Company Valuation: Shivalik Rasayan Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 9,721 13,516 9,743 8,987 9,745 3,493
Change - 39.04% -27.92% -7.76% 8.43% -64.16%
Enterprise Value (EV) 1 9,975 13,220 10,091 9,469 10,512 4,377
Change - 32.53% -23.67% -6.16% 11.02% -58.36%
P/E 55.2x 51.5x 45.9x 69.1x 59.1x 28.2x
PBR 5.43x 4.71x 2.7x 1.77x 1.84x 0.58x
PEG - 1.2x -2.4x -1.6x 2.2x -1.1x
Capitalization / Revenue 4.92x 6.53x 4.16x 3.31x 3.15x 0.97x
EV / Revenue 5.05x 6.39x 4.31x 3.49x 3.4x 1.21x
EV / EBITDA 26.2x 28.3x 23.5x 30.2x 26.2x 9.6x
EV / EBIT 33.8x 36.9x 32.1x 35x 43x 16.2x
EV / FCF -95.3x -48x -11.8x -13.4x -30.5x -9.84x
FCF Yield -1.05% -2.08% -8.5% -7.48% -3.27% -10.2%
Dividend per Share 2 0.5 0.5 0.5 0.5 0.5 0.5
Rate of return 0.07% 0.05% 0.07% 0.09% 0.08% 0.23%
EPS 2 12.77 18.12 14.66 8.354 10.6 7.873
Distribution rate 3.92% 2.76% 3.41% 5.99% 4.72% 6.35%
Net sales 1 1,976 2,070 2,340 2,715 3,096 3,616
EBITDA 1 380.1 467.7 429.6 313.2 400.5 455.9
EBIT 1 294.9 358.6 314.7 270.4 244.3 270
Net income 1 176 256.1 212.4 127.2 167 124
Net Debt 1 253.8 -296.4 348.4 482.3 767.6 884.2
Reference price 2 705.50 932.85 672.40 577.55 626.25 221.75
Nbr of stocks (in thousands) 13,779 14,489 14,489 15,560 15,560 15,750
Announcement Date 06/09/21 03/09/22 04/09/23 03/09/24 04/09/25 03/09/26
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 53.32M
33.42x3.13x13.44x0.86% 57.31B
10.8x1.3x6.47x4.75% 8.67B
15.45x1.14x5.97x1.55% 5.13B
31.11x4.47x19.01x0.61% 3.83B
Average 22.69x 2.51x 11.22x 1.94% 15B
Weighted average by Cap. 29.46x 2.85x 12.41x 1.35%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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