| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| REFRACTORY | APCL | STARCEMENT | KAKATCEM | KESORAMIND | | SPRL | |
| NSEI:REFRACTORY | NSEI:APCL | NSEI:STARCEMENT | NSEI:KAKATCEM | NSEI:KESORAMIND | | NSEI:SPRL | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | NM- | 7.4% | 9.7% | 7.1% | 6.5% | | 9.2% | |
| 3Y CAGR | 24.7% | 15.3% | 19.2% | 8.3% | 14.5% | | 3.9% | |
| Latest Twelve Months | NM | -25.0% | 7.1% | -41.4% | 0.8% | | 10.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 14.2% | 6.0% | 12.6% | -0.9% | 6.7% | | 6.2% | |
| Prior Fiscal Year | 8.8% | -4.9% | 12.6% | -7.5% | 4.5% | | 4.5% | |
| Latest Fiscal Year | 17.0% | -3.1% | 14.1% | -5.8% | 5.5% | | 8.9% | |
| Latest Twelve Months | 16.8% | -11.4% | 6.9% | -14.6% | 5.8% | | 9.8% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 3.28x | 1.68x | 2.99x | 1.49x | 0.09x | | 0.86x | |
| EV / LTM EBIT | 19.5x | -14.8x | 43.2x | -10.3x | 1.6x | | 8.8x | |
| Price / LTM Sales | 3.15x | 0.68x | 2.87x | 1.06x | 0.03x | | 0.73x | |
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| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.09x | 1.68x | 3.28x | | | | | |
| Historical EV / LTM Revenue | 0.70x | 0.91x | 1.13x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.02x | 1.07x | 1.13x | | | | | |
| (x) LTM Revenue | 293 | 293 | 293 | | | | | |
| (=) Implied Enterprise Value | 299 | 315 | 330 | | | | | |
| (-) Non-shareholder Claims * | (38) | (38) | (38) | | | | | |
| (=) Equity Value | 261 | 277 | 292 | | | | | |
| (/) Shares Outstanding | 1.8 | 1.8 | 1.8 | | | | | |
| Implied Value Range | 145.81 | 154.61 | 163.40 | | | | | |
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 145.81 | 154.61 | 163.40 | | 120.00 | | | |
| Upside / (Downside) | 21.5% | 28.8% | 36.2% | | | | | |