Company Valuation: Tarmat Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 328.3 576.6 862.1 1,608 1,897 1,080
Change - 75.61% 49.53% 86.53% 17.96% -43.07%
Enterprise Value (EV) 1 1,153 1,324 1,251 1,617 1,945 1,121
Change - 14.89% -5.53% 29.27% 20.24% -42.33%
P/E 4.53x 11.2x 27.9x 31.8x -175x 80.4x
PBR 0.55x 0.94x 1.01x 1.23x 1.46x 0.7x
PEG - -0.4x -0.6x 3.1x 1x -0x
Capitalization / Revenue 0.12x 0.29x 0.48x 1.12x 2.12x 1.07x
EV / Revenue 0.42x 0.68x 0.69x 1.13x 2.18x 1.11x
EV / EBITDA 10.3x 18.6x 17.1x 74.9x 78.3x 34.4x
EV / EBIT 11.2x 23x 20x 144x 119x 58.2x
EV / FCF -36.2x -16.9x -6.11x 31.1x -67.6x -1.87x
FCF Yield -2.76% -5.91% -16.4% 3.21% -1.48% -53.5%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 5.15 3.859 2.15 2.37 -0.51 0.63
Distribution rate - - - - - -
Net sales 1 2,764 1,958 1,810 1,437 893.5 1,013
EBITDA 1 111.4 71.32 73.23 21.58 24.84 32.59
EBIT 1 103.2 57.49 62.63 11.23 16.4 19.26
Net income 1 68.72 51.46 45.77 74.15 -11.32 18.69
Net Debt 1 824.3 747.7 389 9.12 47.6 41.49
Reference price 2 23.35 43.25 59.95 75.45 89.00 50.67
Nbr of stocks (in thousands) 14,061 13,331 14,381 21,314 21,314 21,314
Announcement Date 10/22/20 9/3/21 9/2/22 9/4/23 9/6/24 9/4/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
53.84x2.46x23.54x0.07% 92.73B
13.06x1.11x6.06x4.48% 76.72B
27.35x2.09x20.53x1.11% 58.69B
33.14x4.16x22.59x0.2% 56.56B
55.47x4.42x28.15x1.57% 45.27B
29.56x0.73x12.05x2.1% 37.33B
23.35x1.59x14.7x0.2% 33.74B
24.45x0.5x7.9x2.41% 33.85B
4.5x0.3x5.98x6.26% 27.17B
Average 29.41x 1.93x 15.72x 2.04% 51.34B
Weighted average by Cap. 32.09x 2.12x 16.84x 1.81%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA