Company Valuation: Refex Industries Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 522.3 1,972 2,504 5,248 15,588 48,799
Change - 277.59% 27% 109.55% 197.02% 213.05%
Enterprise Value (EV) 1 402.9 2,536 3,068 6,396 17,086 47,847
Change - 529.32% 21% 108.47% 167.12% 180.04%
P/E 1.58x 4.32x 5.52x 4.41x 16x 30.5x
PBR 0.69x 1.41x 1.36x 1.67x 3.35x 4.02x
PEG - 2.56x -10x 0x -0.7x 0.7x
Capitalization / Revenue 0.08x 0.31x 0.56x 0.32x 1.13x 1.98x
EV / Revenue 0.06x 0.4x 0.69x 0.39x 1.24x 1.94x
EV / EBITDA 0.79x 4.02x 5.76x 3.76x 12.2x 24.1x
EV / EBIT 0.81x 4.06x 5.87x 3.81x 12.9x 26.2x
EV / FCF 27.2x 6.97x -24.4x -6.5x -22.6x -11.6x
FCF Yield 3.67% 14.3% -4.1% -15.4% -4.43% -8.64%
Dividend per Share 2 - 0.3 - 0.4 0.5 -
Rate of return - 1.6% - 0.84% 0.37% -
EPS 2 4.274 4.346 4.322 10.77 8.44 12.38
Distribution rate - 6.9% - 3.71% 5.92% -
Net sales 1 6,607 6,327 4,440 16,291 13,829 24,677
EBITDA 1 507.9 631.3 532.5 1,702 1,398 1,983
EBIT 1 499.5 623.9 523 1,678 1,328 1,829
Net income 1 331.3 409.4 453.9 1,161 938.7 1,588
Net Debt 1 -119.4 563.6 563.6 1,148 1,498 -951.8
Reference price 2 6.75 18.78 23.85 47.48 134.75 377.75
Nbr of stocks (in thousands) 77,376 105,010 105,010 110,535 115,681 129,182
Announcement Date 7/17/20 9/7/21 9/1/22 8/31/23 8/7/24 6/26/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.64x0.62x2.61x7.45% 4.49B
27.58x0.56x7.32x8.74% 549M
10.31x0.54x6.99x - 63.19M
Average 14.84x 0.57x 5.64x 8.1% 1.7B
Weighted average by Cap. 8.94x 0.62x 3.17x 7.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  5. Valuation Refex Industries Limited