Company Valuation: Havells India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 7,21,846 7,44,607 9,49,566 9,58,531 7,46,812 7,96,062 - -
Change - 3.15% 27.53% 0.94% -22.09% 6.59% - -
Enterprise Value (EV) 1 7,00,442 7,63,226 9,22,443 9,28,191 7,25,954 7,70,854 7,65,428 7,56,731
Change - 8.96% 20.86% 0.62% -21.79% 6.18% -0.7% -1.14%
P/E 60.4x 69.3x 74.6x 64.4x 43.8x 47x 38.6x 33.4x
PBR 12.1x 11.3x 12.8x 11.5x 7.88x 7.58x 6.76x 6.03x
PEG - -6.9x 4.1x 3.8x 3x -65.79x 1.8x 2.2x
Capitalization / Revenue 5.2x 4.41x 5.12x 4.41x 3.32x 3.05x 2.68x 2.38x
EV / Revenue 5.04x 4.52x 4.97x 4.27x 3.23x 2.96x 2.58x 2.26x
EV / EBITDA 39.9x 47.6x 50x 43.2x 32.8x 30.3x 25x 21.7x
EV / EBIT 46.8x 58.4x 61.2x 53x 40.7x 37.7x 30.5x 26x
EV / FCF 47.1x -3,314x 78.6x 115x 710x 81.7x 52.9x 42.8x
FCF Yield 2.12% -0.03% 1.27% 0.87% 0.14% 1.22% 1.89% 2.34%
Dividend per Share 2 7.5 7.5 9 10 10 11 12.53 14.71
Rate of return 0.65% 0.63% 0.59% 0.65% 0.84% 0.87% 0.99% 1.16%
EPS 2 19.08 17.16 20.32 23.74 27.18 26.99 32.87 37.94
Distribution rate 39.3% 43.7% 44.3% 42.1% 36.8% 40.8% 38.1% 38.8%
Net sales 1 1,38,885 1,68,684 1,85,499 2,17,458 2,24,656 2,60,716 2,96,678 3,35,163
EBITDA 1 17,576 16,030 18,453 21,486 22,133 25,413 30,569 34,932
EBIT 1 14,968 13,068 15,068 17,499 17,842 20,424 25,082 29,087
Net income 1 11,947 10,750 12,732 14,888 17,054 16,845 20,561 23,869
Net Debt 1 -21,403 18,619 -27,123 -30,340 -20,858 -25,208 -30,634 -39,331
Reference price 2 1,152.55 1,188.50 1,515.00 1,528.90 1,190.60 1,268.50 1,268.50 1,268.50
Nbr of stocks (in thousands) 6,26,303 6,26,510 6,26,776 6,26,942 6,27,257 6,27,562 - -
Announcement Date 04/05/22 03/05/23 30/04/24 22/04/25 22/04/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.87x2.5x11.23x2.71% 27TCr
26.06x3.06x16.68x2.01% 25TCr
31.33x4.02x18.54x1.56% 19TCr
37.8x5.52x23.56x1.02% 16TCr
42.6x5.72x25.49x1% 14TCr
43.36x7.13x28.73x0.1% 10TCr
91.2x11.63x64.73x0.35% 9.85TCr
32.18x5.2x18.06x1.4% 8.77TCr
30.48x5.37x19.99x1.28% 5.5TCr
Average 39.32x 5.57x 25.22x 1.27% 15.19TCr
Weighted average by Cap. 35.04x 4.80x 22.17x 1.53%

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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  5. Valuation Havells India Limited