Company Valuation: Havells India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 721,846 744,607 949,566 958,531 746,812 791,167 - -
Change - 3.15% 27.53% 0.94% -22.09% 5.94% - -
Enterprise Value (EV) 1 700,442 763,226 922,443 928,191 725,954 765,959 760,533 751,836
Change - 8.96% 20.86% 0.62% -21.79% 5.51% -0.71% -1.14%
P/E 60.4x 69.3x 74.6x 64.4x 43.8x 46.7x 38.4x 33.2x
PBR 12.1x 11.3x 12.8x 11.5x 7.88x 7.53x 6.71x 5.99x
PEG - -6.9x 4.1x 3.8x 3x -65.37x 1.8x 2.2x
Capitalization / Revenue 5.2x 4.41x 5.12x 4.41x 3.32x 3.03x 2.67x 2.36x
EV / Revenue 5.04x 4.52x 4.97x 4.27x 3.23x 2.94x 2.56x 2.24x
EV / EBITDA 39.9x 47.6x 50x 43.2x 32.8x 30.1x 24.9x 21.5x
EV / EBIT 46.8x 58.4x 61.2x 53x 40.7x 37.5x 30.3x 25.8x
EV / FCF 47.1x -3,314x 78.6x 115x 710x 81.2x 52.5x 42.5x
FCF Yield 2.12% -0.03% 1.27% 0.87% 0.14% 1.23% 1.9% 2.35%
Dividend per Share 2 7.5 7.5 9 10 10 11 12.53 14.71
Rate of return 0.65% 0.63% 0.59% 0.65% 0.84% 0.87% 0.99% 1.17%
EPS 2 19.08 17.16 20.32 23.74 27.18 26.99 32.87 37.94
Distribution rate 39.3% 43.7% 44.3% 42.1% 36.8% 40.8% 38.1% 38.8%
Net sales 1 138,885 168,684 185,499 217,458 224,656 260,716 296,678 335,163
EBITDA 1 17,576 16,030 18,453 21,486 22,133 25,413 30,569 34,932
EBIT 1 14,968 13,068 15,068 17,499 17,842 20,424 25,082 29,087
Net income 1 11,947 10,750 12,732 14,888 17,054 16,845 20,561 23,869
Net Debt 1 -21,403 18,619 -27,123 -30,340 -20,858 -25,208 -30,634 -39,331
Reference price 2 1,152.55 1,188.50 1,515.00 1,528.90 1,190.60 1,260.70 1,260.70 1,260.70
Nbr of stocks (in thousands) 626,303 626,510 626,776 626,942 627,257 627,562 - -
Announcement Date 4/5/22 3/5/23 30/4/24 22/4/25 22/4/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.09x2.52x11.32x2.69% 274B
26.68x3.09x16.88x1.99% 250B
30.61x3.94x18.19x1.59% 187B
36.55x5.5x23.52x0.8% 161B
39.67x5.35x24.11x1.05% 132B
95.55x12.37x68.69x0.31% 104B
40.59x6.58x26.51x0.1% 93B
30.66x5.01x17.46x1.48% 83.91B
33.37x6.96x21.7x0.56% 55.4B
Average 39.20x 5.70x 25.38x 1.17% 148.86B
Weighted average by Cap. 34.97x 4.85x 22.35x 1.49%

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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