Company Valuation: Vedanta Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 847,245 1,494,414 1,017,894 1,008,689 1,808,567 1,262,877 - -
Change - 76.39% -31.89% -0.9% 79.3% -30.17% - -
Enterprise Value (EV) 1 1,097,725 1,702,924 1,465,274 1,584,309 2,482,027 2,798,839 1,394,264 1,385,072
Change - 55.13% -13.96% 8.12% 56.66% 12.76% -27.05% -0.66%
P/E ratio 7.3x 8.01x 9.69x 24x 12x 14.8x 16.2x 15.1x
PBR 1.37x 2.29x 2.59x 3.29x 4.18x 5.16x 2.5x 2.42x
PEG - 0.1x -0.2x -0.4x 0x 1x -0.3x 2.16x
Capitalization / Revenue 0.98x 1.13x 0.69x 0.7x 1.18x 1.44x 1.4x 1.37x
EV / Revenue 1.26x 1.28x 0.99x 1.1x 1.62x 1.58x 1.54x 1.5x
EV / EBITDA 4.02x 3.8x 4.26x 4.5x 5.86x 5x 4.6x 4.46x
EV / EBIT 5.58x 4.74x 6.14x 6.47x 7.94x 6.06x 5.52x 5.4x
EV / FCF 6.42x 7x 7.6x 8.38x 11x 15x 9.62x 10.5x
FCF Yield 15.6% 14.3% 13.2% 11.9% 9.09% 6.65% 10.4% 9.5%
Dividend per Share 2 9.5 45 101.5 29.5 43.5 37.68 30.57 32.06
Rate of return 4.15% 11.2% 37% 10.9% 9.39% 11.7% 9.45% 9.92%
EPS 2 31.32 50.38 28.32 11.33 38.65 44.21 20 21.4
Distribution rate 30.3% 89.3% 358% 260% 113% 72% 153% 150%
Net sales 1 868,630 1,327,320 1,473,080 1,437,270 1,529,680 1,771,940 904,796 922,473
EBITDA 1 273,180 448,240 344,220 351,980 423,440 559,760 303,090 310,577
EBIT 1 196,800 359,290 238,670 244,750 312,480 462,020 252,492 256,616
Net income 1 116,020 188,020 105,740 42,390 149,880 173,910 78,141 83,634
Net Debt 1 250,480 208,510 447,380 575,620 673,460 241,450 131,387 122,195
Reference price 2 228.75 403.35 274.45 271.65 463.40 323.35 323.35 323.35
Nbr of stocks (in thousands) 3,703,804 3,705,006 3,708,850 3,713,194 3,902,820 3,905,603 - -
Announcement Date 13/05/21 28/04/22 12/05/23 25/04/24 30/04/25 29/04/26 - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.17x1.13x3.47x11.65% 13.2B
17.72x4.18x7.48x3.35% 227B
13.45x3.24x6.93x4.36% 191B
14.39x4.4x7.57x3.56% 97.44B
14.67x0.45x6.44x2.52% 93.77B
22.65x6.58x15.25x0.05% 66.78B
32.06x3.2x8.3x1.67% 59.02B
14.55x5.23x7.55x3.59% 37.69B
18.57x3.41x7.31x0.57% 32.75B
21.11x7.15x13.18x3.07% 29.46B
Average 17.53x 3.90x 8.35x 3.44% 84.84B
Weighted average by Cap. 17.25x 3.77x 8.05x 3.16%

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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