Company Valuation: S H Kelkar and Company Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 15,382 19,396 13,450 27,778 24,445 19,353 - -
Change - 26.1% -30.66% 106.53% -12% -20.83% - -
Enterprise Value (EV) 1 18,919 24,490 18,438 27,778 31,026 26,639 25,783 25,740
Change - 29.45% -24.71% 50.66% 11.69% -14.14% -3.21% -0.17%
P/E ratio 10.6x 13.3x 22.1x 23x 33.3x 16.3x 14x 12.9x
PBR 1.66x 1.96x 1.29x - 1.92x 1.43x 1.33x 1.24x
PEG - 4.22x -0.4x 0.2x -0.8x 0.3x 0.9x 1.61x
Capitalization / Revenue 1.14x 1.23x 0.79x - 1.15x 0.84x 0.75x 0.65x
EV / Revenue 1.41x 1.55x 1.09x - 1.46x 1.15x 0.99x 0.86x
EV / EBITDA 8.02x 11.2x 8.05x - 10.4x 11.4x 9.44x 6.61x
EV / EBIT - - - - - - - -
EV / FCF 11.7x 104x 14.4x - -38.8x 174x 14.8x 29.4x
FCF Yield 8.53% 0.96% 6.94% - -2.58% 0.57% 6.76% 3.41%
Dividend per Share 2 1 0.75 - - 1 2.492 2.888 3.129
Rate of return 0.9% 0.52% - - 0.57% 1.78% 2.07% 2.24%
EPS 2 10.48 10.81 4.5 8.93 5.31 8.6 10 10.8
Distribution rate 9.54% 6.94% - - 18.8% 29% 28.9% 29%
Net sales 1 13,454 15,817 16,983 - 21,234 23,096 25,930 29,881
EBITDA 1 2,359 2,177 2,291 - 2,970 2,343 2,730 3,894
EBIT 1,744 1,459 1,486 - - - - -
Net income 1 1,447 1,486 612 1,224 732.4 1,194 1,383 1,499
Net Debt 1 3,537 5,094 4,988 - 6,581 7,286 6,431 6,388
Reference price 2 111.45 143.55 99.50 205.50 176.60 139.81 139.81 139.81
Nbr of stocks (in thousands) 1,38,014 1,35,114 1,35,175 1,35,175 1,38,421 1,38,421 - -
Announcement Date 27/05/21 25/05/22 30/05/23 26/07/24 16/05/25 - - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.26x1.15x11.37x1.78% 21Cr
33.63x4.83x19.41x1.06% 7.72TCr
23.32x3.87x16.23x2.63% 3.29TCr
19.48x2.38x12.27x2.75% 2.82TCr
14.04x1.36x8.63x2.25% 2.36TCr
15.74x3.79x8.76x2.31% 2.35TCr
22.4x4.06x10.59x0.94% 2.05TCr
31.52x7.58x23.29x2.93% 1.97TCr
16.22x1.75x7.01x1.88% 1.34TCr
491.47x6.86x63.43x0.12% 1.3TCr
Average 68.41x 3.76x 18.10x 1.87% 2.52TCr
Weighted average by Cap. 48.89x 4.10x 17.39x 1.81%

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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