Company Valuation: Vipul Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 1,746 3,456 2,178 1,319 3,228 1,432
Change - 97.94% -36.98% -39.45% 144.77% -55.63%
Enterprise Value (EV) 1 7,972 9,193 7,757 3,893 4,618 2,090
Change - 15.31% -15.62% -49.82% 18.64% -54.75%
P/E -5.08x -6.22x -5.21x -1.12x 1.38x -4.96x
PBR 0.53x 1.27x 0.94x 1.15x 0.92x 0.38x
PEG - -0.1x 0.2x -0x -0x 0x
Capitalization / Revenue 0.99x 9.28x 1.58x 1.76x 1.56x 1.64x
EV / Revenue 4.52x 24.7x 5.61x 5.2x 2.24x 2.4x
EV / EBITDA -30.5x -17.8x -36.8x 23.6x 5.44x -18.8x
EV / EBIT -26.3x -16.7x -32.1x 28.4x 5.61x -15x
EV / FCF 579x 13.2x 12.3x 1.18x -6.48x 16.4x
FCF Yield 0.17% 7.59% 8.16% 84.8% -15.4% 6.1%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -2.863 -4.627 -3.486 -9.779 19.46 -2.05
Distribution rate - - - - - -
Net sales 1 1,765 372.2 1,382 749.2 2,065 870.8
EBITDA 1 -261.2 -515.5 -210.7 164.8 849.3 -111.1
EBIT 1 -302.8 -550.5 -242 137 822.7 -139.3
Net income 1 -343.5 -555.2 -418.3 -1,173 2,335 -282.9
Net Debt 1 6,226 5,737 5,580 2,574 1,391 657.5
Reference price 2 14.55 28.80 18.15 10.99 26.90 10.16
Nbr of stocks (in thousands) 119,984 119,984 119,984 119,984 119,984 140,959
Announcement Date 9/2/20 A 9/4/21 A 9/6/22 A 9/5/23 A 8/30/24 A 8/29/25 A
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.56x4.57x12.5x3.44% 41.99B
6.51x0.89x1.79x7.75% 31.04B
21.88x4.32x18.13x1.16% 29.8B
7.88x1.41x7.05x4.52% 28.36B
14.91x3.12x15.42x2.35% 24.89B
15.78x1.01x6.65x2.36% 21.92B
15.36x6.68x18.95x1.23% 20.27B
9.14x2.2x7.57x4.07% 19.96B
9.92x1.63x13.88x3.81% 18.33B
Average 12.88x 2.87x 11.33x 3.41% 26.29B
Weighted average by Cap. 13.03x 2.95x 11.16x 3.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

-40%: Exceptional extension
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