Company Valuation: Torrent Pharmaceuticals Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 473,197 520,309 880,347 1,094,736 1,428,460 1,892,330 - -
Change - 9.96% 69.2% 24.35% 30.48% 32.47% - -
Enterprise Value (EV) 1 508,027 566,719 910,767 1,119,846 1,564,790 2,014,334 1,985,931 1,950,390
Change - 11.55% 60.71% 22.96% 39.73% 28.73% -1.41% -1.79%
P/E 60.9x 57.4x 53.1x 57.3x 66x 73.9x 53.5x 43.1x
PBR 7.95x 8.4x 12.8x 14.4x 17x 13.2x 11.3x 9.78x
PEG - 3.4x 0.6x 3.7x 5x 13.85x 1.4x 1.8x
Capitalization / Revenue 5.56x 5.41x 8.21x 9.51x 10.2x 9.55x 8.49x 7.58x
EV / Revenue 5.97x 5.89x 8.49x 9.72x 11.2x 10.2x 8.91x 7.81x
EV / EBITDA 20.9x 19.9x 27x 30.1x 34.3x 30.2x 25.5x 21.9x
EV / EBIT 28.7x 26.5x 34.4x 38.3x 45.5x 46.1x 36.7x 30.1x
EV / FCF 31.8x 31.6x 32.1x 56.7x 66.7x 51.2x 36.4x 32.2x
FCF Yield 3.15% 3.17% 3.11% 1.76% 1.5% 1.95% 2.75% 3.1%
Dividend per Share 2 16.5 22 28 32 38 32.7 38.18 46.78
Rate of return 1.18% 1.43% 1.08% 0.99% 0.9% 0.66% 0.77% 0.94%
EPS 2 22.96 26.79 48.94 56.47 63.92 67.33 92.92 115.4
Distribution rate 71.8% 82.1% 57.2% 56.7% 59.4% 48.6% 41.1% 40.5%
Net sales 1 85,080 96,200 107,280 115,160 139,800 198,060 222,820 249,657
EBITDA 1 24,310 28,420 33,680 37,210 45,590 66,600 77,800 89,023
EBIT 1 17,690 21,350 26,480 29,260 34,400 43,718 54,154 64,773
Net income 1 7,770 12,450 16,560 19,110 21,630 24,722 34,254 43,639
Net Debt 1 34,830 46,410 30,420 25,110 136,330 122,003 93,601 58,060
Reference price 2 1,398.15 1,537.35 2,601.15 3,234.60 4,220.65 4,975.00 4,975.00 4,975.00
Nbr of stocks (in thousands) 338,445 338,445 338,445 338,445 338,445 380,368 - -
Announcement Date 5/25/22 5/30/23 5/24/24 5/20/25 5/22/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
73.89x10.17x30.25x0.66% 19.81B
31.77x11.54x23.41x0.62% 994B
29.54x - - 2.02% 640B
32.92x7.63x15.78x2.67% 454B
18.71x4.57x11.31x2.91% 337B
19.41x5.08x12.59x3.23% 261B
20.34x4.19x11.96x2.11% 246B
23.87x6.3x11.23x2.67% 204B
12.3x4.48x9.37x4.08% 190B
-43.47x6.35x24.81x2.29% 178B
Average 21.93x 6.70x 16.74x 2.33% 352.46B
Weighted average by Cap. 23.48x 7.73x 17.19x 2.05%

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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