Company Valuation: Havells India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 721,846 744,607 949,566 958,531 746,812 727,532 - -
Change - 3.15% 27.53% 0.94% -22.09% -2.58% - -
Enterprise Value (EV) 1 700,442 763,226 922,443 928,191 725,954 698,516 691,185 680,505
Change - 8.96% 20.86% 0.62% -21.79% -3.78% -1.05% -1.55%
P/E 60.4x 69.3x 74.6x 64.4x 43.8x 40.8x 34x 30.5x
PBR 12.1x 11.3x 12.8x 11.5x 7.88x 6.9x 6.13x 5.49x
PEG - -6.9x 4.1x 3.8x 3x 8.98x 1.7x 2.6x
Capitalization / Revenue 5.2x 4.41x 5.12x 4.41x 3.32x 2.79x 2.46x 2.2x
EV / Revenue 5.04x 4.52x 4.97x 4.27x 3.23x 2.68x 2.33x 2.06x
EV / EBITDA 39.9x 47.6x 50x 43.2x 32.8x 26.4x 22x 19.3x
EV / EBIT 46.8x 58.4x 61.2x 53x 40.7x 32.2x 26.3x 23.1x
EV / FCF 47.1x -3,314x 78.6x 115x 710x 63x 45.3x 34.9x
FCF Yield 2.12% -0.03% 1.27% 0.87% 0.14% 1.59% 2.21% 2.87%
Dividend per Share 2 7.5 7.5 9 10 10 11.49 13.44 14.34
Rate of return 0.65% 0.63% 0.59% 0.65% 0.84% 0.99% 1.16% 1.24%
EPS 2 19.08 17.16 20.32 23.74 27.18 28.41 34.05 38.02
Distribution rate 39.3% 43.7% 44.3% 42.1% 36.8% 40.4% 39.5% 37.7%
Net sales 1 138,885 168,684 185,499 217,458 224,656 260,390 296,162 330,581
EBITDA 1 17,576 16,030 18,453 21,486 22,133 26,488 31,392 35,319
EBIT 1 14,968 13,068 15,068 17,499 17,842 21,684 26,235 29,424
Net income 1 11,947 10,750 12,732 14,888 17,054 17,785 21,342 23,711
Net Debt 1 -21,403 18,619 -27,123 -30,340 -20,858 -29,016 -36,348 -47,027
Reference price 2 1,152.55 1,188.50 1,515.00 1,528.90 1,190.60 1,159.30 1,159.30 1,159.30
Nbr of stocks (in thousands) 626,303 626,510 626,776 626,942 627,257 627,562 - -
Announcement Date 04/05/22 03/05/23 30/04/24 22/04/25 22/04/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.77x2.59x11.43x2.72% 273B
26.39x3.09x16.74x2% 247B
30.77x3.95x18.23x1.61% 183B
36.86x5.64x24.04x1.01% 165B
47.8x6.39x27.52x0.91% 159B
105.58x14.83x76.51x0.28% 122B
57.46x9.21x37.48x0.07% 129B
29.38x4.81x16.82x1.54% 80.18B
43.43x6.84x29.09x0.92% 63.54B
Average 44.05x 6.37x 28.65x 1.23% 158.03B
Weighted average by Cap. 39.63x 5.60x 25.52x 1.46%

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