Eicher Motors Limited

EICHERMOT.NSE · Consumer Cyclical · Auto Manufacturers · INR · Fundamentals
Asset-light

Physical assets are 15.1% of total assets, a light footprint. Capex is 1.52x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 19.9%, above an 8% cost-of-capital hurdle.

Fixed-asset turnover is 8.13x. Compare it with other names in the same basket.

Physical asset ratio
15.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 28.80BpropertyPlantAndEquipmentNetInventoryINR 19.68BinventoryTotal assetsINR 321.64BtotalAssetsResult 15.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.13xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 234.08BtotalRevenueNet PP&EINR 28.80BpropertyPlantAndEquipmentNetResult 8.13x
Revenue per dollar of the physical asset base.
Capex / D&A
1.52xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 12.75BcapitalExpendituresD&AINR 8.40BdepreciationAndAmortizationResult 1.52x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 851.36Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 321.64BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 17.08BintangibleAssetsLiabilitiesINR 70.63BtotalLiabTangible bookINR 233.92BShares274,759,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 851.36
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
8.50xPrice / tangible bookPrice / tangible book per sharePriceINR 7.24KLatest quoteTangible book / shareINR 851.362026-03-31Result 8.50x
Price INR 7.24K.
Fixed-charge coverage
35.67xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 80.14BebitdaCapexINR 12.75BcapitalExpendituresInterestINR 715.30MinterestExpenseShort-term debtINR 1.17BshortLongTermDebtEBITDA − capexINR 67.39BPrincipal due is the current portion of debt.Result 35.67x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.0%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 40.47BfreeCashFlowMarket capINR 2,004.01BMarketCapitalizationResult 2.0%
Latest free cash flow divided by current market cap (INR 2,004.01B).
ROIC
19.9%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 49.45BoperatingIncomeTax expenseINR 15.87BincomeTaxExpensePretax incomeINR 71.02BincomeBeforeTaxTax rate22.3%EquityINR 251.00BtotalStockholderEquityDebtINR 3.19BlongTermDebt + shortLongTermDebtCashINR 61.14BcashAndShortTermInvestmentsInvested capitalINR 193.05BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 19.9%
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is 1.72x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2019 23.3%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 20.15BpropertyPlantAndEquipmentNetInventoryINR 6.33BinventoryTotal assetsINR 113.87BtotalAssetsResult 23.3% 4.84xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 97.51BtotalRevenueNet PP&EINR 20.15BpropertyPlantAndEquipmentNetResult 4.84x 2.64xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 7.92BcapitalExpendituresD&AINR 3.00BdepreciationAndAmortizationResult 2.64x INR 311.87Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 113.87BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 4.44BintangibleAssetsLiabilitiesINR 24.29BtotalLiabTangible bookINR 85.14BShares273,001,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 311.87 10.81xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 28.90BebitdaCapexINR 7.92BcapitalExpendituresInterestINR 73.30MinterestExpenseShort-term debtINR 1.87BshortTermDebtEBITDA − capexINR 20.99BPrincipal due is short-term debt.Result 10.81x INR 7.84BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 15.73BtotalCashFromOperatingActivitiesCapexINR 7.92BcapitalExpendituresFree cash flowINR 7.84BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 7.84B 44.8%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 37.74BoperatingIncomeTax expenseINR 10.77BincomeTaxExpensePretax incomeINR 32.97BincomeBeforeTaxTax rate32.7%EquityINR 89.19BtotalStockholderEquityDebtINR 1.87BshortLongTermDebtTotalCashINR 34.33BcashAndShortTermInvestmentsInvested capitalINR 56.73BResult 44.8% 1.87xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 37.74BoperatingIncomeNet PP&EINR 20.15BpropertyPlantAndEquipmentNetResult 1.87x
2020 22.4%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 22.16BpropertyPlantEquipmentInventoryINR 5.72BinventoryTotal assetsINR 124.50BtotalAssetsResult 22.4% 4.11xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 90.99BtotalRevenueNet PP&EINR 22.16BpropertyPlantEquipmentResult 4.11x 1.43xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 5.46BcapitalExpendituresD&AINR 3.82BdepreciationAndAmortizationResult 1.43x INR 348.27Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 124.50BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 4.70BintangibleAssetsLiabilitiesINR 24.69BtotalLiabTangible bookINR 95.11BShares273,081,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 348.27 9.91xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 21.64BebitdaCapexINR 5.46BcapitalExpendituresInterestINR 188.80MinterestExpenseShort-term debtINR 1.44BshortLongTermDebtEBITDA − capexINR 16.18BPrincipal due is the current portion of debt.Result 9.91x INR 11.48BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 16.94BtotalCashFromOperatingActivitiesCapexINR 5.46BcapitalExpendituresFree cash flowINR 11.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 11.48B 51.3%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 30.87BoperatingIncomeTax expenseINR 5.27BincomeTaxExpensePretax incomeINR 23.55BincomeBeforeTaxTax rate22.4%EquityINR 99.81BtotalStockholderEquityDebtINR 1.44BlongTermDebt + shortLongTermDebtCashINR 54.51BcashAndShortTermInvestmentsInvested capitalINR 46.74BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 51.3% 1.39xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 30.87BoperatingIncomeNet PP&EINR 22.16BpropertyPlantEquipmentResult 1.39x
