2,250 2,472
Other expenses 3,730 3,473 3,165 3,190 3,871 4,458
Total Expenses 28,952 25,193 26,860 26,061 30,017 31,955
Earnings Before Interest Depreciation and Tax (EBITDA) 5,707 4,793 4,657 4,046 4,710 6,688
Finance Cost 37 47 46 53 105 76
Depreciation and amortisation expense 624 846 715 690 697 757
Earnings Before Associate's share of profit and Exceptional Items and Tax 5,045 3,900 3,896 3,303 3,908 5,855
Share of profit(loss) of associates 61 35 (47) -199.05 3.11 -120.25
Gain in dilution of interest associate
Exceptional Item 678 - -199.05 3.11 -120.25
profit before tax 5,106 4,613 3,849 2,905 3,914 5,614
Tax expense
Current tax 1,609 1,097 931 805.44 947.69 1,264.18
Deffered tax 29 (145) (18) -76.38 116.03 83.86
Total tax expensess 1,638 952 913 729 1,064 1,348

Profit for the year 3,468 3,661 2,936 2,176 2,850 4,266

EBITDA 5,020 4,062 4,099 3,491 4,141 5,834

EBIT 4,395 3,217 3,384 2,801 3,444 5,076
 FY 25 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32

40,923 47,670 56,530 63,304 71,402 78,226 88,867 100,795

1,044 - - - - - - -
41,967 47,670 56,530 63,304 71,402 78,226 88,867 100,795

27,155.07 31,939 36,744 41,147 45,697 51,629 57,763 65,517

-244
2,680 2,860 3,392 3,798 4,284 4,694 5,332 6,048
5,387 6,197 7,349 8,229 9,282 10,169 11,553 13,103
34,978 40,996 47,485 53,175 59,264 66,492 74,648 84,668
6,989 6,674 9,045 10,129 12,138 11,734 14,219 16,127
70.65 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
824.59 700 728 757 787 826 875 911
6,094 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
-161.12 - - - - - - -

0 - - - - - - -
5,933 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

1,448.02
109.73
1,558 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

4,375 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

5,945 6,674 9,045 10,129 12,138 11,734 14,219 16,127

5,121 5,974 8,317 9,372 11,351 10,908 13,343 15,216
INR Crore FY 16 FY 17 FY 18 FY 19 FY 20 FY 21
Net cash flow from (used in) operating activities 4,007 4017.21 1032.27 5,518 4,110
Cash generated from operations 4,007 4017.21 1032.27 5,518 4,110
Adjustments for: Other adjustments 460.89 295.04 -2434.08 1,859 1,174
Changes in: Other changes 3,546 3722.17 3466.35 3,659 2,936
Net cash flow from (used in) investing activities -1,972 -1858.21 1297.63 -2,819 -2,289
Other investing activity cash flows -1,972 -1858.21 1297.63 -2,819 -2,289
Net cash flow from (used in) financing activities -2,036 -2102.45 -2252.39 -2,602 -1,852
Other financing activity cash flow -2,036 -2102.45 -2252.39 -2,602 -1,852
Net increase (decrease) in cash and cash equivalents -0.62 56.55 77.51 97.19 -30.69
Cash at the beginning of the period 74.68 74.06 130.61 208.12 305.31
Cash at the end of the period 74.06 130.61 208.12 305.31 274.62
Assumptions FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

Industry Data
Domestic
2-wheelers Units 21,180,000 17,416,432 15,120,783 13,570,008 15,862,771 17,974,365 19,607,332
-18% -13% -10% 17% 13% 9%
Exports
2-wheelers Units 2,865,851 3,519,405 3,282,786 4,443,131 3,652,122 3,458,416 4,198,403
23% -7% 35% -18% -5% 21%

Capacity
Dharuhera Units 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000
Gurgaon Units 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000
Haridwar Units 2,700,000 2,700,000 2,700,000 2,700,000 2,700,000 2,700,000 2,700,000
Neemrana Units 800,000 800,000 800,000 800,000 800,000 800,000 800,000
Halol Units 800,000 800,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000
Chittoor Units 400,000 400,000 400,000 400,000 400,000 400,000 400,000
Colombia Units 80,000 80,000 80,000 80,000 80,000 80,000 80,000
Bangladesh Units 150,000 150,000 150,000 150,000 150,000 150,000 150,000
Total Units 9,130,000 9,130,000 9,530,000 9,530,000 9,530,000 9,530,000 9,530,000

Sales
Domestic Sales Units 7,610,000 6,220,000 5,599,930 4,643,526 5,156,247 5,420,532 5,611,758
Exports Units 210,000 180,000 191,609 300,624 172,753 200,923 287,429
Total 7,820,000 6,400,000 5,791,539 4,944,150 5,329,000 5,621,455 5,899,187

