Mahindra & Mahindra Limited provides mobility products and farm solutions in India and internationally. The company operates through Automotive, Farm Equipment, Financial Services, Hospitality, Real Estate, and Others segments. It offers parts and assemblies for aerospace and defense sectors; passenger and commercial vehicles, trucks, buses, vans, cars, utility vehicles, and electric vehicles; watercrafts; motorcycles, scooters, and mopeds; construction equipment, such as backhoe loaders under the Mahindra EarthMaster brand; and road construction equipment comprising motor graders under the Mahindra RoadMaster brand. The company also provides land and naval systems, defense electronics, and security consulting services for defense industry; pre-owned car and car services; and farm equipment. In addition, it operates M2All, an e-commerce platform for various portfolio of products; approximately 100 resorts; and solar PV projects. Further, the company offers financial services comprising retail and other loans, SME finance, housing finance, mutual funds, and life and non-life insurance broking services, as well as vehicle and equipment financing; logistics services; information security and risk management, engineering consulting, and business process management consulting services; information technology services; and power backup solutions, such as diesel and gas generators. Additionally, it engages in the development, management, and operation of commercial complexes; sale of timeshare and vacation ownership; and making, processing, and trading of steel for automotive, non-automotive, and power industries. The company was incorporated in 1945 and is based in Mumbai, India.

BUILD UP FREE CASH	2023-03-31 (A)	2024-03-31 (A)	2025-03-31 (A)	2026-03-31 (E)	2027-03-31 (E)	2028-03-31 (E)	2029-03-31 (E)	2030-03-31 (E)
Revenue	1,222,771.6	1,409,329.5	1,608,660.5	1,801,720.8	1,999,465.6	2,125,562.2	2,125,562.2	2,125,562.2
Revenue % Chg.	34.5%	15.3%	14.1%
EBIT	169,652	222,432.7	266,460.8	269,148.6	300,419	327,751	327,751	327,751
EBIT Margin	13.9%	15.8%	16.6%
Tax Rate	19.1%	23.2%	26.2%
NOPAT	137,245.6	170,812.7	196,542.3	215,318.9	228,637.6	249,790	249,790	249,790
NOPAT Margin	11.2%	12.1%	12.2%	12%	11.4%	11.8%	11.8%	11.8%
D&A	30,497.1	31,575.8	37,355.1	55,170	49,452.3	54,829	54,829	54,829
D&A / Revenue	2.5%	2.2%	2.3%
Capex	-63,045.7	-99,459.9	-103,919.5	-66,110	-66,110	-75,950.8	-75,950.8	-75,950.8
Capex / Revenue	-5.2%	-7.1%	-6.5%
Chg. NWC	-199,410.4	-191,750.9	-141,133.4	-232,345.3	-257,846	-274,107.1	-274,107.1	-274,107.1
Chg. NWC / Revenue	-16.3%	-13.6%	-8.8%
Unlevered FCF (UFCF)	-94,713.4	-88,822.3	-11,155.5	-27,966.5	-45,866.1	-45,439	-45,439	-45,439
UFCF % Chg.	-255.6%	-6.2%	-87.4%	150.7%	64%	-0.9%	—	—
PV of UFCF	—	—	—	-24,985	-36,608.1	-32,400.9	-28,946.7	-25,860.8
Sum of PV of UFCF	—	—	—	-24,985	-61,593.1	-93,994	-122,940.8	-148,801.6

Cost of Debt
Tax Rate
After Tax Cost of Debt	5.7%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	12%
Total Debt	1,295,212.1
Market Cap	368,166,705.8
Total Capital	369,461,917.9
Debt Weighting	0.4%
Equity Weighting	99.6%
WACC	11.9%

Exit Multiple EV/FCF
Terminal Value	463,872,875
PV of Terminal Value	235,860,157.2
Cumulative PV of UFCF	-148,801.6
Net Debt	912,988.1
Equity Value	234,798,367.5
Shares Outstanding	1,116.3
Implied Share Price	210,333.7
Current Share Price	3,772.7
Implied Upside / (Downside)	5,475.2%