Company Valuation: Bharat Rasayan Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 40,004 50,673 37,717 35,238 43,957 20,113
Change - 26.67% -25.57% -6.57% 24.74% -54.24%
Enterprise Value (EV) 1 39,263 52,406 37,511 34,796 41,954 17,402
Change - 33.47% -28.42% -7.24% 20.57% -58.52%
P/E 24.4x 28.8x 30.3x 36.9x 31.2x 13.8x
PBR 5.5x 6.58x 4.22x 3.57x 3.89x 1.58x
PEG - 2.94x -1x -1.6x 0.7x 4.05x
Capitalization / Revenue 3.66x 3.89x 3.06x 3.37x 3.75x 1.62x
EV / Revenue 3.6x 4.03x 3.04x 3.33x 3.58x 1.4x
EV / EBITDA 16.3x 20.4x 19x 29.4x 23.5x 8.62x
EV / EBIT 18.2x 22.6x 21.9x 37.5x 27.7x 9.91x
EV / FCF 34.7x -35.3x 21.9x -311x 35.9x 45.3x
FCF Yield 2.88% -2.83% 4.56% -0.32% 2.79% 2.21%
Dividend per Share 2 0.375 0.375 0.375 0.375 0.375 1.5
Rate of return 0.02% 0.01% 0.02% 0.02% 0.01% 0.12%
EPS 2 96.42 105.9 74.97 57.46 84.78 87.68
Distribution rate 0.39% 0.35% 0.5% 0.65% 0.44% 1.71%
Net sales 1 10,920 13,012 12,343 10,446 11,730 12,418
EBITDA 1 2,409 2,571 1,973 1,185 1,782 2,018
EBIT 1 2,153 2,322 1,714 927.7 1,513 1,755
Net income 1 1,639 1,760 1,246 955.1 1,409 1,457
Net Debt 1 -741 1,733 -206.6 -441.6 -2,003 -2,711
Reference price 2 2,353.90 3,048.71 2,269.24 2,120.09 2,644.64 1,210.10
Nbr of stocks (in thousands) 16,995 16,621 16,621 16,621 16,621 16,621
Announcement Date 11/08/21 09/08/22 30/05/23 21/08/24 21/08/25 29/08/26
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 19Cr
14.05x1.37x7.67x1.93% 307.25Cr
23.83x - - 2.05% 225.17Cr
20.22x - - 0.18% 182.57Cr
18.48x - - 1.83% 169.68Cr
7.63x - - - 141.79Cr
9.95x - - 3.48% 140.35Cr
16.02x - - 2.47% 139.53Cr
11.86x - - 3.37% 116.18Cr
Average 15.26x 1.37x 7.67x 2.19% 160.17Cr
Weighted average by Cap. 15.89x 1.37x 7.67x 2.05%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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