Company Valuation: International Combustion (India) Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 371.8 736.7 1,033 4,180 1,846 892.9
Change - 98.14% 40.28% 304.48% -55.85% -51.62%
Enterprise Value (EV) 1 409.5 709.9 1,029 4,364 2,013 993.2
Change - 73.35% 45% 323.95% -53.87% -50.66%
P/E -7.2x 17.7x 12.4x 20.9x 12.3x -37.3x
PBR 0.42x 0.78x 1.02x 3.47x 1.38x 0.68x
PEG - -0x 0x 0x -0.5x 0x
Capitalization / Revenue 0.34x 0.44x 0.46x 1.41x 0.63x 0.3x
EV / Revenue 0.37x 0.42x 0.46x 1.47x 0.69x 0.34x
EV / EBITDA -29.2x 6.68x 5.94x 11.5x 8.7x 16.3x
EV / EBIT -7.18x 11.9x 7.83x 13.1x 11.8x -317x
EV / FCF 3.45x 17.5x -12.1x -23.3x -43.3x 13.5x
FCF Yield 29% 5.72% -8.26% -4.29% -2.31% 7.39%
Dividend per Share 2 - 2 3 5 4 -
Rate of return - 0.65% 0.69% 0.29% 0.52% -
EPS 2 -21.61 17.37 34.76 83.48 62.54 -10.01
Distribution rate - 11.5% 8.63% 5.99% 6.4% -
Net sales 1 1,096 1,689 2,226 2,968 2,930 2,934
EBITDA 1 -14.04 106.3 173.3 380.3 231.3 61.05
EBIT 1 -57.07 59.87 131.4 333.2 170.8 -3.134
Net income 1 -51.66 41.52 83.09 199.5 149.5 -23.92
Net Debt 1 37.72 -26.77 -4.092 183.9 167.2 100.3
Reference price 2 155.55 308.20 432.35 1,748.75 772.15 373.55
Nbr of stocks (in thousands) 2,390 2,390 2,390 2,390 2,390 2,390
Announcement Date 9/6/21 A 8/30/22 A 8/8/23 A 8/13/24 A 8/19/25 A 7/24/26 A
1INR in Million2INR
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 10.72M
24.68x4.43x20.62x1.24% 173B
134.84x19.76x90.85x-.--% 81.58B
136.19x3.01x32.15x-.--% 38.5B
25.41x2.12x13.11x2.7% 32.9B
24.98x2.17x14.18x3.65% 30.12B
16.06x2.06x12.25x2.67% 24.48B
57.1x4.82x36.12x0.54% 22.52B
33.14x3.65x21.61x0.37% 19.06B
43.56x3.2x30.12x0.51% 15.07B
Average 55.11x 5.03x 30.11x 1.3% 43.7B
Weighted average by Cap. 57.35x 6.65x 34.44x 1.16%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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