Company Valuation: Sun Pharmaceutical Industries Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,434,322 2,194,737 2,358,729 3,888,242 4,162,126 4,019,846 - -
Change - 53.02% 7.47% 64.84% 7.04% -3.42% - -
Enterprise Value (EV) 1 1,363,238 2,077,371 2,269,278 3,725,634 3,930,920 3,793,852 3,717,291 3,622,382
Change - 52.39% 9.24% 64.18% 5.51% -3.49% -2.02% -2.55%
P/E ratio 49.4x 67.3x 27.8x 40.6x 38x 35.8x 30.2x 26.4x
PBR 3.09x 4.57x 4.21x 6.11x 5.76x 5x 4.45x 3.98x
PEG - 5.4x 0x 3.1x 2.7x 14.06x 1.6x 1.9x
Capitalization / Revenue 4.28x 5.68x 5.37x 8.02x 7.92x 7x 6.33x 5.71x
EV / Revenue 4.07x 5.37x 5.17x 7.68x 7.48x 6.61x 5.85x 5.15x
EV / EBITDA 16.1x 20x 19.5x 28.7x 26.1x 23.2x 20x 17.2x
EV / EBIT 21.3x 25.2x 24.9x 35.7x 31.4x 27.9x 23.7x 20x
EV / FCF 27.3x 27.7x 79x 37.5x 32.9x 51.3x 32.3x 27.1x
FCF Yield 3.67% 3.61% 1.27% 2.67% 3.04% 1.95% 3.1% 3.69%
Dividend per Share 2 7.5 10 11.5 13.5 16 14.56 16.39 17.63
Rate of return 1.25% 1.09% 1.17% 0.83% 0.92% 0.87% 0.98% 1.05%
EPS 2 12.1 13.6 35.3 39.9 45.6 46.76 55.55 63.46
Distribution rate 62% 73.5% 32.6% 33.8% 35.1% 31.1% 29.5% 27.8%
Net sales 1 334,981 386,545 438,857 484,968 525,784 574,341 635,380 703,637
EBITDA 1 84,914 103,977 116,468 129,870 150,862 163,801 186,238 210,632
EBIT 1 64,114 82,540 91,174 104,304 125,108 136,023 157,157 181,233
Net income 1 29,038 32,727 84,736 95,764 109,290 112,397 133,945 152,602
Net Debt 1 -71,085 -117,366 -89,450 -162,609 -231,206 -225,994 -302,555 -397,464
Reference price 2 597.80 914.75 983.10 1,620.55 1,734.70 1,675.40 1,675.40 1,675.40
Nbr of stocks (in thousands) 2,399,335 2,399,276 2,399,276 2,399,335 2,399,335 2,399,335 - -
Announcement Date 5/27/21 5/30/22 5/26/23 5/22/24 5/22/25 - - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
35.83x6.61x23.16x0.87% 44.24B
35.98x3.3x15.36x0.98% 33.36B
14.05x1.77x7.37x1.61% 29.64B
23x3.51x14.94x1.06% 12.38B
19.31x3.34x12.37x0.79% 9.76B
86.41x - - 1.04% 8.33B
17.37x3.08x11.32x3.71% 7.84B
15.73x1.98x7.84x3.47% 6.67B
24.7x3.33x15.54x0.13% 6.18B
Average 30.26x 3.36x 13.49x 1.52% 17.6B
Weighted average by Cap. 30.23x 3.92x 15.31x 1.27%
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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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