Company Valuation: NCL Industries Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 2,447 7,760 8,040 8,056 8,345 8,248
Change - 217.1% 3.61% 0.2% 3.59% -1.17%
Enterprise Value (EV) 1 5,905 10,368 12,060 11,499 10,815 11,301
Change - 75.59% 16.32% -4.65% -5.95% 4.5%
P/E 4.81x 5.34x 8.59x 18.2x 8.95x 32.7x
PBR 0.46x 1.17x 1.09x 1.05x 0.98x 0.96x
PEG - 0x -0.2x -0.3x 0x -0.4x
Capitalization / Revenue 0.26x 0.56x 0.49x 0.5x 0.45x 0.58x
EV / Revenue 0.63x 0.75x 0.74x 0.71x 0.58x 0.8x
EV / EBITDA 4.24x 3.68x 5.84x 7.27x 4.91x 9.4x
EV / EBIT 6.07x 4.37x 7.55x 10.5x 6.59x 17.6x
EV / FCF 1,238x 7.69x -8.29x 15.2x 12x -30.7x
FCF Yield 0.08% 13% -12.1% 6.57% 8.33% -3.26%
Dividend per Share 2 2.5 4 3 3 4 3
Rate of return 4.62% 2.33% 1.69% 1.68% 2.17% 1.65%
EPS 2 11.24 32.16 20.69 9.791 20.61 5.571
Distribution rate 22.2% 12.4% 14.5% 30.6% 19.4% 53.9%
Net sales 1 9,379 13,837 16,334 16,097 18,714 14,108
EBITDA 1 1,394 2,817 2,064 1,583 2,203 1,202
EBIT 1 972.8 2,374 1,597 1,091 1,642 642.8
Net income 1 508.4 1,454 943.5 442.9 932.2 252
Net Debt 1 3,458 2,608 4,020 3,443 2,469 3,053
Reference price 2 54.10 171.55 177.75 178.10 184.50 182.35
Nbr of stocks (in thousands) 45,233 45,233 45,233 45,233 45,233 45,233
Announcement Date 9/7/20 9/6/21 9/5/22 9/3/23 8/29/24 9/3/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.75x2.91x11.43x2.4% 52.69B
23.87x3.32x12.01x-.--% 14.02B
10.85x0.48x2.11x4.64% 13.38B
13.18x3.55x7.21x5.83% 13.16B
9.85x1.52x5.73x1.65% 9.6B
51.89x4.26x19.33x0.54% 9.59B
28x9.13x16.96x3.44% 9.4B
17.26x3.67x11.44x0.43% 6.95B
26.34x1.17x5.13x3.47% 5.82B
Average 22.56x 3.33x 10.15x 2.49% 14.96B
Weighted average by Cap. 21.75x 3.17x 10.42x 2.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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