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 2/9/20 4/9/21 6/9/22 5/9/23 30/8/24 29/8/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.87x4.99x13.43x3.19% 45.16B
8.7x1.46x7.66x4.08% 30.1B
18.46x3.97x16.19x1.35% 28.4B
5.58x0.6x1.23x9.03% 26.66B
13.77x3.05x14.62x2.55% 25.55B
9.03x2.33x7.17x3.86% 21.29B
14.05x6.62x17.72x1.52% 20.63B
8.5x0.94x3.43x2.63% 21.74B
16.39x9.6x18.19x5.05% 17.52B
Average 12.26x 3.73x 11.07x 3.7% 26.34B
Weighted average by Cap. 12.48x 3.59x 11.03x 3.67%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA