Company Valuation: Emami Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 197,547 158,108 187,215 253,017 171,588 169,668 - -
Change - -19.96% 18.41% 35.15% -32.18% -1.12% - -
Enterprise Value (EV) 1 199,024 156,997 185,858 250,909 168,714 161,792 156,641 150,975
Change - -21.12% 18.38% 35% -32.76% -4.1% -3.18% -3.62%
P/E 23.7x 24.7x 25.9x 31.4x 22.1x 23.1x 20.2x 18.1x
PBR 9.51x 6.87x 7.65x 9.34x 5.87x 5.3x 4.74x 4.29x
PEG - -1.1x 1.8x 2.7x -5.67x -4.27x 1.4x 1.5x
Capitalization / Revenue 6.19x 4.64x 5.23x 6.64x 4.54x 3.95x 3.63x 3.34x
EV / Revenue 6.24x 4.61x 5.19x 6.59x 4.46x 3.77x 3.35x 2.97x
EV / EBITDA 20.9x 18.2x 19.6x 24.5x 17.5x 15.3x 13.2x 11.5x
EV / EBIT 32.2x 25.5x 24.3x 29.6x 21.5x 18.4x 15.6x 13.4x
EV / FCF 124x 22.2x 25.2x 29.5x 22.3x 23.9x 18.8x 15.4x
FCF Yield 0.81% 4.51% 3.97% 3.39% 4.49% 4.19% 5.31% 6.48%
Dividend per Share 2 8 8 8 5 - 11.23 12.33 13.18
Rate of return 1.79% 2.23% 1.87% 0.86% - 2.89% 3.17% 3.39%
EPS 2 18.88 14.5 16.55 18.48 17.76 16.8 19.26 21.51
Distribution rate 42.4% 55.2% 48.3% 27.1% - 66.9% 64% 61.3%
Net sales 1 31,920 34,057 35,781 38,092 37,795 42,941 46,740 50,812
EBITDA 1 9,524 8,628 9,495 10,251 9,636 10,577 11,849 13,103
EBIT 1 6,176 6,155 7,636 8,469 7,863 8,778 10,037 11,304
Net income 1 8,390 6,396 7,235 8,065 7,753 7,358 8,490 9,492
Net Debt 1 1,477 -1,111 -1,357 -2,108 -2,875 -7,876 -13,027 -18,692
Reference price 2 447.80 358.40 428.90 579.65 393.10 388.70 388.70 388.70
Nbr of stocks (in thousands) 441,150 441,150 436,500 436,500 436,500 436,500 - -
Announcement Date 5/13/22 5/25/23 5/29/24 5/16/25 5/21/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.17x3.77x15.32x2.89% 1.77B
21.48x4.1x15.01x3.01% 340B
18.23x2.72x11.99x3.53% 133B
23.4x3.52x14.79x2.47% 68.6B
40.44x6.49x28.17x2.32% 47.63B
18.75x2.65x11.04x4.74% 34.19B
32.33x2.52x13.99x1.69% 34.18B
22.73x1.66x10.59x2.22% 20.2B
20.71x1.34x8.75x1.27% 19.52B
15.09x1.45x8.2x3.54% 17.7B
Average 23.63x 3.02x 13.78x 2.77% 71.64B
Weighted average by Cap. 22.57x 3.59x 14.60x 2.97%

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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