Company Valuation: Gillette India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Capitalization 1 1,78,186 1,92,074 1,57,923 1,40,613 2,12,532 2,61,345
Change - 7.79% -17.78% -10.96% 51.15% 22.97%
Enterprise Value (EV) 1 1,75,880 1,90,431 1,55,034 1,36,079 2,07,798 2,57,191
Change - 8.27% -18.59% -12.23% 52.7% 23.77%
P/E ratio 77.4x 61.9x 54.6x 39.5x 51.6x 49x
PBR 19.6x 24.3x 18.3x 14.2x 21.9x 25.5x
PEG - 1.8x -8.05x 1.7x 3.3x 1.7x
Capitalization / Revenue 10.6x 9.56x 7x 5.68x 8.07x 9.07x
EV / Revenue 10.5x 9.48x 6.87x 5.49x 7.89x 8.93x
EV / EBITDA 48.3x 40.1x 31x 24.9x 32.5x 32.9x
EV / EBIT 56.1x 45.6x 35.9x 29.2x 37.4x 37x
EV / FCF 125x 59.4x 51.1x 42x 53x -
FCF Yield 0.8% 1.68% 1.96% 2.38% 1.89% -
Dividend per Share 2 49 69 69 85 90 149.3
Rate of return 0.9% 1.17% 1.42% 1.97% 1.38% 1.86%
EPS 2 70.64 95.25 88.79 109.2 126.3 163.8
Distribution rate 69.4% 72.4% 77.7% 77.9% 71.2% 91.2%
Net sales 1 16,791 20,094 22,562 24,770 26,331 28,802
EBITDA 1 3,644 4,752 4,994 5,459 6,384 7,813
EBIT 1 3,135 4,178 4,312 4,653 5,559 6,957
Net income 1 2,302 3,104 2,893 3,557 4,117 5,336
Net Debt 1 -2,305 -1,642 -2,888 -4,534 -4,734 -4,154
Reference price 2 5,468.30 5,894.50 4,846.45 4,315.25 6,522.35 8,020.35
Nbr of stocks (in thousands) 32,585 32,585 32,585 32,585 32,585 32,585
Announcement Date 02/11/20 30/10/21 22/10/22 04/11/23 11/11/24 08/08/25
1INR in Million2INR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 261.12Cr
13.69x2.34x10.77x5.37% 3.2TCr
19.52x1.35x7.72x2.36% 1.01TCr
10.37x1.06x5.77x6.22% 382.92Cr
22.49x0.89x8.34x1.8% 145.59Cr
17.48x - - 4.44% 103.06Cr
20.37x - - 1.95% 84Cr
24.31x - - 3.25% 77Cr
Average 18.32x 1.41x 8.15x 3.63% 658.47Cr
Weighted average by Cap. 15.22x 1.98x 9.65x 4.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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