Company Valuation: SEPC Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 2,186 3,876 7,345 13,810 23,487 21,969
Change - 77.33% 89.47% 88.02% 70.08% -6.46%
Enterprise Value (EV) 1 8,793 12,133 17,071 17,551 27,731 25,386
Change - 37.99% 40.69% 2.81% 58.01% -8.46%
P/E -2.83x -2.16x -2.79x -261x 98x 87.8x
PBR 0.18x 0.39x 1x 1.27x 1.94x 1.46x
PEG - -0x -0.1x 2.6x -0x -14.93x
Capitalization / Revenue 0.18x 0.67x 2.23x 3.65x 4.19x 3.68x
EV / Revenue 0.73x 2.08x 5.18x 4.63x 4.94x 4.25x
EV / EBITDA 18.3x -15.6x -36.9x -27.6x 109x 51x
EV / EBIT 20.8x -14.5x -33x -25.4x 132x 55.8x
EV / FCF -15x -54.2x -23.8x 17.4x -14x -16.7x
FCF Yield -6.67% -1.85% -4.2% 5.75% -7.13% -5.99%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.7953 -1.85 -2.714 -0.0401 0.17 0.16
Distribution rate - - - - - -
Net sales 1 12,101 5,828 3,295 3,788 5,610 5,977
EBITDA 1 479.9 -779.6 -462.4 -636.2 254.3 497.5
EBIT 1 423.7 -835 -517.7 -691.1 209.4 454.9
Net income 1 -772.6 -1,795 -2,637 -49.04 227.8 248.4
Net Debt 1 6,607 8,257 9,726 3,741 4,243 3,417
Reference price 2 2.250 3.990 7.560 10.450 16.660 14.050
Nbr of stocks (in thousands) 971,529 971,529 971,529 1,321,529 1,409,814 1,563,660
Announcement Date 9/1/20 9/7/21 8/26/22 8/30/23 6/27/24 9/5/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 123M
64.2x2.78x27.14x0.07% 93.08B
13.1x1.06x5.82x4.48% 70.85B
35.67x4.49x24.38x0.19% 60.8B
25.26x1.93x18.78x1.23% 54.57B
54.4x4.54x29.01x1.69% 44.99B
31.32x0.74x12.41x2.01% 37.16B
25.35x1.64x15.83x0.19% 33.01B
25.7x0.51x8.06x2.32% 32.85B
4.77x0.3x5.79x5.98% 28.25B
Average 31.08x 2.00x 16.36x 2.02% 45.57B
Weighted average by Cap. 34.85x 2.25x 17.92x 1.77%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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