Company Valuation: Dharani Finance Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 27.37 34.16 34.41 27.77 56.84 43.95
Change - 24.82% 0.73% -19.3% 104.68% -22.67%
Enterprise Value (EV) 1 27.82 33.78 36.14 28.8 56.03 47.94
Change - 21.4% 7% -20.33% 94.59% -14.44%
P/E 274x 11.3x -27.2x -9.11x 6.78x 7.93x
PBR 0.35x 0.42x 0.42x 0.32x 0.6x 0.44x
PEG - 0x 0x -0x -0x -0.2x
Capitalization / Revenue 5.07x 3.38x 5.74x 3.5x 3.99x 3.14x
EV / Revenue 5.16x 3.34x 6.02x 3.63x 3.93x 3.43x
EV / EBITDA 16.1x 5.2x -56.2x -9.67x 6.58x 5.89x
EV / EBIT 26.9x 5.76x -28.5x -9.48x 6.63x 5.96x
EV / FCF 14.3x 8.4x -34.6x -3.24x 92.5x -8.29x
FCF Yield 6.98% 11.9% -2.89% -30.8% 1.08% -12.1%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.02 0.6075 -0.2535 -0.61 1.678 1.11
Distribution rate - - - - - -
Net sales 1 5.395 10.11 5.999 7.929 14.24 13.98
EBITDA 1 1.726 6.493 -0.643 -2.977 8.516 8.137
EBIT 1 1.036 5.867 -1.267 -3.039 8.454 8.047
Net income 1 0.101 3.034 -1.266 -3.04 8.379 5.546
Net Debt 1 0.454 -0.384 1.732 1.027 -0.802 3.994
Reference price 2 5.48 6.84 6.89 5.56 11.38 8.80
Nbr of stocks (in thousands) 4,994 4,994 4,994 4,994 4,994 4,994
Announcement Date 8/25/21 12/2/22 10/31/23 8/30/24 8/26/25 8/28/26
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 642K
129.5x - - -.--% 28.69B
1420.42x - - -.--% 14.56B
12.36x4.23x46.54x3.85% 12.61B
5.75x - - 5.27% 11.88B
11.81x - - 4.17% 10.94B
4.84x - - 6.54% 8.53B
19.97x15.12x36.41x1.18% 8.02B
14.12x - - 2.86% 6.97B
Average 202.35x 9.67x 41.47x 2.99% 11.36B
Weighted average by Cap. 245.12x 8.46x 42.60x 2.37%

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 Dharani Finance Limited
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