Company Valuation: TCM Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 136 164.9 247.5 411.5 267.3 293.3
Change - 21.25% 50.14% 66.25% -35.05% 9.74%
Enterprise Value (EV) 1 390.2 419.1 260.7 413 377.2 510.5
Change - 7.4% -37.8% 58.41% -8.67% 35.36%
P/E 115x -5x -5.54x -18.9x 16.6x -5.05x
PBR 0.42x 0.56x 0.81x 1.43x 0.88x 1.19x
PEG - 0x 0.1x 0.4x -0x 0x
Capitalization / Revenue 3.2x 4.64x 3.37x 1.28x 1.03x 1.49x
EV / Revenue 9.18x 11.8x 3.55x 1.28x 1.45x 2.59x
EV / EBITDA -298x -10.1x -7.03x -18.1x -18.9x -11.3x
EV / EBIT -241x -10x -6.44x -16.3x -16.2x -10.1x
EV / FCF 384x -14.5x -1.15x -2.11x 19x -9.11x
FCF Yield 0.26% -6.9% -86.7% -47.4% 5.27% -11%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.3483 -9.7 -5.97 -2.91 2.155 -7.771
Distribution rate - - - - - -
Net sales 1 42.5 35.54 73.48 322.3 260.1 197.4
EBITDA 1 -1.311 -41.46 -37.07 -22.76 -19.93 -45.11
EBIT 1 -1.62 -41.84 -40.49 -25.39 -23.32 -50.62
Net income 1 1.184 -33.01 -40.04 -19.5 16.12 -58.11
Net Debt 1 254.3 254.3 13.18 1.462 109.9 217.3
Reference price 2 40.00 48.50 33.10 55.03 35.74 39.22
Nbr of stocks (in thousands) 3,399 3,399 7,478 7,478 7,478 7,478
Announcement Date 9/3/21 9/6/22 9/5/23 9/2/24 8/28/25 8/31/26
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
Average
Weighted average by Cap.

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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