Company Valuation: Surya Roshni Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 22,045 35,086 54,617 53,037 40,920 48,038 -
Change - 59.15% 55.67% -2.89% -22.85% 17.4% -
Enterprise Value (EV) 27,968 39,257 54,699 53,037 40,920 48,038 48,038
Change - 40.36% 39.34% -3.04% -22.85% 17.4% 0%
P/E 11x 10.7x 16.8x 15.3x 14.3x 11.2x 9.39x
PBR 1.43x 1.9x 2.55x 2.16x 1.55x 1.6x 1.41x
PEG - 0.2x -8.77x 2.57x -0.8x 0.2x 0.5x
Capitalization / Revenue 0.29x 0.44x 0.7x 0.71x 0.54x 0.55x 0.5x
EV / Revenue 0x 0x 0x 0x 0x 0.55x 0.5x
EV / EBITDA 0x 0x 0x 0x 0x 7.23x 6.12x
EV / EBIT 0x 0x 0x 0x 0x 9.23x 7.66x
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Dividend per Share 2 - - - 3 5 3.5 4
Rate of return - - - 1.23% 2.66% 1.59% 1.81%
EPS 2 9.4 15.4 15.11 16.01 13.12 19.7 23.5
Distribution rate - - - 18.7% 38.1% 17.8% 17%
Net sales 1 77,301 79,960 78,085 74,352 75,398 87,416 95,767
EBITDA 1 4,425 6,140 5,721 5,792 4,873 6,644 7,853
EBIT 1 3,341 4,986 4,549 1,713 3,573 5,205 6,269
Net income 1 2,046 3,353 3,289 3,484 2,856 4,251 5,080
Net Debt 5,923 4,171 82 - - - -
Reference price 2 103.36 164.48 254.10 244.37 188.08 220.75 220.75
Nbr of stocks (in thousands) 213,280 213,320 214,941 217,036 217,568 217,615 -
Announcement Date 5/19/22 A 4/27/23 A 5/14/24 A 5/14/25 A 5/25/26 A - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.59x1.81x9.99x0.56% 32.06B
13.36x0.46x4.63x4.57% 18.79B
20.2x1.94x10.11x0.22% 12.11B
8.7x0.63x4.11x4.74% 10.69B
56.25x4.94x28.02x0.47% 9.73B
9.47x - - - 9.61B
11.44x0.82x5.88x4.28% 9.33B
70.38x1.5x15.68x0.56% 8.93B
Average 26.30x 1.73x 11.20x 2.2% 13.91B
Weighted average by Cap. 23.57x 1.64x 10.24x 2.03%

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