Company Valuation: Ashapura Minechem Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 1,779 9,090 11,683 10,256 34,394 34,313
Change - 411% 28.52% -12.22% 235.37% -0.24%
Enterprise Value (EV) 1 5,766 15,377 17,786 17,090 42,860 44,823
Change - 166.7% 15.67% -3.92% 150.8% 4.58%
P/E 0.46x 10.8x 13.2x 8.76x 12.3x 11.4x
PBR 0.51x 2.09x 2.24x 1.54x 3.7x 2.76x
PEG - -0.1x -18.16x 0.3x 0x 3.64x
Capitalization / Revenue 0.53x 0.79x 0.91x 0.56x 1.3x 1.25x
EV / Revenue 1.72x 1.34x 1.39x 0.93x 1.62x 1.64x
EV / EBITDA -23.9x 9.47x 14.8x 8.63x 16.4x 10.8x
EV / EBIT -11.1x 13x 28.1x 13.5x 23.3x 13.3x
EV / FCF -0.83x -5.13x -19.2x -7.75x -21.2x -15.1x
FCF Yield -120% -19.5% -5.2% -12.9% -4.72% -6.6%
Dividend per Share 2 - 0.5 0.5 - - 1
Rate of return - 0.48% 0.39% - - 0.28%
EPS 2 44.57 9.72 9.649 12.79 30.5 31.46
Distribution rate - 5.14% 5.18% - - 3.18%
Net sales 1 3,343 11,481 12,778 18,308 26,538 27,389
EBITDA 1 -240.9 1,623 1,205 1,981 2,611 4,136
EBIT 1 -520.8 1,184 634.1 1,268 1,837 3,370
Net income 1 3,877 874.8 865.2 1,170 2,870 2,958
Net Debt 1 3,987 6,287 6,103 6,834 8,466 10,510
Reference price 2 20.45 104.50 127.70 112.10 375.95 359.20
Nbr of stocks (in thousands) 86,986 86,986 91,486 91,486 91,486 95,526
Announcement Date 8/12/20 7/9/21 6/9/22 6/9/23 5/9/24 29/8/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.68x4.06x7.26x3.52% 226B
11.97x2.96x6.47x4.9% 174B
15.9x4.52x7.5x3.17% 102B
12.25x0.38x6.14x3.44% 88.22B
24x6.4x14.96x-.--% 62.49B
47.44x3.2x7.84x1.77% 58.16B
15.26x3.15x6.24x0.59% 32.64B
12.98x4.18x6.29x4.53% 28.48B
13.65x4.92x8.74x3.72% 26.68B
Average 19.35x 3.75x 7.94x 2.85% 88.75B
Weighted average by Cap. 18.72x 3.59x 7.61x 3.29%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  5. Valuation Ashapura Minechem Limited