Company Valuation: Ashapura Minechem Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 1,779 9,090 11,683 10,256 34,394 34,313
Change - 411% 28.52% -12.22% 235.37% -0.24%
Enterprise Value (EV) 1 5,766 15,377 17,786 17,090 42,860 44,823
Change - 166.7% 15.67% -3.92% 150.8% 4.58%
P/E 0.46x 10.8x 13.2x 8.76x 12.3x 11.4x
PBR 0.51x 2.09x 2.24x 1.54x 3.7x 2.76x
PEG - -0.1x -18.16x 0.3x 0x 3.64x
Capitalization / Revenue 0.53x 0.79x 0.91x 0.56x 1.3x 1.25x
EV / Revenue 1.72x 1.34x 1.39x 0.93x 1.62x 1.64x
EV / EBITDA -23.9x 9.47x 14.8x 8.63x 16.4x 10.8x
EV / EBIT -11.1x 13x 28.1x 13.5x 23.3x 13.3x
EV / FCF -0.83x -5.13x -19.2x -7.75x -21.2x -15.1x
FCF Yield -120% -19.5% -5.2% -12.9% -4.72% -6.6%
Dividend per Share 2 - 0.5 0.5 - - 1
Rate of return - 0.48% 0.39% - - 0.28%
EPS 2 44.57 9.72 9.649 12.79 30.5 31.46
Distribution rate - 5.14% 5.18% - - 3.18%
Net sales 1 3,343 11,481 12,778 18,308 26,538 27,389
EBITDA 1 -240.9 1,623 1,205 1,981 2,611 4,136
EBIT 1 -520.8 1,184 634.1 1,268 1,837 3,370
Net income 1 3,877 874.8 865.2 1,170 2,870 2,958
Net Debt 1 3,987 6,287 6,103 6,834 8,466 10,510
Reference price 2 20.45 104.50 127.70 112.10 375.95 359.20
Nbr of stocks (in thousands) 86,986 86,986 91,486 91,486 91,486 95,526
Announcement Date 12/8/20 9/7/21 9/6/22 9/6/23 9/5/24 8/29/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 648M
16.77x3.87x6.86x3.67% 213B
11.29x2.77x5.93x5.25% 163B
13.6x3.96x6.66x3.72% 88.87B
11.89x0.4x5.55x3.13% 80.35B
20.82x6.08x13.83x0.05% 60.91B
27.78x2.96x7.5x1.34% 54.16B
16.58x3.2x6.82x0.62% 29.69B
11.52x4.06x5.99x4.72% 28.75B
12.96x4.6x8.07x4.43% 23.82B
Average 15.91x 3.54x 7.47x 2.99% 74.29B
Weighted average by Cap. 15.46x 3.38x 7.11x 3.44%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Ashapura Minechem Limited