Company Valuation: VRL Logistics Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 43,668 55,886 48,138 41,390 40,918 51,773 - -
Change - 27.98% -13.86% -14.02% -1.14% 26.53% - -
Enterprise Value (EV) 1 44,958 56,925 50,742 45,323 45,318 59,761 59,028 57,455
Change - 26.62% -10.86% -10.68% -0.01% 31.87% -1.23% -2.67%
P/E 27.3x 17.3x 54.2x 22.6x 17.3x 16.2x 15.6x 14.2x
PBR 6.7x 5.73x 5.09x 3.82x 3.58x 4.09x 3.59x 3x
PEG - 0x -0.8x 0x 0.6x 0.5x 4.03x 1.44x
Capitalization / Revenue 1.82x 2.11x 1.67x 1.31x 1.27x 1.41x 1.31x 1.22x
EV / Revenue 1.88x 2.15x 1.76x 1.43x 1.41x 1.63x 1.49x 1.35x
EV / EBITDA 11.1x 14.2x 12.9x 7.91x 6.97x 7.94x 7.47x 6.96x
EV / EBIT 19x 23.5x 28.6x 14.2x 11.6x 12.1x 11.6x 10.6x
EV / FCF 25.3x -60.5x 36.5x 41.6x 12.7x 13.9x 13.5x 12.8x
FCF Yield 3.95% -1.65% 2.74% 2.4% 7.85% 7.17% 7.41% 7.84%
Dividend per Share 2 4 2.5 - 5 - 4.82 8.04 7.1
Rate of return 1.62% 0.79% - 2.11% - 1.64% 2.74% 2.42%
EPS 2 9.06 18.27 5.08 10.46 13.54 18.1 18.8 20.65
Distribution rate 44.2% 13.7% - 47.8% - 26.6% 42.8% 34.4%
Net sales 1 23,937 26,485 28,886 31,609 32,211 36,684 39,628 42,579
EBITDA 1 4,042 4,017 3,934 5,730 6,502 7,527 7,897 8,252
EBIT 1 2,362 2,425 1,773 3,193 3,892 4,930 5,075 5,411
Net income 1 1,601 3,232 848.5 1,825 2,368 3,081 3,199 3,476
Net Debt 1 1,290 1,039 2,603 3,933 4,401 7,988 7,256 5,682
Reference price 2 247.15 316.30 275.18 236.60 233.90 293.90 293.90 293.90
Nbr of stocks (in thousands) 176,687 176,687 174,937 174,937 174,937 174,937 - -
Announcement Date 5/27/22 A 5/20/23 A 5/20/24 A 5/21/25 A 5/18/26 A - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.24x1.62x7.89x1.64% 538M
26.76x8.46x16.55x0.76% 82.53B
21.46x6.93x14.24x2.1% 76.33B
39.95x2.8x16.59x-.--% 22.43B
24.93x1.03x17.58x1.66% 17.66B
38.7x1.61x10.11x1.16% 11.21B
17.62x1.28x5.87x1.44% 9.51B
33.76x1.03x8.82x1.12% 6.18B
18.06x3.41x6.16x1.57% 5.31B
Average 26.39x 3.13x 11.53x 1.27% 25.74B
Weighted average by Cap. 26.32x 5.89x 14.66x 1.28%

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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