Company Valuation: Garnet Construction Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 164.7 264.1 378.1 157.4 309.7 332.1
Change - 60.34% 43.16% -58.38% 96.82% 7.23%
Enterprise Value (EV) 1 403.3 338.4 515.8 291.1 414.5 417.3
Change - -16.08% 52.42% -43.57% 42.42% 0.67%
P/E 2.39x 2.09x 74.2x 54x 10.5x 4.48x
PBR 0.21x 0.29x 0.41x 0.17x 0.32x 0.32x
PEG - 0x -0.8x -1.3x 0x 0x
Capitalization / Revenue 0.24x 0.4x 6.79x 7.67x 2.78x 2.06x
EV / Revenue 0.59x 0.51x 9.27x 14.2x 3.72x 2.59x
EV / EBITDA 3.33x 2.07x -41.3x -21.7x -21.2x 5.34x
EV / EBIT 3.43x 2.11x -32.3x -17.4x -18.5x 5.56x
EV / FCF 2.03x 2.6x -6.29x -24.7x -22.3x -31.7x
FCF Yield 49.4% 38.5% -15.9% -4.05% -4.48% -3.15%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 4.959 9.098 0.3667 0.2098 2.115 5.327
Distribution rate - - - - - -
Net sales 1 688.4 668.6 55.66 20.51 111.3 160.9
EBITDA 1 121 163.7 -12.5 -13.41 -19.55 78.21
EBIT 1 117.6 160.4 -15.99 -16.75 -22.42 75.08
Net income 1 68.94 126.5 5.098 2.916 29.4 74.06
Net Debt 1 238.6 74.29 137.7 133.7 104.8 85.19
Reference price 2 11.85 19.00 27.20 11.32 22.28 23.89
Nbr of stocks (in thousands) 13,902 13,902 13,902 13,902 13,902 13,902
Announcement Date 9/5/20 9/4/21 9/6/22 9/8/23 9/6/24 9/6/25
1INR in Million2INR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 8.39M
15.12x4.83x12.98x3.35% 43.02B
8.99x1.53x8x3.95% 31.08B
18.21x4.03x16.43x1.35% 27.8B
5.54x0.51x1.08x8.99% 26.76B
13.54x3.04x14.65x2.6% 24.64B
8.15x0.9x3.29x2.74% 20.84B
10.6x2.06x9.6x4.19% 20.07B
13.56x6.58x17.59x1.57% 19.63B
10.32x1.66x14.33x3.66% 18.8B
Average 11.56x 2.79x 10.88x 3.6% 23.27B
Weighted average by Cap. 11.87x 2.91x 10.88x 3.65%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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