Company Valuation: Sun Pharmaceutical Industries Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 2,194,737 2,358,729 3,888,242 4,162,126 4,216,111 4,474,520 - -
Change - 7.47% 64.84% 7.04% 1.3% 6.13% - -
Enterprise Value (EV) 1 2,077,371 2,269,278 3,725,634 3,930,920 3,931,562 4,203,855 4,136,101 4,041,826
Change - 9.24% 64.18% 5.51% 0.02% 6.93% -1.61% -2.28%
P/E 67.3x 27.8x 40.6x 38x 36.8x 34.4x 29.1x 25.1x
PBR 4.57x 4.21x 6.11x 5.76x 5.04x 4.82x 4.31x 3.85x
PEG - 0x 3.1x 2.7x 7.63x 2.6x 1.6x 1.6x
Capitalization / Revenue 5.68x 5.37x 8.02x 7.92x 7.21x 6.87x 6.14x 5.53x
EV / Revenue 5.37x 5.17x 7.68x 7.48x 6.72x 6.46x 5.67x 4.99x
EV / EBITDA 20x 19.5x 28.7x 26.1x 23.8x 22.4x 19x 16.2x
EV / EBIT 25.2x 24.9x 35.7x 31.4x 29x 27.1x 22.8x 18.9x
EV / FCF 27.7x 79x 37.5x 32.9x 44.6x 71.6x 30.8x 26.7x
FCF Yield 3.61% 1.27% 2.67% 3.04% 2.24% 1.4% 3.25% 3.74%
Dividend per Share 2 10 11.5 13.5 16 16 17.09 19.86 21.09
Rate of return 1.09% 1.17% 0.83% 0.92% 0.91% 0.92% 1.07% 1.13%
EPS 2 13.6 35.3 39.9 45.6 47.8 54.2 64 74.29
Distribution rate 73.5% 32.6% 33.8% 35.1% 33.5% 31.5% 31% 28.4%
Net sales 1 386,545 438,857 484,968 525,784 584,620 651,013 729,020 809,703
EBITDA 1 103,977 116,468 129,870 150,862 164,912 187,903 217,622 249,612
EBIT 1 82,540 91,174 104,304 125,108 135,534 155,287 181,351 213,600
Net income 1 32,727 84,736 95,764 109,290 114,794 129,664 153,643 179,216
Net Debt 1 -117,366 -89,450 -162,609 -231,206 -284,549 -270,664 -338,418 -432,694
Reference price 2 914.75 983.10 1,620.55 1,734.70 1,757.20 1,864.90 1,864.90 1,864.90
Nbr of stocks (in thousands) 2,399,276 2,399,276 2,399,335 2,399,335 2,399,335 2,399,335 - -
Announcement Date 5/30/22 5/26/23 5/22/24 5/22/25 5/22/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
34.8x6.53x22.64x0.91% 47.73B
16.93x2.1x9.31x1.52% 40.21B
27.47x3.92x16.25x0.59% 12.05B
26.94x3.27x16.92x0.94% 11.79B
18.73x3.33x11.58x3.85% 9.16B
9.21x2.11x5.46x4.7% 7.34B
15.64x2.05x6.8x3.23% 7.39B
30.1x3.94x18.33x0.15% 7.37B
35.63x6.96x25.4x0.93% 4.72B
Average 23.94x 3.80x 14.74x 1.87% 16.42B
Weighted average by Cap. 25.28x 4.09x 15.58x 1.5%

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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