2021 21.3%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 22.34BpropertyPlantAndEquipmentNetInventoryINR 8.75BinventoryTotal assetsINR 145.59BtotalAssetsResult 21.3% 3.88xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 86.76BtotalRevenueNet PP&EINR 22.34BpropertyPlantAndEquipmentNetResult 3.88x 1.19xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 5.32BcapitalExpendituresD&AINR 4.46BdepreciationAndAmortizationResult 1.19x INR 396.54Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 145.59BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 5.92BintangibleAssetsLiabilitiesINR 31.21BtotalLiabTangible bookINR 108.47BShares273,527,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 396.54 7.06xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 17.60BebitdaCapexINR 5.32BcapitalExpendituresInterestINR 164.50MinterestExpenseShort-term debtINR 1.57BshortLongTermDebtEBITDA − capexINR 12.28BPrincipal due is the current portion of debt.Result 7.06x INR 11.59BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 16.91BtotalCashFromOperatingActivitiesCapexINR 5.32BcapitalExpendituresFree cash flowINR 11.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 11.59B 38.9%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 24.74BoperatingIncomeTax expenseINR 4.52BincomeTaxExpensePretax incomeINR 17.98BincomeBeforeTaxTax rate25.1%EquityINR 114.38BtotalStockholderEquityDebtINR 2.19BshortLongTermDebtTotalCashINR 68.95BcashAndShortTermInvestmentsInvested capitalINR 47.62BResult 38.9% 1.11xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 24.74BoperatingIncomeNet PP&EINR 22.34BpropertyPlantAndEquipmentNetResult 1.11x
2022 20.7%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 22.28BpropertyPlantEquipmentInventoryINR 11.32BinventoryTotal assetsINR 162.01BtotalAssetsResult 20.7% 4.58xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 101.96BtotalRevenueNet PP&EINR 22.28BpropertyPlantEquipmentResult 4.58x 1.42xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 6.41BcapitalExpendituresD&AINR 4.52BdepreciationAndAmortizationResult 1.42x INR 435.10Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 162.01BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 7.01BintangibleAssetsLiabilitiesINR 35.93BtotalLiabTangible bookINR 119.07BShares273,670,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 435.10 19.42xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 21.02BebitdaCapexINR 6.41BcapitalExpendituresInterestINR 163.70MinterestExpenseShort-term debtINR 588.40MshortLongTermDebtEBITDA − capexINR 14.61BPrincipal due is the current portion of debt.Result 19.42x INR 8.86BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 15.27BtotalCashFromOperatingActivitiesCapexINR 6.41BcapitalExpendituresFree cash flowINR 8.86BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 8.86B 25.2%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 31.56BoperatingIncomeTax expenseINR 5.26BincomeTaxExpensePretax incomeINR 22.03BincomeBeforeTaxTax rate23.9%EquityINR 126.08BtotalStockholderEquityDebtINR 588.40MlongTermDebt + shortLongTermDebtCashINR 31.21BcashAndShortTermInvestmentsInvested capitalINR 95.46BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 25.2% 1.42xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 31.56BoperatingIncomeNet PP&EINR 22.28BpropertyPlantEquipmentResult 1.42x
2023 19.1%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 23.80BpropertyPlantAndEquipmentNetInventoryINR 12.78BinventoryTotal assetsINR 191.98BtotalAssetsResult 19.1% 6.18xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 147.21BtotalRevenueNet PP&EINR 23.80BpropertyPlantAndEquipmentNetResult 6.18x 1.30xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 6.82BcapitalExpendituresD&AINR 5.26BdepreciationAndAmortizationResult 1.30x INR 515.92Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 191.98BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 8.59BintangibleAssetsLiabilitiesINR 42.07BtotalLiabTangible bookINR 141.32BShares273,916,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 515.92 19.14xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 37.59BebitdaCapexINR 6.82BcapitalExpendituresInterestINR 280.20MinterestExpenseShort-term debtINR 1.33BshortLongTermDebtEBITDA − capexINR 30.77BPrincipal due is the current portion of debt.Result 19.14x INR 21.65BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 28.47BtotalCashFromOperatingActivitiesCapexINR 6.82BcapitalExpendituresFree cash flowINR 21.65BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 21.65B 28.0%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 52.03BoperatingIncomeTax expenseINR 8.86BincomeTaxExpensePretax incomeINR 38.00BincomeBeforeTaxTax rate23.3%EquityINR 149.90BtotalStockholderEquityDebtINR 2.88BshortLongTermDebtTotalCashINR 10.50BcashAndShortTermInvestmentsInvested capitalINR 142.29BResult 28.0% 2.19xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 52.03BoperatingIncomeNet PP&EINR 23.80BpropertyPlantAndEquipmentNetResult 2.19x
