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 1,827,382 - -
Change - 9.96% 69.2% 24.35% 30.48% 27.93% - -
Enterprise Value (EV) 1 508,027 566,719 910,767 1,119,846 1,564,790 1,949,386 1,920,984 1,885,442
Change - 11.55% 60.71% 22.96% 39.73% 24.58% -1.46% -1.85%
P/E 60.9x 57.4x 53.1x 57.3x 66x 71.4x 51.7x 41.6x
PBR 7.95x 8.4x 12.8x 14.4x 17x 12.8x 11x 9.44x
PEG - 3.4x 0.6x 3.7x 5x 13.39x 1.4x 1.7x
Capitalization / Revenue 5.56x 5.41x 8.21x 9.51x 10.2x 9.23x 8.2x 7.32x
EV / Revenue 5.97x 5.89x 8.49x 9.72x 11.2x 9.84x 8.62x 7.55x
EV / EBITDA 20.9x 19.9x 27x 30.1x 34.3x 29.3x 24.7x 21.2x
EV / EBIT 28.7x 26.5x 34.4x 38.3x 45.5x 44.6x 35.5x 29.1x
EV / FCF 31.8x 31.6x 32.1x 56.7x 66.7x 49.6x 35.2x 31.1x
FCF Yield 3.15% 3.17% 3.11% 1.76% 1.5% 2.02% 2.84% 3.21%
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% 0.68% 0.79% 0.97%
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 4,804.25 4,804.25 4,804.25
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.($)
32.77x11.91x24.15x0.6% 1,027B
30.06x6.68x18.71x1.99% 651B
33.39x7.81x16.15x2.6% 467B
19.57x4.78x11.84x2.77% 350B
19.88x5.19x12.87x3.09% 268B
21.24x4.38x12.5x2.01% 257B
24.06x6.34x11.29x2.66% 205B
12.43x4.52x9.45x4.04% 190B
-45.64x6.64x25.94x2.18% 187B
Average 16.42x 6.47x 15.88x 2.44% 400.23B
Weighted average by Cap. 23.65x 7.72x 17.85x 1.99%

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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  5. Valuation Torrent Pharmaceuticals Limited
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