Company Valuation: Transport Corporation of India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 46,327 48,621 63,097 84,461 70,835 68,862 - -
Change - 4.95% 29.77% 33.86% -16.13% -2.78% - -
Enterprise Value (EV) 1 46,202 47,400 60,338 83,453 69,875 69,731 69,512 70,614
Change - 2.59% 27.3% 38.31% -16.27% -0.21% -0.31% 1.59%
P/E 16x 15.4x 18x 20.7x 15.5x 14.7x 13.2x 12.2x
PBR 3.24x 2.86x 3.14x 3.91x 2.75x 2.33x 2.06x 1.77x
PEG - 1.65x 1.7x 1.1x 1.4x 4.89x 1.2x 1.53x
Capitalization / Revenue 1.42x 1.29x 1.57x 1.88x 1.44x 1.27x 1.13x 1.02x
EV / Revenue 1.42x 1.25x 1.5x 1.86x 1.42x 1.28x 1.14x 1.05x
EV / EBITDA 11.3x 10.1x 14.7x 18.1x 13.5x 12.3x 10.8x 9.86x
EV / EBIT 14.3x 13.7x 16.9x 24.3x 17.9x 16.3x 14.3x 13.7x
EV / FCF 15.8x 23.2x 106x 835x 217x -74.2x 199x 130x
FCF Yield 6.32% 4.32% 0.94% 0.12% 0.46% -1.35% 0.5% 0.77%
Dividend per Share 2 6 5 7 - 10 7.333 7.667 11
Rate of return 1% 0.8% 0.86% - 1.08% 0.82% 0.85% 1.23%
EPS 2 37.34 40.83 45.06 53.32 59.38 61.17 68.02 73.45
Distribution rate 16.1% 12.2% 15.5% - 16.8% 12% 11.3% 15%
Net sales 1 32,567 37,826 40,242 44,918 49,168 54,322 60,771 67,210
EBITDA 1 4,087 4,684 4,105 4,611 5,171 5,682 6,423 7,162
EBIT 1 3,234 3,470 3,580 3,433 3,898 4,288 4,858 5,146
Net income 1 2,896 3,173 3,508 4,125 4,563 4,705 5,240 5,658
Net Debt 1 -125.2 -1,221 -2,759 -1,008 -960 869 650 1,752
Reference price 2 599.10 626.85 811.60 1,102.50 923.00 897.30 897.30 897.30
Nbr of stocks (in thousands) 77,328 77,563 77,744 76,609 76,744 76,744 - -
Announcement Date 5/28/22 5/18/23 5/15/24 5/14/25 5/26/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.67x1.28x12.27x0.82% 721M
26.76x8.46x16.55x0.76% 82.53B
21.46x6.93x14.24x2.1% 76.33B
39.95x2.8x16.59x-.--% 22.43B
24.93x1.03x17.58x1.66% 17.66B
38.7x1.61x10.11x1.16% 11.21B
17.62x1.28x5.87x1.44% 9.51B
33.76x1.03x8.82x1.12% 6.18B
18.06x3.41x6.16x1.57% 5.31B
Average 26.21x 3.09x 12.02x 1.18% 25.77B
Weighted average by Cap. 26.31x 5.88x 14.66x 1.27%

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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