Company Valuation: Refex Industries Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 1,972 2,504 5,248 15,588 48,799 25,999
Change - 27% 109.55% 197.02% 213.05% -46.72%
Enterprise Value (EV) 1 2,536 3,068 6,396 17,086 47,847 24,266
Change - 21% 108.47% 167.12% 180.04% -49.28%
P/E 4.32x 5.52x 4.41x 16x 30.5x 12.5x
PBR 1.41x 1.36x 1.67x 3.35x 4.02x 1.73x
PEG - -10x 0x -0.7x 0.7x 0.6x
Capitalization / Revenue 0.31x 0.56x 0.32x 1.13x 1.98x 1.14x
EV / Revenue 0.4x 0.69x 0.39x 1.24x 1.94x 1.07x
EV / EBITDA 4.02x 5.76x 3.76x 12.2x 24.1x 6.14x
EV / EBIT 4.06x 5.87x 3.81x 12.9x 26.2x 7.15x
EV / FCF 6.97x -24.4x -6.5x -22.6x -11.6x -17.2x
FCF Yield 14.3% -4.1% -15.4% -4.43% -8.64% -5.8%
Dividend per Share 2 0.3 - 0.4 0.5 - 1.5
Rate of return 1.6% - 0.84% 0.37% - 0.79%
EPS 2 4.346 4.322 10.77 8.44 12.38 15.1
Distribution rate 6.9% - 3.71% 5.92% - 9.93%
Net sales 1 6,327 4,440 16,291 13,829 24,677 22,767
EBITDA 1 631.3 532.5 1,702 1,398 1,983 3,949
EBIT 1 623.9 523 1,678 1,328 1,829 3,395
Net income 1 409.4 453.9 1,161 938.7 1,588 2,034
Net Debt 1 563.6 563.6 1,148 1,498 -951.8 -1,733
Reference price 2 18.78 23.85 47.48 134.75 377.75 189.50
Nbr of stocks (in thousands) 105,010 105,010 110,535 115,681 129,182 137,199
Announcement Date 9/7/21 A 9/1/22 A 8/31/23 A 8/7/24 A 6/26/25 A 7/8/26 A
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.64x2.14x7.09x5.97% 149B
11.48x1.3x4.51x4.75% 37.64B
7.54x1.18x4.62x6.65% 26.95B
6.67x0.93x3.8x5.25% 24.16B
6.44x1.46x5.01x8.36% 23.13B
13.63x1.18x4.55x - 6.73B
Average 9.73x 1.37x 4.93x 6.19% 44.64B
Weighted average by Cap. 10.91x 1.73x 5.94x 6.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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