Growth
Domestic -18% -10% -17% 11% 5% 4%
export -14% 6% 57% -43% 16% 43%

Capacity Utilization 85.7% 70.1% 60.8% 51.9% 55.9% 59.0% 61.9%

Market Share
Domestic 35.9% 35.7% 37.0% 34.2% 32.5% 30.2% 28.6%
Exports 7.3% 5.1% 5.8% 6.8% 4.7% 5.8% 6.8%

Revenue INR Crore 33,972 29,255 30,959 29,551 34,158 37,789 40,923
Change in Revenue -13.9% 5.8% -4.5% 15.6% 10.6% 8.3%

Realization INR 43,443 45,711 53,456 59,770 64,099 67,222 69,371

Change in Realization 5.2% 16.9% 11.8% 7.2% 4.9% 3.2%

COST DRIVER
Material cost INR crores 23,444 19,831 21,744 20,874 23,897 25,025 26,911
RM per vehicle sold INR 29,980 30,986 37,544 42,220 44,843 44,517 45,618
Material cost /avg realisation 69% 68% 70% 71% 70% 66% 66%

Employee cost 1,778 1,889 1,951 1,996 2,250 2,472 2,680

Employee cost /sales 5.2% 6.5% 6.3% 6.8% 6.6% 6.5% 6.5%

Other expenes 3,730 3,473 3,165 3,190 3,871 4,458 5,387

OTHER expenes as % of sales 11.0% 11.9% 10.2% 10.8% 11.3% 11.8% 13.2%

Tax 1,638 952 913 729 1,064 1,348 1,558

tax as % of EBT 32% 21% 24% 25% 27% 24% 26%

WORKING CAPITAL DRIVER

Inventories INR Crore 1,250 1,282 1,789 1,472 1,756 1,756 2,013
Trade Receivables INR Crore 2,745 1,512 2,275 2,158 2,719 2,630 3,381
Loans INR Crore 25 24 40 23 24 25 27
Other Financial Assets INR Crore 654 364 366 475 572 424 340
Other Current Assets INR Crore 262 323 279 273 269 480 462

Current Liabilities
Borrowings INR Crore 184 166 285 317 293 363 457
lease liabilities INR Crore 0 33 30 36 35 44 47
Trade Payables INR Crore 3438 3128 5264 4343 4759 5623 5700
Other Financial Liabilities INR Crore 227 261 179 146 170 255 283
Other Current Liabilities INR Crore 501 531 571 496 562 604 768
Provisions INR Crore 60 160 176 179 193 159 221

Revenue per day INR Crore 94.37 81.26 86.00 82.09 94.88 104.97 113.68

In terms of Days Sales Outstanding

Current Assets
Inventories 13 16 21 18 19 17 18
Trade Receivables 29 19 26 26 29 25 30
Loans 0 0 0 0 0 0 0
Other Financial Assets 7 4 4 6 6 4 3
Other Current Assets 3 4 3 3 3 5 4

Current Liabilities
Borrowings 2 2 3 4 3 3 4
lease liabilities 0 0 0 0 0 0
Trade Payables 36 38 61 53 50 54 50
Other Financial Liabilities 2 3 2 2 2 2 2
Other Current Liabilities 5 7 7 6 6 6 7
Provisions 1 2 2 2 2 2 2

Working Capital INR Crore 526 -774 -1,756 -1,115 -671 -1,734 -1,252
Change in Working Capital -1,301 -982 641 444 -1,063 482
 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32

21,568,065 24,803,275 27,779,668 31,113,228 34,224,551 37,304,761 40,662,189

10% 15% 12% 12% 10% 9% 9%

4,828,163 5,697,233 6,893,652 8,065,573 9,194,753 10,390,071 11,429,078

15% 18% 21% 17% 14% 13% 10%

2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000

2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000
2,700,000 2,700,000 2,700,000 2,700,000 2,700,000 2,700,000 2,700,000
800,000 800,000 800,000 800,000 800,000 800,000 800,000
1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000
400,000 400,000 400,000 400,000 400,000 400,000 400,000
80,000 80,000 80,000 80,000 80,000 80,000 80,000
150,000 150,000 150,000 150,000 150,000 150,000 150,000
9,530,000 9,530,000 9,530,000 9,530,000 9,630,000 9,830,000 9,840,000

6,254,739 7,192,950 7,778,307 8,400,572 8,898,383 9,699,238 10,572,169

289,690 341,834 413,619 483,934 551,685 623,404 685,745
6,544,429 7,534,784 8,191,926 8,884,506 9,450,068 10,322,642 11,257,914

