Company Valuation: Havells India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 721,846 744,607 949,566 958,531 746,812 723,917 - -
Change - 3.15% 27.53% 0.94% -22.09% -3.07% - -
Enterprise Value (EV) 1 700,442 763,226 922,443 928,191 725,954 694,960 687,560 675,946
Change - 8.96% 20.86% 0.62% -21.79% -4.27% -1.06% -1.69%
P/E Ratio 60.4x 69.3x 74.6x 64.4x 43.8x 40.5x 33.8x 30.3x
PBR 12.1x 11.3x 12.8x 11.5x 7.88x 6.87x 6.11x 5.47x
PEG - -6.9x 4.1x 3.8x 3x 8.32x 1.7x 2.6x
Capitalization / Revenue 5.2x 4.41x 5.12x 4.41x 3.32x 2.79x 2.45x 2.22x
EV / Revenue 5.04x 4.52x 4.97x 4.27x 3.23x 2.68x 2.33x 2.07x
EV / EBITDA 39.9x 47.6x 50x 43.2x 32.8x 26.2x 21.8x 19.4x
EV / EBIT 46.8x 58.4x 61.2x 53x 40.7x 31.9x 26.1x 23.5x
EV / FCF 47.1x -3,314x 78.6x 115x 710x 62.7x 45x 34.6x
FCF Yield 2.12% -0.03% 1.27% 0.87% 0.14% 1.59% 2.22% 2.89%
Dividend per Share 2 7.5 7.5 9 10 10 11.51 13.48 14.1
Rate of return 0.65% 0.63% 0.59% 0.65% 0.84% 1% 1.17% 1.22%
EPS 2 19.08 17.16 20.32 23.74 27.18 28.5 34.19 38.13
Distribution rate 39.3% 43.7% 44.3% 42.1% 36.8% 40.4% 39.4% 37%
Net sales 1 138,885 168,684 185,499 217,458 224,656 259,762 295,506 326,369
EBITDA 1 17,576 16,030 18,453 21,486 22,133 26,567 31,505 34,810
EBIT 1 14,968 13,068 15,068 17,499 17,842 21,791 26,393 28,729
Net income 1 11,947 10,750 12,732 14,888 17,054 17,844 21,428 23,778
Net Debt 1 -21,403 18,619 -27,123 -30,340 -20,858 -28,957 -36,358 -47,971
Reference price 2 1,152.55 1,188.50 1,515.00 1,528.90 1,190.60 1,154.10 1,154.10 1,154.10
Nbr of stocks (in thousands) 626,303 626,510 626,776 626,942 627,257 627,257 - -
Announcement Date 5/4/22 5/3/23 4/30/24 4/22/25 4/22/26 - - -
1INR in Million2INR
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.65x2.94x15.91x2.13% 236B
53.32x7.29x31.35x0.8% 182B
28.35x3.7x17.07x1.73% 173B
33.91x5.25x22.2x1.1% 152B
117.96x16.57x85.51x0.25% 138B
51.97x8.33x33.88x0.08% 116B
29.35x4.81x16.81x1.54% 80.13B
31.37x6.56x20.42x0.6% 52.06B
37.08x6.02x24.94x1.23% 51.11B
Average 45.33x 6.83x 29.79x 1.05% 131.17B
Weighted average by Cap. 45.59x 6.57x 29.85x 1.17%

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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