Company Valuation: Adani Enterprises Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 22,16,887 19,95,002 36,40,651 26,79,719 22,74,669 43,15,600 - -
Change - -10.01% 82.49% -26.39% -15.12% 89.72% - -
Enterprise Value (EV) 1 22,16,887 19,95,002 40,71,205 35,11,708 30,23,597 52,37,169 54,72,662 56,56,943
Change - -10.01% 104.07% -13.74% -13.9% 73.21% 4.5% 3.37%
P/E 286x 80.3x 117x 38.3x 23.9x 64.4x 44.7x -
PBR - - - - - 4.73x 4.19x 3.72x
PEG - 0x 4.7x 0x 1.1x -2x 1x -
Capitalization / Revenue 3.19x 1.46x 3.35x 2.74x 2.26x 3.21x 2.86x 2.38x
EV / Revenue 3.19x 1.46x 3.74x 3.59x 3.01x 3.89x 3.62x 3.12x
EV / EBITDA 59.7x 22.6x 35.8x 24.6x 18.4x 24x 20x 16.1x
EV / EBIT - - 48.8x 35x 34.5x 35.9x 28.5x 23.2x
EV / FCF -21.6x 68.8x -33.8x -14.2x - -29.5x -41x -
FCF Yield -4.63% 1.45% -2.96% -7.02% - -3.38% -2.44% -
Dividend per Share 2 - - - 1.3 1.3 1.2 1.2 -
Rate of return - - - 0.06% 0.07% 0.04% 0.04% -
EPS 2 7.06 21.78 27.24 60.55 73.59 49.51 71.3 -
Distribution rate - - - 2.15% 1.77% 2.42% 1.68% -
Net sales 1 6,94,202 13,69,778 10,87,235 9,78,948 10,04,686 13,45,422 15,10,379 18,15,533
EBITDA 1 37,130 88,280 1,13,766 1,42,520 1,64,640 2,17,860 2,74,250 3,50,521
EBIT 1 - - 83,344 1,00,407 87,711 1,45,703 1,92,262 2,43,689
Net income 1 7,766 24,729 32,408 70,990 - 85,343 1,22,950 -
Net Debt 1 - - 4,30,554 8,31,989 7,48,928 9,21,569 11,57,062 13,41,343
Reference price 2 2,015.70 1,750.00 3,193.55 2,321.75 1,759.65 3,187.95 3,187.95 3,187.95
Nbr of stocks (in thousands) 10,99,810 11,40,001 11,40,001 11,54,181 12,92,682 13,53,723 - -
Announcement Date 03/05/22 04/05/23 02/05/24 01/05/25 30/04/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
64.39x3.89x24.04x0.04% 4.49TCr
17.31x1.08x15.44x2.74% 10TCr
13.62x1.09x13.83x2.34% 8.22TCr
13.69x1.21x19.01x2.92% 8.22TCr
13.28x1.17x17.97x2.43% 4.95TCr
11.55x1.39x14.4x2.54% 4.59TCr
22.15x1.21x11.15x0.88% 3.8TCr
13.75x0.57x8.78x2.14% 3.51TCr
18.85x0.89x9.29x2.86% 1.17TCr
36.64x3.83x20.69x1.19% 944.74Cr
Average 22.52x 1.63x 15.46x 2.01% 5.01TCr
Weighted average by Cap. 19.93x 1.41x 15.85x 2.2%

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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