Company Valuation: Kaya Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Capitalization 1 1,523 3,870 4,576 3,322 4,049 3,073
Change - 154.07% 18.24% -27.41% 21.88% -24.1%
Enterprise Value (EV) 1 2,925 5,237 6,097 5,060 6,611 5,529
Change - 79.05% 16.42% -17.01% 30.66% -16.37%
P/E ratio -2.8x -10.2x -6.65x -2.85x -3.13x 3.67x
PBR 1.87x 7.1x -294x -3.2x -1.79x -2.2x
PEG - 0.3x -0.1x -0x -0.3x -0x
Capitalization / Revenue 0.39x 1.41x 1.41x 0.88x 1x 1.42x
EV / Revenue 0.74x 1.9x 1.88x 1.34x 1.64x 2.55x
EV / EBITDA 52.7x -35.6x -34.7x -11.4x -32.8x -61x
EV / EBIT -13.6x -14.3x -15.9x -8x -16.6x -27.1x
EV / FCF 8.57x 16.4x 27x 16.1x -151x -5.38x
FCF Yield 11.7% 6.1% 3.71% 6.22% -0.66% -18.6%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -41.66 -29.1 -52.69 -89.15 -98.91 63.95
Distribution rate - - - - - -
Net sales 1 3,932 2,750 3,240 3,767 4,043 2,172
EBITDA 1 55.55 -147 -175.7 -445 -201.8 -90.6
EBIT 1 -214.7 -365.7 -383.2 -632.4 -398.3 -203.8
Net income 1 -544.2 -380.1 -688.4 -1,165 -1,292 836.8
Net Debt 1 1,401 1,367 1,520 1,737 2,562 2,456
Reference price 2 116.60 296.25 350.30 254.30 309.95 234.65
Nbr of stocks (in thousands) 13,064 13,064 13,064 13,064 13,064 13,098
Announcement Date 9/4/20 9/6/21 7/9/22 7/6/23 7/15/24 7/12/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 52.87M
14.87x1.71x7.12x3.24% 728M
18.56x2.85x7.59x2.6% 135M
14x - - 4.69% 116M
13.27x - - 2.97% 113M
Average 15.17x 2.28x 7.36x 3.38% 228.82M
Weighted average by Cap. 15.06x 1.89x 7.19x 3.29%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Kaya Limited
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