Company Valuation: Tinna Rubber and Infrastructure Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 163.6 315.2 2,614 2,972 11,978 15,954
Change - 92.67% 729.48% 13.66% 303.08% 33.19%
Enterprise Value (EV) 1 885.6 975.2 3,312 3,558 12,822 17,225
Change - 10.12% 239.57% 7.45% 260.33% 34.34%
P/E -3.37x -228x 15.5x 13.6x 29.7x 33x
PBR 0.24x 0.47x 3.38x 3.1x 9.35x 8.95x
PEG - 2.3x -0x 0.5x 0.4x 1.7x
Capitalization / Revenue 0.13x 0.24x 1.1x 1.01x 3.3x 3.16x
EV / Revenue 0.72x 0.75x 1.4x 1.2x 3.53x 3.41x
EV / EBITDA 10.3x 5.71x 9.1x 9.82x 20.6x 22.6x
EV / EBIT 65.5x 10.3x 11.7x 12x 22.8x 25.9x
EV / FCF 12.2x 20.9x -51.6x 82.1x -50.9x -31.2x
FCF Yield 8.2% 4.79% -1.94% 1.22% -1.96% -3.2%
Dividend per Share 2 - - 2 2.5 5 4
Rate of return - - 1.31% 1.44% 0.72% 0.43%
EPS 2 -2.83 -0.0806 9.864 12.72 23.52 28.19
Distribution rate - - 20.3% 19.6% 21.3% 14.2%
Net sales 1 1,227 1,301 2,372 2,954 3,630 5,053
EBITDA 1 86.38 170.7 364 362.2 623.4 762.6
EBIT 1 13.51 94.5 283.5 296.6 563.4 666.2
Net income 1 -48.44 -1.381 169 218 402.9 483.6
Net Debt 1 722 660.1 697.2 586.9 844 1,272
Reference price 2 9.55 18.40 152.62 173.48 699.25 931.35
Nbr of stocks (in thousands) 17,130 17,130 17,130 17,130 17,130 17,130
Announcement Date 09/09/20 20/08/21 09/06/22 03/08/23 11/07/24 24/06/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 21Cr
37.3x5.1x20.71x1.03% 7.98TCr
29.56x4.47x19.28x2.25% 3.71TCr
24.5x2.93x15.13x2.14% 3.51TCr
16.31x1.55x9.39x1.94% 2.8TCr
37.62x9.23x28.09x2.43% 2.31TCr
10.27x2.7x5.65x3.95% 1.93TCr
26.66x2.77x11.32x1.6% 1.86TCr
16.64x1.82x7.2x1.83% 1.44TCr
23.07x2.75x12.64x1.48% 1.39TCr
Average 24.66x 3.70x 14.38x 2.07% 2.69TCr
Weighted average by Cap. 27.90x 4.08x 16.37x 1.87%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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