Company Valuation: Indokem Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 231.3 610.6 1,146 2,515 2,747 5,253
Change - 163.93% 87.65% 119.53% 9.21% 91.22%
Enterprise Value (EV) 1 311.6 696.5 1,262 2,673 2,947 5,440
Change - 123.49% 81.23% 111.78% 10.23% 84.63%
P/E 45.4x 20.6x 40.6x 811x -44.4x 166x
PBR 0.8x 1.91x 3.29x 7.16x 4.68x 8.5x
PEG - 0x -8.69x -9.1x 0x -1x
Capitalization / Revenue 0.26x 0.77x 1.01x 2.25x 1.67x 2.95x
EV / Revenue 0.35x 0.88x 1.11x 2.39x 1.79x 3.05x
EV / EBITDA 14.9x 11.8x 25.9x 112x -254x 71.9x
EV / EBIT 30.3x 14.4x 33.3x 228x -96.3x 94x
EV / FCF -27.7x -42.3x -26.4x -54.6x 126x -3,400x
FCF Yield -3.61% -2.36% -3.78% -1.83% 0.79% -0.03%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.2097 1.217 1.16 0.1274 -2.22 1.137
Distribution rate - - - - - -
Net sales 1 896.3 792.5 1,136 1,119 1,648 1,781
EBITDA 1 20.9 59.1 48.7 23.9 -11.6 75.7
EBIT 1 10.3 48.2 37.9 11.7 -30.6 57.9
Net income 1 5.1 29.6 28.3 3.1 -61.9 31.7
Net Debt 1 80.3 85.9 116.5 157.9 199.7 187.7
Reference price 2 9.51 25.10 47.10 103.40 98.50 188.35
Nbr of stocks (in thousands) 24,326 24,326 24,326 24,326 27,888 27,888
Announcement Date 9/4/20 9/6/21 9/5/22 8/7/23 8/28/24 9/1/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 173M
36.5x4.97x20.18x1.06% 77.33B
25.62x3.04x15.74x2.03% 37.39B
28.62x4.33x18.69x2.33% 36.29B
13.65x1.34x8.2x2.31% 24.33B
36.48x8.94x27.21x2.51% 22.64B
11.42x2.97x6.21x3.55% 21.45B
26.86x2.89x11.73x1.68% 19.32B
13.44x2.71x6.17x1.21% 15.81B
16x1.78x6.95x1.88% 14.49B
Average 23.18x 3.66x 13.46x 2.06% 26.92B
Weighted average by Cap. 26.71x 4.01x 15.61x 1.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Indokem Limited