Company Valuation: Bharat Rasayan Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 21,922 40,004 50,673 37,717 35,238 43,957
Change - 82.49% 26.67% -25.57% -6.57% 24.74%
Enterprise Value (EV) 1 22,405 39,263 52,406 37,511 34,796 41,954
Change - 75.25% 33.47% -28.42% -7.24% 20.57%
P/E 13.9x 24.4x 28.8x 30.3x 36.9x 31.2x
PBR 3.89x 5.5x 6.58x 4.22x 3.57x 3.89x
PEG - 6.17x 2.94x -1x -1.6x 0.7x
Capitalization / Revenue 1.8x 3.66x 3.89x 3.06x 3.37x 3.75x
EV / Revenue 1.84x 3.6x 4.03x 3.04x 3.33x 3.58x
EV / EBITDA 9.76x 16.3x 20.4x 19x 29.4x 23.5x
EV / EBIT 10.8x 18.2x 22.6x 21.9x 37.5x 27.7x
EV / FCF 13.6x 34.7x -35.3x 21.9x -311x 35.9x
FCF Yield 7.33% 2.88% -2.83% 4.56% -0.32% 2.79%
Dividend per Share 2 0.375 0.375 0.375 0.375 0.375 0.375
Rate of return 0.03% 0.02% 0.01% 0.02% 0.02% 0.01%
EPS 2 92.75 96.42 105.9 74.97 57.46 84.78
Distribution rate 0.4% 0.39% 0.35% 0.5% 0.65% 0.44%
Net sales 1 12,151 10,920 13,012 12,343 10,446 11,730
EBITDA 1 2,296 2,409 2,571 1,973 1,185 1,782
EBIT 1 2,077 2,153 2,322 1,714 927.7 1,513
Net income 1 1,576 1,639 1,760 1,246 955.1 1,409
Net Debt 1 483 -741 1,733 -206.6 -441.6 -2,003
Reference price 2 1,289.90 2,353.90 3,048.71 2,269.24 2,120.09 2,644.64
Nbr of stocks (in thousands) 16,995 16,995 16,621 16,621 16,621 16,621
Announcement Date 9/3/20 8/11/21 8/9/22 5/30/23 8/21/24 8/21/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 218M
13.69x1.49x7.38x1.95% 3.23B
13.28x - - 2.69% 2.76B
20.94x - - 2.34% 1.96B
18.85x - - 0.2% 1.69B
18.12x - - 1.86% 1.65B
8.77x - - 3.51% 1.38B
6.71x - - - 1.24B
10.6x - - 4.55% 1.19B
Average 13.87x 1.49x 7.38x 2.44% 1.7B
Weighted average by Cap. 14.35x 1.49x 7.38x 2.31%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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