Company Valuation: Voltas Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 412,084 270,746 365,148 482,662 421,150 385,481 - -
Change - -34.3% 34.87% 32.18% -12.74% -8.47% - -
Enterprise Value (EV) 1 409,975 269,822 363,758 484,512 423,005 370,465 370,132 362,742
Change - -34.19% 34.81% 33.2% -12.69% -12.42% -0.09% -2%
P/E 81.8x 201x 145x 57.4x 112x 51.5x 36x 28.6x
PBR 7.49x 4.97x 6.27x 7.41x 6.6x 5.59x 5.03x 4.55x
PEG - -2.7x 1.7x 0x -2x 0.5x 0.8x 1.1x
Capitalization / Revenue 5.19x 2.85x 2.93x 3.13x 2.96x 2.3x 1.97x 1.72x
EV / Revenue 5.17x 2.84x 2.91x 3.14x 2.97x 2.21x 1.89x 1.62x
EV / EBITDA 60.2x 47.1x 76.6x 43.4x 65.4x 35.8x 26.3x 22.1x
EV / EBIT 63.6x 50.6x 85.2x 46x 75.2x 39.6x 28.5x 23.4x
EV / FCF 76.5x -1,494x 76.9x -112x -685x 68x 55.2x 48.4x
FCF Yield 1.31% -0.07% 1.3% -0.89% -0.15% 1.47% 1.81% 2.07%
Dividend per Share 2 5.5 4.25 5.5 7 4 6.783 8.832 10.85
Rate of return 0.44% 0.52% 0.5% 0.48% 0.31% 0.58% 0.76% 0.93%
EPS 2 15.23 4.08 7.62 25.43 11.35 22.64 32.37 40.77
Distribution rate 36.1% 104% 72.2% 27.5% 35.2% 30% 27.3% 26.6%
Net sales 1 79,344 94,988 124,812 154,128 142,445 167,508 195,998 223,795
EBITDA 1 6,816 5,724 4,746 11,162 6,469 10,347 14,059 16,402
EBIT 1 6,443 5,328 4,270 10,544 5,628 9,344 12,971 15,500
Net income 1 5,041 1,350 2,520 8,414 3,759 7,574 10,739 13,480
Net Debt 1 -2,108 -924.1 -1,390 1,851 1,855 -15,016 -15,349 -22,739
Reference price 2 1,245.40 818.25 1,103.55 1,458.70 1,272.80 1,165.00 1,165.00 1,165.00
Nbr of stocks (in thousands) 330,885 330,885 330,885 330,885 330,885 330,885 - -
Announcement Date 5/5/22 4/26/23 5/7/24 5/7/25 5/14/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
51.47x2.21x35.8x0.58% 4.03B
29.21x4.21x20.61x0.92% 97.36B
30.64x3.81x20.42x1.11% 88.44B
28.3x2.48x12.1x1.72% 47.37B
20.84x1.11x8.07x1.74% 37.66B
15.44x2.44x11.15x1.4% 12.65B
25.81x1.51x14.77x3.98% 12.12B
27.41x2.41x13.92x1.1% 9.27B
15.83x2.11x10.24x2.51% 7.8B
26.11x1.98x15.21x1.22% 7.17B
Average 27.11x 2.43x 16.23x 1.63% 32.39B
Weighted average by Cap. 27.66x 3.14x 16.90x 1.36%

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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  4. Valuation Voltas Limited
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