Company Valuation: TCM Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 156.5 136 164.9 247.5 411.5 267.3
Change - -13.14% 21.25% 50.14% 66.25% -35.05%
Enterprise Value (EV) 1 409.5 390.2 419.1 260.7 413 377.2
Change - -4.71% 7.4% -37.8% 58.41% -8.67%
P/E 51.4x 115x -5x -5.54x -18.9x 16.6x
PBR 0.48x 0.42x 0.56x 0.81x 1.43x 0.88x
PEG - -1.9x 0x 0.1x 0.4x -0x
Capitalization / Revenue 17x 3.2x 4.64x 3.37x 1.28x 1.03x
EV / Revenue 44.5x 9.18x 11.8x 3.55x 1.28x 1.45x
EV / EBITDA 149x -298x -10.1x -7.03x -18.1x -18.9x
EV / EBIT 152x -241x -10x -6.44x -16.3x -16.2x
EV / FCF -10.5x 384x -14.5x -1.15x -2.11x 19x
FCF Yield -9.56% 0.26% -6.9% -86.7% -47.4% 5.27%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.8954 0.3483 -9.7 -5.97 -2.91 2.155
Distribution rate - - - - - -
Net sales 1 9.203 42.5 35.54 73.48 322.3 260.1
EBITDA 1 2.749 -1.311 -41.46 -37.07 -22.76 -19.93
EBIT 1 2.693 -1.62 -41.84 -40.49 -25.39 -23.32
Net income 1 3.048 1.184 -33.01 -40.04 -19.5 16.12
Net Debt 1 253 254.3 254.3 13.18 1.462 109.9
Reference price 2 46.05 40.00 48.50 33.10 55.03 35.74
Nbr of stocks (in thousands) 3,399 3,399 3,399 7,478 7,478 7,478
Announcement Date 11/28/20 9/3/21 9/6/22 9/5/23 9/2/24 8/28/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 3.29M
26.44x4.18x13.43x2.17% 123B
14.76x5.25x34.45x2.77% 49.93B
-4703.32x1.35x9.54x6.46% 39.65B
12.41x1.2x6.84x2.46% 33.96B
9.71x3.14x7.24x4.58% 24.74B
9.38x0.89x5.51x4.26% 20.91B
31.58x2.75x14.92x0.38% 20.24B
70.34x12.78x46.54x0.07% 18.93B
16.72x - - - 18.42B
Average -501.33x 3.94x 17.31x 2.89% 34.98B
Weighted average by Cap. -512.79x 3.82x 16.48x 2.89%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA