Company Valuation: Dr. Reddy's Laboratories Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 714,500 767,655 1,024,969 953,168 1,044,616 981,089 - -
Change - 7.44% 33.52% -7.01% 9.59% -6.08% - -
Enterprise Value (EV) 1 703,980 719,330 960,383 928,633 1,011,902 949,507 929,471 899,034
Change - 2.18% 33.51% -3.31% 8.97% -6.17% -2.11% -3.27%
P/E 30.4x 17.1x 18.4x 16.9x 24.4x 26x 20.2x 17x
PBR 3.76x 3.33x 3.63x 2.86x 2.78x 2.41x 2.18x 1.98x
PEG - 0.2x 0.8x 13.12x -1x -2.2x 0.7x 0.9x
Capitalization / Revenue 3.33x 3.11x 3.67x 2.93x 3.11x 2.79x 2.5x 2.27x
EV / Revenue 3.28x 2.92x 3.44x 2.85x 3.01x 2.7x 2.37x 2.08x
EV / EBITDA 13.7x 11.1x 12.1x 10.8x 15.1x 15.3x 11.6x 9.8x
EV / EBIT 20.5x 13.8x 14.8x 13.4x 21.8x 22.8x 16.2x 13.4x
EV / FCF 52.3x 15.1x 33.1x 49.1x 30.3x 23.9x 25.6x 18.6x
FCF Yield 1.91% 6.61% 3.02% 2.04% 3.3% 4.18% 3.9% 5.37%
Dividend per Share 2 6 8 8 8 8 7.63 8.444 9.156
Rate of return 0.7% 0.87% 0.65% 0.7% 0.64% 0.65% 0.72% 0.78%
EPS 2 28.34 54.18 66.92 67.78 51.42 45.26 58.31 69.18
Distribution rate 21.2% 14.8% 12% 11.8% 15.6% 16.9% 14.5% 13.2%
Net sales 1 214,391 246,697 279,164 325,535 335,933 351,913 392,780 432,813
EBITDA 1 51,400 64,559 79,481 86,236 67,048 62,054 80,052 91,743
EBIT 1 34,277 52,057 64,781 69,178 46,443 41,610 57,480 67,249
Net income 1 23,568 45,073 55,779 56,544 42,850 37,221 48,989 57,716
Net Debt 1 -10,520 -48,325 -64,586 -24,535 -32,714 -31,582 -51,618 -82,055
Reference price 2 861.08 924.30 1,231.03 1,144.05 1,254.65 1,177.80 1,177.80 1,177.80
Nbr of stocks (in thousands) 829,771 830,526 832,611 833,152 832,596 832,984 - -
Announcement Date 5/19/22 5/10/23 5/7/24 5/9/25 5/12/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.02x2.7x15.3x0.65% 10.27B
33.44x12.14x24.6x0.59% 1,047B
29.82x - - 2% 646B
32.61x7.57x15.74x2.68% 451B
19.99x4.75x11.76x2.79% 355B
21.76x5.62x13.93x2.85% 291B
20.88x4.29x12.24x2.06% 252B
27.35x7.07x12.56x2.33% 234B
13.25x4.77x9.95x3.83% 203B
-44.51x6.43x25.11x2.26% 181B
Average 18.06x 6.15x 15.69x 2.2% 366.95B
Weighted average by Cap. 24.25x 8.05x 17.80x 1.96%

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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