Company Valuation: Cipla Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 821,377 726,839 1,208,588 1,164,745 988,887 1,070,482 - -
Change - -11.51% 66.28% -3.63% -15.1% 8.25% - -
Enterprise Value (EV) 1 810,334 716,397 1,154,239 1,084,736 901,599 964,380 939,033 922,715
Change - -11.59% 61.12% -6.02% -16.88% 6.96% -2.63% -1.74%
P/E 32.7x 26x 29.3x 22.1x 25.5x 25.8x 20.8x 18.4x
PBR 3.94x 3.11x 4.53x 3.73x 2.87x 2.85x 2.59x 2.33x
PEG - 2.3x 0.6x 0.8x -1x 3.79x 0.9x 1.4x
Capitalization / Revenue 3.77x 3.19x 4.69x 4.23x 3.51x 3.46x 3.09x 2.83x
EV / Revenue 3.72x 3.15x 4.48x 3.94x 3.2x 3.12x 2.71x 2.44x
EV / EBITDA 17.8x 14.3x 18.3x 15.2x 15.3x 16.2x 12.8x 11.3x
EV / EBIT 23.1x 18.6x 22x 18x 19.3x 20.7x 15.8x 13.6x
EV / FCF 29.1x 29.9x 38x 28.2x 38.5x 34x 26.1x 21.6x
FCF Yield 3.43% 3.35% 2.63% 3.54% 2.6% 2.94% 3.83% 4.64%
Dividend per Share 2 5 8.5 13 13 13 12.99 14.72 14.57
Rate of return 0.49% 0.94% 0.87% 0.9% 1.06% 0.98% 1.11% 1.1%
EPS 2 31.17 34.69 51.01 65.24 48 51.27 63.73 72.02
Distribution rate 16% 24.5% 25.5% 19.9% 27.1% 25.3% 23.1% 20.2%
Net sales 1 217,633 227,531 257,741 275,476 281,626 309,296 346,822 378,322
EBITDA 1 45,528 50,270 62,910 71,279 58,829 59,569 73,620 82,008
EBIT 1 35,008 38,549 52,400 60,210 46,719 46,548 59,574 67,964
Net income 1 25,168 28,019 41,216 52,725 38,792 41,182 51,590 58,286
Net Debt 1 -11,043 -10,443 -54,350 -80,010 -87,289 -106,103 -131,449 -147,767
Reference price 2 1,018.05 900.50 1,496.95 1,442.20 1,224.20 1,325.10 1,325.10 1,325.10
Nbr of stocks (in thousands) 806,814 807,151 807,367 807,617 807,783 807,850 - -
Announcement Date 5/10/22 5/12/23 5/10/24 5/13/25 5/13/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.8x12.9x27.02x0.55% 1,116B
37.07x6.25x17.38x2.11% 610B
36.17x8.31x17.13x2.45% 501B
112.15x5.92x25.35x2.35% 358B
20.49x5x12.4x2.64% 366B
21.24x5.55x13.66x2.88% 288B
22x4.43x12.71x1.99% 261B
27.56x7.08x12.68x2.32% 235B
-45.98x7.04x27.26x2.1% 195B
Average 29.61x 6.94x 18.40x 2.15% 436.64B
Weighted average by Cap. 35.04x 8.17x 19.98x 1.84%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Cipla Limited

Historical PBR trend

Valuation ratios - PBR - Cipla Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Cipla Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Cipla Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - Cipla Limited