| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| VSTL | JINDALSTEL | APLAPOLLO | JTLIND | HITECH | | HARIOMPIPE | |
| NSEI:VSTL | NSEI:JINDALSTEL | NSEI:APLAPOLLO | NSEI:JTLIND | NSEI:HITECH | | NSEI:HARIOMPIPE | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 12.3% | 4.9% | 20.4% | 44.7% | 14.7% | | 53.9% | |
| 3Y CAGR | 28.1% | 13.1% | 28.7% | 67.3% | 26.3% | | 65.6% | |
| Latest Twelve Months | NM | -0.3% | 12.2% | -6.6% | 10.8% | | 20.0% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 3.3% | 18.9% | 5.8% | 7.2% | 4.3% | | 10.4% | |
| Prior Fiscal Year | 3.5% | 13.5% | 5.5% | 8.1% | 3.7% | | 11.3% | |
| Latest Fiscal Year | 3.8% | 14.7% | 5.6% | 7.2% | 3.7% | | 9.1% | |
| Latest Twelve Months | 2.8% | 13.2% | 4.4% | 7.0% | 4.6% | | 9.5% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.41x | 2.13x | 2.18x | 1.54x | 0.81x | | 1.17x | |
| EV / LTM EBIT | 14.7x | 16.2x | 49.4x | 22.0x | 17.8x | | 12.3x | |
| Price / LTM Sales | 0.29x | 1.85x | 2.17x | 1.60x | 0.70x | | 0.91x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.41x | 1.54x | 2.18x | | | | | |
| Historical EV / LTM Revenue | 1.60x | 2.05x | 2.50x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.45x | 1.52x | 1.60x | | | | | |
| (x) LTM Revenue | 12,883 | 12,883 | 12,883 | | | | | |
| (=) Implied Enterprise Value | 18,619 | 19,599 | 20,579 | | | | | |
| (-) Non-shareholder Claims * | (3,334) | (3,334) | (3,334) | | | | | |
| (=) Equity Value | 15,285 | 16,265 | 17,245 | | | | | |
| (/) Shares Outstanding | 31.0 | 31.0 | 31.0 | | | | | |
| Implied Value Range | 493.58 | 525.23 | 556.87 | | | | | |
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 493.58 | 525.23 | 556.87 | | 385.15 | | | |
| Upside / (Downside) | 28.2% | 36.4% | 44.6% | | | | | |