Company Valuation: TPL Plastech Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 513.3 1,194 1,830 2,260 4,828 5,852
Change - 132.6% 53.28% 23.49% 113.67% 21.2%
Enterprise Value (EV) 1 857.3 1,443 1,992 2,667 5,094 6,268
Change - 68.35% 38.05% 33.86% 91% 23.03%
P/E 4.77x 14.9x 13.8x 14.1x 24.3x 24.8x
PBR 0.59x 1.3x 1.79x 1.96x 3.69x 3.96x
PEG - -0.6x 0.2x 0.7x 1x 1.3x
Capitalization / Revenue 0.24x 0.7x 0.8x 0.84x 1.54x 1.68x
EV / Revenue 0.4x 0.85x 0.87x 0.99x 1.63x 1.79x
EV / EBITDA 3.52x 7.11x 7.59x 9.34x 14.1x 15.9x
EV / EBIT 4.14x 8.72x 8.94x 11x 16.7x 17.8x
EV / FCF 3.86x 67.3x 17.6x -10.1x 36.1x -28.8x
FCF Yield 25.9% 1.49% 5.68% -9.9% 2.77% -3.47%
Dividend per Share 2 0.35 0.35 0.4 0.6 0.8 1
Rate of return 5.32% 2.29% 1.71% 2.07% 1.29% 1.33%
EPS 2 1.378 1.026 1.705 2.056 2.545 3.025
Distribution rate 25.4% 34.1% 23.5% 29.2% 31.4% 33.1%
Net sales 1 2,163 1,705 2,287 2,706 3,129 3,493
EBITDA 1 243.7 202.9 262.5 285.7 360.7 395
EBIT 1 207 165.6 222.9 242.6 304.5 351.6
Net income 1 107.5 80.05 133 160.3 198.5 235.9
Net Debt 1 344 249.4 162.4 407.3 265.9 415.8
Reference price 2 6.58 15.30 23.46 28.97 61.90 75.02
Nbr of stocks (in thousands) 78,003 78,003 78,003 78,003 78,003 78,003
Announcement Date 9/4/20 8/19/21 9/6/22 8/29/23 8/16/25 8/16/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 65.94M
18.76x1.5x9.46x5.5% 21.27B
25.65x2.27x10.96x1.42% 8.7B
10.63x - - - 1.43B
9.75x - - 3.64% 1.4B
27.01x - - - 1.38B
14.34x1.08x7.43x2.74% 1.34B
Average 17.69x 1.62x 9.28x 3.33% 5.08B
Weighted average by Cap. 19.92x 1.69x 9.79x 4.22%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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