Company Valuation: Dolfin Rubbers Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 306.5 349 895.2 1,252 1,475 2,042
Change - 13.87% 156.47% 39.83% 17.87% 38.41%
Enterprise Value (EV) 1 348.7 457.6 996.3 1,374 1,614 2,212
Change - 31.24% 117.7% 37.94% 17.41% 37.11%
P/E 12x 12.3x 32.3x 35.4x 31.1x 39.8x
PBR 1.74x 1.77x 4.15x 5.07x 5.22x 6.12x
PEG - 1.2x -13.53x 1.3x 0.9x 4.96x
Capitalization / Revenue 0.4x 0.42x 1.07x 1.23x 1.17x 1.42x
EV / Revenue 0.45x 0.55x 1.19x 1.35x 1.28x 1.54x
EV / EBITDA 8.43x 9.47x 18.1x 20.9x 18.5x 23.5x
EV / EBIT 10.2x 11.4x 22.9x 26x 22.4x 28.8x
EV / FCF -8.5x -6.95x -24.1x -25.5x -80.7x -47.1x
FCF Yield -11.8% -14.4% -4.15% -3.93% -1.24% -2.12%
Dividend per Share 2 0.75 0.9 - 1.2 - -
Rate of return 2.45% 2.59% - 0.96% - -
EPS 2 2.558 2.828 2.76 3.524 4.73 5.11
Distribution rate 29.3% 31.8% - 34.1% - -
Net sales 1 767.2 825 835 1,016 1,259 1,436
EBITDA 1 41.38 48.3 54.99 65.74 87.2 94.17
EBIT 1 34.18 39.99 43.5 52.8 72.11 76.95
Net income 1 25.64 28.38 27.68 33.14 47.46 51.25
Net Debt 1 42.16 108.6 101.1 122.6 138.2 170.3
Reference price 2 30.56 34.80 89.25 124.80 147.10 203.60
Nbr of stocks (in thousands) 10,030 10,030 10,030 10,030 10,030 10,030
Announcement Date 9/4/20 8/28/21 9/3/22 7/18/23 8/26/24 8/25/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 18M
14.79x1.1x5.95x3.21% 31.42B
13.94x1.02x5.68x3.95% 26.48B
9.95x1.25x6.13x2.89% 7.36B
10.31x1.05x6.11x2.74% 6.45B
9.78x - - 3.11% 6.39B
15.64x - - 3.74% 4.07B
9.57x0.96x4.43x3.32% 4.01B
10.69x0.68x5.33x3.81% 3.72B
34.57x1.84x10.48x1.97% 2.39B
Average 14.36x 1.13x 6.30x 3.19% 9.23B
Weighted average by Cap. 13.65x 1.08x 5.92x 3.38%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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