Company Valuation: Kernex Microsystems (India) Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 166.9 830.6 1,817 3,795 9,385 13,067
Change - 397.75% 118.74% 108.9% 147.29% 39.23%
Enterprise Value (EV) 1 248.1 981.5 1,930 3,749 9,626 13,320
Change - 295.64% 96.61% 94.3% 156.74% 38.38%
P/E 4.88x 41.1x -10.6x -16.8x -33.7x 26x
PBR 0.28x 1.33x 3.77x 4.62x 8.8x 8.28x
PEG - -1x 0x -2.61x -2.5x -0x
Capitalization / Revenue 1.12x 4.53x 27.3x 94x 47.9x 6.89x
EV / Revenue 1.67x 5.36x 29x 92.8x 49.1x 7.02x
EV / EBITDA -3.41x 25.1x -20.7x -23.6x -48.4x 32.6x
EV / EBIT -2.76x 41.3x -18x -20.5x -38.8x 35x
EV / FCF -2.85x -11.6x -214x -13.3x -13.3x -87.4x
FCF Yield -35.1% -8.59% -0.47% -7.5% -7.54% -1.14%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 2.738 1.616 -13.76 -14.64 -16.61 29.95
Distribution rate - - - - - -
Net sales 1 148.8 183.2 66.52 40.4 196 1,898
EBITDA 1 -72.76 39.17 -93.29 -158.9 -198.7 408.3
EBIT 1 -89.88 23.75 -107.5 -182.7 -248.3 380.1
Net income 1 34.22 20.2 -172 -198.2 -264.1 502.4
Net Debt 1 81.21 150.9 112.9 -45.92 240.8 253
Reference price 2 13.35 66.45 145.35 245.50 560.00 779.70
Nbr of stocks (in thousands) 12,500 12,500 12,500 15,459 16,759 16,759
Announcement Date 9/8/20 9/7/21 9/8/22 9/8/23 9/7/24 9/5/25
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.79x11.6x21.19x0.84% 120B
47.47x7.91x34.41x1.55% 53.19B
26.25x1.22x13.86x-.--% 39.9B
21.2x1.8x8.82x1.44% 35.13B
28.95x2.04x14.19x1.61% 29.24B
28.54x4.35x17.35x-.--% 27.65B
10.31x5.78x16.03x1.45% 26B
31.35x4.78x19.09x0.74% 18.33B
23.23x2.96x12.42x-.--% 16.28B
Average 27.79x 4.72x 17.48x 0.85% 40.69B
Weighted average by Cap. 30.38x 6.54x 19.41x 0.91%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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