Company Valuation: HFCL Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Capitalization 1 11,624 32,302 1,08,337 83,974 1,32,281 1,14,115
Change - 177.9% 235.39% -22.49% 57.53% -13.73%
Enterprise Value (EV) 1 18,770 41,450 1,13,398 92,569 1,41,217 1,27,564
Change - 120.83% 173.58% -18.37% 52.55% -9.67%
P/E ratio 5.14x 13.5x 33.1x 28x 39.4x 64.3x
PBR 0.7x 1.69x 3.87x 2.7x 3.34x 2.8x
PEG - 2.36x 1.2x -3.33x 5.73x -1.4x
Capitalization / Revenue 0.3x 0.73x 2.29x 1.77x 2.96x 2.81x
EV / Revenue 0.49x 0.94x 2.4x 1.95x 3.16x 3.14x
EV / EBITDA 3.75x 7.7x 17.3x 15.1x 24.9x 31.1x
EV / EBIT 4.02x 8.61x 19.4x 17.3x 28.3x 37.1x
EV / FCF -15.7x 103x 1,565x -14.8x -31.7x -23.5x
FCF Yield -6.38% 0.97% 0.06% -6.74% -3.16% -4.26%
Dividend per Share 2 - 0.15 0.18 0.2 0.2 0.1
Rate of return - 0.6% 0.23% 0.33% 0.22% 0.13%
EPS 2 1.76 1.861 2.38 2.18 2.33 1.23
Distribution rate - 8.06% 7.56% 9.17% 8.58% 8.13%
Net sales 1 38,389 44,230 47,271 47,433 44,650 40,645
EBITDA 1 5,000 5,381 6,573 6,112 5,677 4,097
EBIT 1 4,673 4,814 5,856 5,357 4,998 3,435
Net income 1 2,272 2,390 3,131 3,010 3,298 1,774
Net Debt 1 7,146 9,148 5,061 8,595 8,936 13,448
Reference price 2 9.05 25.15 78.70 60.95 91.80 79.10
Nbr of stocks (in thousands) 12,84,377 12,84,377 13,76,584 13,77,758 14,40,973 14,42,673
Announcement Date 05/09/20 07/09/21 08/09/22 06/09/23 05/09/24 21/08/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 106.4Cr
27x5.3x13.72x2.1% 31TCr
35.95x1.34x25.96x1.54% 18TCr
47.88x17.16x35.01x-.--% 16TCr
59.15x16.83x48.17x0.21% 8.96TCr
29.56x5.99x18.45x1.19% 6.19TCr
24.15x5.07x18.12x1.74% 3.87TCr
20.37x2.52x13.69x2.69% 3.94TCr
40.44x - - - 3.52TCr
32.34x1.34x9.63x2.66% 3.43TCr
Average 35.20x 6.94x 22.84x 1.52% 9.52TCr
Weighted average by Cap. 35.74x 7.53x 23.60x 1.4%
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Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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