Company Valuation: SP Refractories Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026
Market Cap 1 151.2 143.2 260.3 214.7 207.4
Change - -5.33% 81.81% -17.5% -3.42%
Enterprise Value (EV) 1 193.7 197.3 306.9 259.1 218
Change - 1.84% 55.57% -15.58% -15.85%
P/E 12.9x 23.3x 16.7x 10.3x 5.88x
PBR 1.82x 1.6x 2.48x 1.71x 1.29x
PEG 0.4x -0.5x 0x 0.3x 0.1x
Capitalization / Revenue 0.48x 0.53x 0.9x 0.71x 0.74x
EV / Revenue 0.61x 0.72x 1.07x 0.86x 0.77x
EV / EBITDA 9.74x 13.3x 10.6x 7.34x 4.12x
EV / EBIT 11x 15.9x 11.9x 8.27x 4.48x
EV / FCF -6.03x -15.9x 67.2x -85.2x 7.69x
FCF Yield -16.6% -6.29% 1.49% -1.17% 13%
Dividend per Share 2 - - - - 1
Rate of return - - - - 0.86%
EPS 2 6.563 3.441 8.71 11.68 19.72
Distribution rate - - - - 5.07%
Net sales 1 315.2 272.4 288.1 302.5 281.5
EBITDA 1 19.9 14.81 28.98 35.31 52.86
EBIT 1 17.66 12.38 25.71 31.31 48.66
Net income 1 9.845 6.157 15.59 20.91 35.29
Net Debt 1 42.51 54.13 46.64 44.35 10.62
Reference price 2 84.50 80.00 145.45 120.00 115.90
Nbr of stocks (in thousands) 1,790 1,790 1,790 1,790 1,790
Announcement Date 5/26/22 8/26/23 8/27/24 7/25/25 8/22/26
1INR in Million2INR
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 2.53M
18.78x2.08x10.39x1.65% 61.97B
20.61x2.76x10.9x2.52% 49.2B
37.24x3.66x19.48x1.04% 37.75B
40.74x6.25x19.54x0.66% 36.53B
32.21x4.95x16.57x0.73% 35.76B
13.81x1.63x7.57x2.2% 34.03B
18.17x2.08x8.56x1.16% 21.9B
69.33x4.25x76.78x0.33% 21.82B
17.55x4.73x9.3x4.27% 18.3B
Average 29.83x 3.60x 19.90x 1.62% 32B
Weighted average by Cap. 28.13x 3.43x 17.38x 1.58%

Y-o-Y evolution of P/E

Valuation ratios - P/E - SP Refractories Limited

Historical PBR trend

Valuation ratios - PBR - SP Refractories Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - SP Refractories Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - SP Refractories Limited

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