Duff and Phelps PDF

Industry Multiples in India
M A R C H 2 0 19 - S E V E N T H E D I T I O N
Industry Multiples in India - March 2019 - Seventh Edition
Foreword
Dear Readers
It gives me great pleasure to share the seventh edition of our quarterly report, Industry
Multiples in India. This quarter’s report provides trading multiples for various key industries
in India as of March 31, 2019.
Global economic activity slowed in late 2018 and early 2019 due to a combination of
factors including a slowdown in China due to the deleveraging process and trade tensions;
severe macroeconomic distress in a number of emerging economies such as Argentina,
Turkey, Iran and Venezuela; and a sharp decline in the Euro region partly due to temporary
disruptions to car production in Germany. Conditions then eased in 2019 as the U.S.
Varun Gupta
Federal Reserve signaled a more accommodative monetary policy stance and markets
Managing Director and
became more optimistic about a U.S. China trade deal, but they still remain slightly more
Asia Pacific Leader for
restrictive. Having said this, India is still considered an important engine of world growth,
Valuation Advisory Services
along with China.
Overall, the Indian equity market, i.e., the S&P BSE 500 Index experienced an increase
during this quarter on the back of hopes of a stable government and a moderate increase
in crude oil prices. We observed that the P/E multiples of majority of industries have
improved in the first quarter of 2019. Banking sector has recovered partially post the
IL&FS issue due to capital infusion in public sector banks and this has led to an
improvement in credit growth, stable asset quality and pick-up in public and private capex.
The recent listing of Embassy REIT has brought positive news to the cash starved Indian
real estate sector. Consumer durables witnessed a slight improvement during this quarter
due to reduction of GST rates for a few goods and services. The healthcare, internet and
software sectors witnessed a turnaround from last quarter’s decline because of optimistic
demand outlook. The automotive slowdown has affected the Indian metal industry and the
ongoing trade dispute has resulted in further decline of other commodity prices.
Our report provides a detailed overview of the P/B, P/E, EV/ EBITDA and EV/Sales
multiples of companies in the S&P BSE 500 Index across 22 major industries for which
such data is available. We hope you find this report helpful to get a broad sense of the
range of trading multiples for major industries in India. If you would like to receive further
information or wish to discuss any findings of this analysis, please contact us.
Duff & Phelps 3

Contents
1 Foreword
Industry Multiples
6 Median EV/EBITDA Multiples By Sector
7 Consumer Discretionary: Apparel
9 Consumer Discretionary: Auto Parts and Equipment
11 Consumer Discretionary: Household Appliances
13 Electric and Gas Utilities
15 Energy
17 Financials: Banks
19 Financials: Consumer Finance
21 Financials: Specialized Finance
23 Household and Personal Products
25 Industrial Machinery
27 Internet Services and Infrastructure
29 Application Software
31 Materials: Chemicals
33 Materials: Construction and Material
35 Materials: Metals and Mining
37 Pharmaceuticals and Biotechnology
39 Real Estate
41 Other Industries
43 Industry Definitions
45 Contributors
Summar y
Industry EV/Sales EV/EBITDA P/E P/B
Consumer Discretionary : Apparel 2.4x 23.2x 31.0x 4.6x
Consumer Discretionary : Auto Parts and Equipment 1.5x 11.0x 23.1x 4.1x
Consumer Discretionary : Household Appliances 2.4x 27.4x 41.7x 9.8x
Electric and Gas Utilities 2.3x 8.8x 12.9x 1.9x
Energy 0.8x 6.1x 9.1x 1.2x
Household and Personal Products 4.0x 21.7x 30.9x 6.4x
Industrial Machinery 2.5x 22.2x 32.1x 4.7x
Internet Services and Infrastructure 2.2x 13.6x 17.8x 4.1x
Application Software 1.6x 12.0x 18.7x 2.9x
Materials : Chemicals 2.3x 14.4x 23.2x 3.5x
Materials : Construction Materials 1.7x 10.9x 25.2x 2.9x
Materials : Metals and Mining 1.0x 5.7x 7.6x 1.3x
Healthcare: Pharmaceuticals and Biotechnology 3.9x 15.4x 24.5x 3.5x
Real Estate 7.8x 17.3x 22.7x 2.3x
Automobile Manufacturers 1.6x 12.2x 21.2x 4.5x
Media 2.3x 10.9x 17.2x 2.8x
Healthcare Facilities and Services 2.3x 23.0x 33.3x 4.1x
Independent Power and Renewable Electricity Producers 2.7x 7.6x 5.9x 0.8x
Market
Industry P/TBV P/E P/B
Cap/Revenue
Financials : Banks 5.2x 0.6x 28.1x 0.6x
Financials: Consumer Finance 6.1x 2.5x 14.2x 2.4x
Financials : Specialized Finance 5.4x 1.5x 9.0x 1.5x
Other Diversified Financial Services 2.7x 3.0x 17.5x 2.6x
Duff & Phelps 5

