Company Valuation: Ester Industries Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 9,740 11,788 7,244 8,014 11,332 6,899
Change - 21.02% -38.54% 10.63% 41.4% -39.12%
Enterprise Value (EV) 1 11,534 17,572 13,352 13,902 16,697 12,608
Change - 52.35% -24.01% 4.11% 20.11% -24.49%
P/E 7.08x 8.62x 5.29x -5.88x 82.7x -25x
PBR 1.9x 1.9x 0.97x 1.12x 1.47x 0.88x
PEG - -14.61x 34.92x 0x -1x 0x
Capitalization / Revenue 0.98x 0.84x 0.65x 0.75x 0.88x 0.5x
EV / Revenue 1.16x 1.25x 1.2x 1.31x 1.3x 0.92x
EV / EBITDA 4.96x 7.31x 14.6x -66.1x 11x 10.2x
EV / EBIT 5.8x 8.65x 27.4x -15.7x 20x 23.3x
EV / FCF -50.1x -4.7x -8.32x -30.6x 147x -31.3x
FCF Yield -2% -21.3% -12% -3.27% 0.68% -3.2%
Dividend per Share 2 3.4 3.3 0.5 - 0.6 0.25
Rate of return 2.91% 2.33% 0.58% - 0.5% 0.35%
EPS 2 16.49 16.39 16.41 -14.49 1.457 -2.823
Distribution rate 20.6% 20.1% 3.05% - 41.2% -8.86%
Net sales 1 9,918 14,057 11,141 10,634 12,821 13,752
EBITDA 1 2,324 2,402 916.6 -210.4 1,518 1,239
EBIT 1 1,989 2,031 487.6 -885.9 833.9 540.9
Net income 1 1,375 1,367 1,369 -1,210 137 -274.7
Net Debt 1 1,793 5,784 6,108 5,887 5,365 5,709
Reference price 2 116.80 141.35 86.87 85.30 120.50 70.70
Nbr of stocks (in thousands) 83,394 83,394 83,394 93,954 94,042 97,586
Announcement Date 9/2/21 9/2/22 9/1/23 9/3/24 9/4/25 9/2/26
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 95.82M
13.87x0.78x5.62x4.94% 20.7B
26.54x3.93x12.5x6.59% 19.28B
-315.79x - - -.--% 14.24B
-77.03x0.83x6.19x0.89% 13.69B
14.65x2.52x53.24x1.95% 12.64B
20.42x3.1x10.66x1.32% 6.92B
22.71x2.08x13.99x1.63% 5.55B
22.07x0.76x11.31x2.9% 5.25B
27.37x2.79x17.84x1.95% 5.19B
Average -27.24x 2.10x 16.42x 2.46% 10.36B
Weighted average by Cap. -39.08x 2.09x 15.89x 2.99%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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