Company Valuation: Havells India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 721,846 744,607 949,566 958,531 746,812 741,213 - -
Change - 3.15% 27.53% 0.94% -22.09% -0.75% - -
Enterprise Value (EV) 1 700,442 763,226 922,443 928,191 725,954 712,197 704,865 694,186
Change - 8.96% 20.86% 0.62% -21.79% -1.9% -1.03% -1.52%
P/E 60.4x 69.3x 74.6x 64.4x 43.8x 41.6x 34.8x 31.2x
PBR 12.1x 11.3x 12.8x 11.5x 7.88x 7.03x 6.25x 5.62x
PEG - -6.9x 4.1x 3.8x 3x 9.56x 1.8x 2.8x
Capitalization / Revenue 5.2x 4.41x 5.12x 4.41x 3.32x 2.85x 2.5x 2.24x
EV / Revenue 5.04x 4.52x 4.97x 4.27x 3.23x 2.74x 2.38x 2.1x
EV / EBITDA 39.9x 47.6x 50x 43.2x 32.8x 26.9x 22.5x 19.7x
EV / EBIT 46.8x 58.4x 61.2x 53x 40.7x 32.9x 26.9x 23.7x
EV / FCF 47.1x -3,314x 78.6x 115x 710x 64.6x 46.4x 36.2x
FCF Yield 2.12% -0.03% 1.27% 0.87% 0.14% 1.55% 2.15% 2.77%
Dividend per Share 2 7.5 7.5 9 10 10 11.49 13.44 14.34
Rate of return 0.65% 0.63% 0.59% 0.65% 0.84% 0.97% 1.14% 1.21%
EPS 2 19.08 17.16 20.32 23.74 27.18 28.36 33.98 37.82
Distribution rate 39.3% 43.7% 44.3% 42.1% 36.8% 40.5% 39.6% 37.9%
Net sales 1 138,885 168,684 185,499 217,458 224,656 260,390 296,116 330,613
EBITDA 1 17,576 16,030 18,453 21,486 22,133 26,457 31,355 35,228
EBIT 1 14,968 13,068 15,068 17,499 17,842 21,647 26,191 29,320
Net income 1 11,947 10,750 12,732 14,888 17,054 17,751 21,295 23,575
Net Debt 1 -21,403 18,619 -27,123 -30,340 -20,858 -29,016 -36,348 -47,027
Reference price 2 1,152.55 1,188.50 1,515.00 1,528.90 1,190.60 1,181.10 1,181.10 1,181.10
Nbr of stocks (in thousands) 626,303 626,510 626,776 626,942 627,257 627,562 - -
Announcement Date 5/4/22 5/3/23 4/30/24 4/22/25 4/22/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.12x2.49x10.97x2.82% 264B
26.78x3.12x16.9x1.98% 250B
30.2x3.88x17.9x1.64% 180B
50.87x6.81x29.33x0.86% 169B
34.47x5.31x22.62x1.08% 155B
102.51x14.33x74.26x0.29% 118B
51.57x8.26x33.6x0.08% 115B
28.54x4.69x16.39x1.59% 77.88B
37.3x5.86x24.93x1.07% 55B
Average 42.26x 6.08x 27.43x 1.27% 153.82B
Weighted average by Cap. 38.43x 5.38x 24.64x 1.5%

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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  5. Valuation Havells India Limited