2024 16.6%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 24.34BpropertyPlantEquipmentInventoryINR 14.10BinventoryTotal assetsINR 231.28BtotalAssetsResult 16.6% 6.75xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 164.32BtotalRevenueNet PP&EINR 24.34BpropertyPlantEquipmentResult 6.75x 1.37xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 8.19BcapitalExpendituresD&AINR 5.98BdepreciationAndAmortizationResult 1.37x INR 620.37Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 231.28BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 10.36BintangibleAssetsLiabilitiesINR 50.82BtotalLiabTangible bookINR 170.10BShares274,189,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 620.37 21.73xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 42.60BebitdaCapexINR 8.19BcapitalExpendituresInterestINR 462.30MinterestExpenseShort-term debtINR 1.12BshortLongTermDebtEBITDA − capexINR 34.42BPrincipal due is the current portion of debt.Result 21.73x INR 30.87BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 39.06BtotalCashFromOperatingActivitiesCapexINR 8.19BcapitalExpendituresFree cash flowINR 30.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 30.87B 26.9%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 59.00BoperatingIncomeTax expenseINR 12.01BincomeTaxExpensePretax incomeINR 52.02BincomeBeforeTaxTax rate23.1%EquityINR 180.46BtotalStockholderEquityDebtINR 2.76BlongTermDebt + shortLongTermDebtCashINR 14.58BcashAndShortTermInvestmentsInvested capitalINR 168.63BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 26.9% 2.42xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 59.00BoperatingIncomeNet PP&EINR 24.34BpropertyPlantEquipmentResult 2.42x
2025 15.7%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 26.96BpropertyPlantEquipmentInventoryINR 15.64BinventoryTotal assetsINR 271.74BtotalAssetsResult 15.7% 6.95xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 187.33BtotalRevenueNet PP&EINR 26.96BpropertyPlantEquipmentResult 6.95x 1.43xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 10.39BcapitalExpendituresD&AINR 7.29BdepreciationAndAmortizationResult 1.43x INR 729.17Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 271.74BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 12.69BintangibleAssetsLiabilitiesINR 58.78BtotalLiabTangible bookINR 200.28BShares274,662,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 729.17 27.22xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 46.29BebitdaCapexINR 10.39BcapitalExpendituresInterestINR 497.30MinterestExpenseShort-term debtINR 821.10MshortLongTermDebtEBITDA − capexINR 35.89BPrincipal due is the current portion of debt.Result 27.22x INR 29.41BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 39.80BtotalCashFromOperatingActivitiesCapexINR 10.39BcapitalExpendituresFree cash flowINR 29.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 29.41B 29.9%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 66.56BoperatingIncomeTax expenseINR 11.99BincomeTaxExpensePretax incomeINR 59.33BincomeBeforeTaxTax rate20.2%EquityINR 212.96BtotalStockholderEquityDebtINR 2.66BlongTermDebt + shortLongTermDebtCashINR 37.97BcashAndShortTermInvestmentsInvested capitalINR 177.66BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 29.9% 2.47xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 66.56BoperatingIncomeNet PP&EINR 26.96BpropertyPlantEquipmentResult 2.47x
2026 15.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 28.80BpropertyPlantAndEquipmentNetInventoryINR 19.68BinventoryTotal assetsINR 321.64BtotalAssetsResult 15.1% 8.13xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 234.08BtotalRevenueNet PP&EINR 28.80BpropertyPlantAndEquipmentNetResult 8.13x 1.52xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 12.75BcapitalExpendituresD&AINR 8.40BdepreciationAndAmortizationResult 1.52x INR 851.36Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 321.64BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 17.08BintangibleAssetsLiabilitiesINR 70.63BtotalLiabTangible bookINR 233.92BShares274,759,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 851.36 35.67xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 80.14BebitdaCapexINR 12.75BcapitalExpendituresInterestINR 715.30MinterestExpenseShort-term debtINR 1.17BshortLongTermDebtEBITDA − capexINR 67.39BPrincipal due is the current portion of debt.Result 35.67x INR 40.47BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 53.22BtotalCashFromOperatingActivitiesCapexINR 12.75BcapitalExpendituresFree cash flowINR 40.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 40.47B 19.9%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 49.45BoperatingIncomeTax expenseINR 15.87BincomeTaxExpensePretax incomeINR 71.02BincomeBeforeTaxTax rate22.3%EquityINR 251.00BtotalStockholderEquityDebtINR 3.19BlongTermDebt + shortLongTermDebtCashINR 61.14BcashAndShortTermInvestmentsInvested capitalINR 193.05BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 19.9% 1.72xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 49.45BoperatingIncomeNet PP&EINR 28.80BpropertyPlantAndEquipmentNetResult 1.72x
  • Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: INR 28.80B
Inventory: INR 19.68B
Total assets: INR 321.64B
Goodwill: INR 0.00
Intangibles: INR 17.08B
Liabilities: INR 70.63B
Tangible book: INR 233.92B
Shares: 274,759,000
Revenue: INR 234.08B
Capex: INR 12.75B
D&A: INR 8.40B
EBITDA: INR 80.14B
Interest: INR 715.30M
Short-term debt: INR 1.17B
Free cash flow: INR 40.47B
Operating income: INR 49.45B
Invested capital: INR 193.05B
Tax rate: 22.3%