Company Valuation: SRF Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 793,949 713,257 758,121 871,296 722,447 727,427 - -
Change - -10.16% 6.29% 14.93% -17.08% 0.69% - -
Enterprise Value (EV) 1 824,839 745,733 799,193 907,171 760,747 762,915 756,833 744,078
Change - -9.59% 7.17% 13.51% -16.14% 0.28% -0.8% -1.69%
P/E 42x 33x 56.8x 69.7x 39.4x 30.5x 27.3x 23.9x
PBR 9.27x 6.91x 6.6x 6.9x 5.14x 4.52x 3.95x 3.42x
PEG - 2.3x -1.5x -10.98x 0.8x 1x 2.3x 1.7x
Capitalization / Revenue 6.39x 4.8x 5.77x 5.93x 4.58x 3.99x 3.58x 3.19x
EV / Revenue 6.63x 5.01x 6.08x 6.17x 4.82x 4.18x 3.73x 3.26x
EV / EBITDA 26x 21.1x 30.9x 33.4x 22.3x 17.9x 16.1x 13.9x
EV / EBIT 31x 25.2x 41.8x 46.6x 29.7x 22.9x 20.9x 17.6x
EV / FCF 301x 1,174x -649x 72.2x 103x 88.7x 59.6x 42.9x
FCF Yield 0.33% 0.09% -0.15% 1.38% 0.97% 1.13% 1.68% 2.33%
Dividend per Share 2 7.15 7.2 7.2 7.2 5 9.298 10.84 12.25
Rate of return 0.27% 0.3% 0.28% 0.24% 0.21% 0.38% 0.44% 0.5%
EPS 2 63.75 72.95 45.06 42.2 61.91 80.48 90 102.7
Distribution rate 11.2% 9.87% 16% 17.1% 8.08% 11.6% 12% 11.9%
Net sales 1 124,337 148,702 131,385 146,931 157,865 182,538 203,174 227,968
EBITDA 1 31,759 35,292 25,841 27,184 34,096 42,652 46,984 53,372
EBIT 1 26,587 29,539 19,115 19,469 25,576 33,379 36,280 42,199
Net income 1 18,889 21,623 13,357 12,508 18,352 23,895 26,559 30,442
Net Debt 1 30,890 32,476 41,071 35,875 38,301 35,488 29,406 16,652
Reference price 2 2,678.45 2,406.20 2,557.55 2,939.35 2,437.20 2,454.00 2,454.00 2,454.00
Nbr of stocks (in thousands) 296,421 296,425 296,425 296,425 296,425 296,425 - -
Announcement Date 5/9/22 5/9/23 5/7/24 5/12/25 5/5/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.02x3.36x9.52x2.08% 69.18B
12.37x0.94x7.82x4.35% 52.04B
55.83x8.95x38.11x0.98% 16.64B
12.53x0.84x5.88x2.9% 13.54B
12.03x0.73x4.82x2.85% 10.08B
15.92x0.72x7.8x3.1% 10.18B
37.34x1.7x8.98x2.03% 9.41B
4.8x0.68x2.9x4.48% 9.3B
30.85x4.23x18.09x0.37% 7.68B
Average 22.30x 2.46x 11.55x 2.57% 22.01B
Weighted average by Cap. 20.07x 2.58x 10.89x 2.78%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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