Median EV/EBITDA Multiples By Sector

As of March 31, 2019 Average (Sept'17 to Mar'19)
Apparel 23.2x 17.4x
Auto Parts and Equipment 11.0x 15.1x
Household Appliances 27.4x 29.8x
Electric and Gas Utilities 8.8x 9.9x
Energy 6.1x 6.7x
Household and Personal Products 21.7x 23.6x
Industrial Machinery 22.2x 22.0x
Internet Services and Infrastructure 13.6x 13.4x
Application Software 12.0x 12.7x
Chemicals 14.4x 15.5x
Construction Material 10.9x 12.8x
Metals and Mining 5.7x 7.7x
Pharmaceuticals and Biotechnology 15.4x 16.6x
Real Estate 17.3x 16.3x
Auto Manufacturers 12.2x 13.3x
Media 10.9x 15.9x
Healthcare Facilities and Services 23.0x 26.1x
Independent Energy and Renewable Electricity Producers 7.6x 8.6x
Median EV / EBITDA multiples
29.8x 26.1x
17.4x 15.1x 22.0x 15.5x 15.9x
23.6x 16.6x 16.3x 13.3x
9.9x 13.4x 12.7x 12.8x
6.7x 7.7x 8.6x
23.2x 27.4x
22.2x 23.0x
14.4x 17.3x 10.9x
11.0x 13.6x 12.0x 10.9x 15.4x 12.2x
8.8x 6.1x 5.7x 7.6x
21.7x
rel nt ce
s ies erg
y ts ery tur
e are ls ria
l g gy tat
e
rer
s dia es ers
pa me an tilit En
uc in uc ftw ica ate inin olo Es ctu Me rvic uc
Ap uip pli sU rod ch str So em nM dM ch
n al Se rod
q p a lP Ma ra Ch n te Re ufa d P
dE ol dA dG on
a
tria
l Inf tio
n
cti
o ls a Bio Ma
n an ity
an an ers us nd ca tru ta s ic
rts eh sa pli ns Me an
d to tie ctr
Pa us ctr
ic dP Ind Ap Co als
Au cili Ele
Ho an ice Fa le
Au
to Ele old Se
rv uti
c
are ab
eh e hc ew
us et ac alt en
Ho ern arm He dR
Int Ph n
rgya
ne
tE
den
en
ep
Ind
As of March 31, 2019 Average (Sept'17 to Mar'19)
Note:
a) Media - Multiples for period from Sept’17 to June’18 reprsents multiples for Broadcasting, Cable and Satellite due to change in GICS industry classification.
a) Application Software, Internet Services and Infrastructure - Multiples for period from Sept’17 to June’18 reprsents multiples for Internet Software and
Services due to change in GICS industry classification.
Duff & Phelps 6
Consumer Discretionary: Apparel

AS OF M A R C H 3 1, 2 0 19
EV/Sales EV/EBITDA P/E P/B
Number of Observations 21 21 21 21
Number of Outliers 7 2 7 3
Negative Multiples 0 0 1 0
High 5.7x 57.1x 55.0x 14.7x
Mean 2.9x 24.5x 32.5x 6.5x
Median 2.4x 23.2x 31.0x 4.6x
Low 1.4x 5.7x 9.6x 1.2x
Low Quartile 1.8x 8.6x 16.8x 2.6x
Upper Quartile 3.8x 33.9x 49.0x 11.4x
EV/Sales EV/EBITDA
30% 30%
25%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
20% 20%
15%
10% 10%
5%
0% 0%
0 5.0 10.0 15.0 20.0 25.0 0 10.0 20.0 30.0 40.0 50.0 60.0
EV/Sales EV/EBITDA
7 10
6
8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6
4
3
4
2
2
1
0 0
1.4 - 2.2 2.2 - 3.1 3.1 - 4.0 4.0 - 4.8 4.8 - 5.7 5.7 - 16.0 16.0 - 26.2 26.2 - 36.5 36.5 - 46.8 46.8 - 57.1
Duff & Phelps 7