11% 15% 8% 8% 6% 9% 9%
1% 18% 21% 17% 14% 13% 10%

68.7% 79.1% 86.0% 93.2% 98.1% 105.0% 114.4%

29% 29% 28% 27% 26% 26% 26%

 6% 6% 6% 6% 6% 6% 6%

47,670 56,530 63,304 71,402 78,226 88,867 100,795

16.5% 18.6% 12.0% 12.8% 9.6% 13.6% 13.4%

72,839.9 75,025.0 77,275.8 80,366.8 82,777.8 86,088.9 89,532.5

5% 3% 3% 4% 3% 4% 4%

31,939 36,744 41,147 45,697 51,629 57,763 65,517

48,803 48,766 50,229 51,435 54,633 55,958 58,196
67% 65% 65% 64% 66% 65% 65%

2,860 3,392 3,798 4,284 4,694 5,332 6,048

6% 6% 6% 6% 6% 6% 6%

6,197 7,349 8,229 9,282 10,169 11,553 13,103

13% 13% 13% 13% 13% 13% 13%

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

27% 27% 27% 27% 27% 27% 27%

2,383 2,826 3,165 3,570 3,911 4,443 5,040

3,972 4,711 5,275 5,950 6,519 7,406 8,400
- - - - - - -
397 471 528 595 652 741 840
530 628 703 793 869 987 1,120

532 631 707 797 873 992 1,125

55 65 73 82 90 102 116
6,639 7,873 8,817 9,945 10,895 12,377 14,038
 330 391 438 494 541 614 697
895 1,061 1,188 1,340 1,468 1,668 1,892
258 306 343 386 423 481 546

132.42 157.03 175.84 198.34 217.29 246.85 279.99

18 18 18 18 18 18 18
30 30 30 30 30 30 30
0 0 0 0 0 0 0
3 3 3 3 3 3 3
4 4 4 4 4 4 4

4 4 4 4 4 4 4
0 0 0 0 0 0 0
50 50 50 50 50 50 50
2 2 2 2 2 2 2
7 7 7 7 7 7 7
2 2 2 2 2 2 2

-1,426 -1,690 -1,893 -2,135 -2,339 -2,658 -3,014

-173 -265 -203 -242 -204 -318 -357
 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26
Gross Fixed Assets 7,854 9,498 10,067 10,348 10,653 11,174
Gross Intangible Assets 3,774 3,904 4,148 4,202 4,468 4,625
Gross Total Assets 11,628 13,402 14,215 14,550 15,121 15,800 16,668 17,492

Accumulated Depreciation 3,376 3,936 4,516 4,993 5,494 5,962 10,868 11,568
Accumulated Amortization 3,633 3,763 3,829 3,881 3,950 4,081

Net Fixed Assets 4,478 5,562 5,551 5,354 5,159 5,213 5,219 5,924
Net Intangible Assets 141 140 318 321 519 544 580

Capital Work in Progress 385 205 236 149 122 127 105
Intangible Assets Under Development 188 187 259 368 332 357 382

Gross Assets Per Vehicle Capacity 13,364 15,107 15,435 15,810 16,343 17,087 18,001 18,000

Total capaity 9,130,000 9,130,000 9,530,000 9,530,000 9,530,000 9,530,000 9,530,000 9,530,000
Capacity utilisation 86% 70% 61% 52% 56% 59% 62% 69%
New Capacity 0

Capex on Account of New Capacity -

Capex on Account of Wear and Tear 825
Total Capex 825

Depreciation and Amortization 624 846 715 690 697 757 825 700
Depreciation as % of GFA 5.4% 6.3% 5.0% 4.7% 4.6% 4.8% 4.9% 4.00%
 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32

18,192 18,919 19,676 20,653 21,879 22,775

12,295 13,052 13,839 14,665 15,540 16,451

5,897 5,867 5,837 5,988 6,339 6,323

18,000 18,000 18,000 19,000 20,000 20,000

9,530,000 9,530,000 9,530,000 9,630,000 9,830,000 9,840,000

79% 86% 93% 98% 105% 114%
0 0 0 100000 200000 10000

- - - 190 400 20
700 728 757 787 826 875
700 728 757 977 1,226 895

728 757 787 826 875 911

4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Debt Driver FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28

Debt 125 252 403 407 436 377 340 Err:522 Err:522 Err:522
Equity 13,237 14,547 15,559 15,995 16,781 17,835 19,404 Err:522 Err:522 Err:522

Debt equity ratio 0.009 0.017 0.026 0.025 0.026 0.021 0.018 0.018 0.018 0.018

Finance charges 37 47 46 53 105 76 70.65 Err:522 Err:522 Err:522

As % of debt 30% 19% 11% 13% 24% 20% 21% 6% 6% 6%

20%
FY 29 FY 30 FY 31 FY 32

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

0.018 0.018 0.018 0.018

Err:522 Err:522 Err:522 Err:522

6% 6% 6% 6%