Company Valuation: Havells India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 721,846 744,607 949,566 958,531 746,812 637,603 - -
Change - 3.15% 27.53% 0.94% -22.09% -14.62% - -
Enterprise Value (EV) 1 700,442 763,226 922,443 928,191 725,954 612,422 607,070 598,493
Change - 8.96% 20.86% 0.62% -21.79% -15.64% -0.87% -1.41%
P/E 60.4x 69.3x 74.6x 64.4x 43.8x 37.7x 31x 26.9x
PBR 12.1x 11.3x 12.8x 11.5x 7.88x 6.07x 5.42x 4.84x
PEG - -6.9x 4.1x 3.8x 3x -44.71x 1.4x 1.8x
Capitalization / Revenue 5.2x 4.41x 5.12x 4.41x 3.32x 2.45x 2.15x 1.9x
EV / Revenue 5.04x 4.52x 4.97x 4.27x 3.23x 2.35x 2.05x 1.79x
EV / EBITDA 39.9x 47.6x 50x 43.2x 32.8x 24.1x 19.9x 17.2x
EV / EBIT 46.8x 58.4x 61.2x 53x 40.7x 30x 24.3x 20.7x
EV / FCF 47.1x -3,314x 78.6x 115x 710x 71x 40x 32x
FCF Yield 2.12% -0.03% 1.27% 0.87% 0.14% 1.41% 2.5% 3.12%
Dividend per Share 2 7.5 7.5 9 10 10 10.99 12.49 14.63
Rate of return 0.65% 0.63% 0.59% 0.65% 0.84% 1.08% 1.23% 1.44%
EPS 2 19.08 17.16 20.32 23.74 27.18 26.95 32.78 37.78
Distribution rate 39.3% 43.7% 44.3% 42.1% 36.8% 40.8% 38.1% 38.7%
Net sales 1 138,885 168,684 185,499 217,458 224,656 260,640 296,497 334,905
EBITDA 1 17,576 16,030 18,453 21,486 22,133 25,388 30,499 34,824
EBIT 1 14,968 13,068 15,068 17,499 17,842 20,393 24,997 28,956
Net income 1 11,947 10,750 12,732 14,888 17,054 16,823 20,499 23,767
Net Debt 1 -21,403 18,619 -27,123 -30,340 -20,858 -25,181 -30,533 -39,110
Reference price 2 1,152.55 1,188.50 1,515.00 1,528.90 1,190.60 1,016.00 1,016.00 1,016.00
Nbr of stocks (in thousands) 626,303 626,510 626,776 626,942 627,257 627,562 - -
Announcement Date 5/4/22 5/3/23 4/30/24 4/22/25 4/22/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.32x3.01x16.43x2.03% 240B
14.05x1.74x7.85x3.64% 204B
30.69x3.93x18.15x1.59% 186B
38.23x5.65x23.73x1.03% 167B
46.12x6.19x27.68x1.07% 154B
29.9x4.3x21.07x0.9% 99.45B
92.68x11.48x65.59x0.34% 95.8B
39.94x6.56x26.34x0.1% 92.9B
31.06x3.87x20.76x1.09% 90.04B
Average 38.67x 5.19x 25.29x 1.31% 147.71B
Weighted average by Cap. 34.99x 4.66x 22.45x 1.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation Havells India Limited