Company Valuation: Refex Renewables & Infrastructure Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 198 1,428 1,659 2,007 2,727 944.3
Change - 621.09% 16.23% 20.93% 35.88% -65.37%
Enterprise Value (EV) 1 1,501 4,639 6,305 6,125 7,340 5,754
Change - 209.02% 35.92% -2.85% 19.84% -21.61%
P/E -0.72x -4.4x -7.1x -8.12x -7.5x -2.25x
PBR -0.54x -2.07x -1.79x -1.72x -1.56x -0.45x
PEG - -0.3x 0.3x -1.43x -0.2x -0.1x
Capitalization / Revenue 0.28x 2.67x 2.17x 2.64x 4.01x 1.42x
EV / Revenue 2.09x 8.67x 8.23x 8.05x 10.8x 8.66x
EV / EBITDA -10.6x -92.9x 74.3x 18.7x 23.2x 21.7x
EV / EBIT -5.2x -21.4x -84.1x 40.2x 54x 81.8x
EV / FCF -1.65x -3.47x -4.73x 26.3x -42.5x 68.8x
FCF Yield -60.8% -28.8% -21.2% 3.81% -2.35% 1.45%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -61.61 -72.35 -52.07 -55.03 -80.86 -93.47
Distribution rate - - - - - -
Net sales 1 719 535 766.4 760.9 679.9 664.7
EBITDA 1 -141.6 -49.91 84.86 328.2 316 265.2
EBIT 1 -288.7 -217.3 -74.96 152.4 135.9 70.3
Net income 1 -276.6 -324.9 -233.8 -247.1 -363.2 -420.3
Net Debt 1 1,303 3,211 4,646 4,118 4,614 4,810
Reference price 2 44.10 318.00 369.60 446.95 606.40 209.95
Nbr of stocks (in thousands) 4,490 4,490 4,490 4,490 4,497 4,498
Announcement Date 08/09/21 08/09/22 07/09/23 30/08/24 25/08/25 25/08/26
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.6Cr
21.64x1.34x10.83x-.--% 126.19Cr
10.39x0.83x2.79x2.6% 119.07Cr
13.02x2.3x9.63x - 31Cr
Average 15.02x 1.49x 7.75x 1.3% 69.4Cr
Weighted average by Cap. 15.83x 1.23x 7.23x 1.26%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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