Company Valuation: Reliance Infrastructure Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 9,202 29,562 50,646 107,032 102,303 27,462
Change - 221.26% 71.32% 111.33% -4.42% -73.16%
Enterprise Value (EV) 1 138,998 144,283 146,722 171,929 136,073 52,490
Change - 3.8% 1.69% 17.18% -20.86% -61.43%
P/E -1.73x -3.16x -1.28x -6.34x 2.14x 0.94x
PBR 0.1x 0.24x 0.54x 1.22x 0.71x 0.15x
PEG - -0x -0x 0.1x -0x -0x
Capitalization / Revenue 0.06x 0.16x 0.25x 0.49x 0.43x 0.13x
EV / Revenue 0.83x 0.78x 0.71x 0.78x 0.58x 0.26x
EV / EBITDA 4.56x 4.38x 5.01x 4.29x 2.49x 1.81x
EV / EBIT 8.09x 7.12x 9.8x 6.79x 3.34x 3.57x
EV / FCF 7.8x 4.78x 3.31x 6.23x 1.97x 3.12x
FCF Yield 12.8% 20.9% 30.2% 16% 50.7% 32%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -20.24 -35.68 -113 -42.66 120.7 71.41
Distribution rate - - - - - -
Net sales 1 167,046 184,111 206,464 220,669 235,919 204,405
EBITDA 1 30,513 32,919 29,267 40,110 54,673 29,061
EBIT 1 17,171 20,273 14,977 25,306 40,685 14,688
Net income 1 -5,323 -9,384 -32,212 -16,087 49,375 29,002
Net Debt 1 129,796 114,720 96,076 64,897 33,770 25,027
Reference price 2 35.05 112.60 144.15 270.50 258.55 67.28
Nbr of stocks (in thousands) 262,540 262,540 351,340 395,681 395,681 408,181
Announcement Date 8/23/21 6/10/22 7/6/23 7/12/24 7/16/25 7/23/26
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 292M
34.02x5.8x42.44x0.19% 279B
21.4x9.2x15.68x2.87% 179B
19.98x4.16x11.41x3.57% 152B
13.34x1.91x6.79x5.31% 111B
20.69x5.95x13.18x3.26% 107B
21.85x3.3x13.98x0.61% 98.72B
18.44x5.63x11.39x3.51% 97.07B
19.55x5.08x12.31x3.08% 68.26B
19.05x6.28x13.6x3.9% 60.28B
Average 20.92x 5.26x 15.64x 2.92% 115.31B
Weighted average by Cap. 22.99x 5.51x 19.70x 2.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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