Company Valuation: IP Rings Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 488 963.4 1,490 1,119 1,887 1,775
Change - 97.4% 54.67% -24.9% 68.67% -5.94%
Enterprise Value (EV) 1 1,205 1,895 2,594 2,064 2,693 2,776
Change - 57.22% 36.91% -20.46% 30.52% 3.07%
P/E 44.3x 19.4x 18.2x 67.1x -58.4x -40.1x
PBR 0.48x 0.91x 1.33x 1.01x 1.78x 1.75x
PEG - 0x 0.3x -0.8x 0x -1.1x
Capitalization / Revenue 0.25x 0.49x 0.55x 0.35x 0.6x 0.59x
EV / Revenue 0.61x 0.95x 0.95x 0.64x 0.85x 0.92x
EV / EBITDA 5.38x 7.93x 8.28x 8.89x 13.6x 15.2x
EV / EBIT 10.3x 14.2x 13.8x 20.6x 43.6x 59x
EV / FCF 33.7x -12.2x -12.1x 12x 16.1x -75.4x
FCF Yield 2.96% -8.21% -8.28% 8.3% 6.21% -1.33%
Dividend per Share 2 - 1.5 2 1 - -
Rate of return - 1.97% 1.7% 1.13% - -
EPS 2 0.8687 3.919 6.466 1.316 -2.548 -3.492
Distribution rate - 38.3% 30.9% 76% - -
Net sales 1 1,979 1,985 2,727 3,233 3,167 3,034
EBITDA 1 223.9 239.1 313.3 232 197.4 182.2
EBIT 1 117.3 133.3 187.8 99.94 61.77 47.02
Net income 1 11.01 49.68 81.96 16.68 -32.29 -44.26
Net Debt 1 717.3 931.6 1,104 944.5 805.9 1,001
Reference price 2 38.50 76.00 117.55 88.28 148.90 140.05
Nbr of stocks (in thousands) 12,676 12,676 12,676 12,676 12,676 12,676
Announcement Date 08/09/20 05/07/21 17/07/22 18/07/23 29/07/24 28/07/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.7Cr
23.37x1.57x12.17x1.61% 4.99TCr
17.79x0.74x5.44x3.28% 3.58TCr
12.02x0.64x5.35x3.79% 3.22TCr
10.33x0.63x8.21x1.43% 2.9TCr
12.79x2.32x8.16x4.57% 1.9TCr
10.62x0.5x4.89x3.08% 1.75TCr
12.19x1.06x6.05x4.12% 1.67TCr
27.44x1.1x11.53x0.59% 1.58TCr
31.01x2.87x17.09x0.99% 1.47TCr
Average 17.51x 1.27x 8.76x 2.6% 2.31TCr
Weighted average by Cap. 17.40x 1.19x 8.62x 2.58%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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