Consumer Discretionary: Apparel – Continued

AS OF M A R C H 3 1, 2 0 19
P/E P/B
6 10
5
8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4
6
4
2
2
1
0 0
9.1 - 18.3 18.3 - 27.5 27.5 - 36.7 36.7 - 45.9 45.9 - 55.1 1.1 - 3.9 3.9 -6.6 6.6 - 9.3 9.3 - 12.1 12.1 - 14.8
Median multiples
8.0 60.0
7.0
50.0
6.0
EV/EBITDA & P/E

P/B & EV/SALES
40.0
5.0
4.0 30.0
3.0
20.0
2.0
10.0
1.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
EV/Sales P/B EV/EBITDA P/E
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the S&P BSE 500 Index constituents. The S&P BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The S&P BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard & Poor’s Capital IQ database.
Any outliers including negative multiples in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2019.
Duff & Phelps 8

Consumer Discretionary:
Auto Parts and Equipment
A S O F M A R C H 3 1, 2 0 19
High 4.5x 27.4x 44.8x 7.7x
Mean 2.0x 13.0x 24.2x 3.9x
Median 1.5x 11.0x 23.1x 4.1x
Low 0.7x 6.2x 11.8x 0.4x
EV/Sales EV/EBITDA
90% 25%
80%
70% 20%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
60%
15%
50%
40%
10%
30%
20% 5%
10%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 0 5.0 10.0 15.0 20.0 25.0 30.0
EV/Sales EV/EBITDA
12 12
10 10
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8 8
6 6
4 4
2 2
0 0
0.7 - 1.5 1.5 - 2.3 2.3 - 3.1 3.1 - 3.8 3.8 - 4.6 6.2 - 10.4 10.4 - 14.7 14.7 - 19.0 19.0 - 23.2 23.2 - 27.5
Duff & Phelps 9

Auto Parts and Equipment – Continued
A S O F M A R C H 3 1, 2 0 19
P/E P/B
9 6
7
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6 4
3 2
0 0
6.7 - 14.4 14.4 - 22.0 22.0 - 29.7 29.7 - 37.3 37.3 - 45.0 0.3 - 1.8 1.8 - 3.3 3.3 - 4.8 4.8 - 6.3 6.3 - 7.8
Median multiples
8.0 40.0
6.0 35.0
30.0
5.0
EV/EBITDA & P/E

P/B & EV/SALES
25.0
4.0
20.0
3.0
15.0
2.0
10.0
1.0 5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 10

Household Appliances
AS OF M A R C H 3 1, 2 0 19
High 3.5x 30.9x 47.1x 16.7x
Mean 2.4x 27.0x 41.5x 10.5x
Median 2.4x 27.4x 41.7x 9.8x
Low 1.4x 22.4x 35.5x 6.1x
EV/Sales EV/EBITDA
20% 45%
18% 40%
16% 35%
14%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
30%
12%
25%
10%
20%
8%
15%
6%
4% 10%
2% 5%
0% 0%
0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
EV/Sales EV/EBITDA
3 3
NUMBER OF COMPANIES
NUMBER OF COMPANIES
2 2
1 1
0 0
1.4 - 1.8 1.8 - 2.2 2.2 - 2.7 2.7 - 3.1 3.1 - 3.5 22.4 - 24.1 24.1 - 25.8 25.8 - 27.5 27.5 - 29.2 29.2 - 30.9
Duff & Phelps 11

Household Appliances – Continued
AS OF M A R C H 3 1, 2 0 19
P/E P/B
4 3
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
2
1
1
0 0
38.5 - 40.6 40.6 - 42.7 42.7 - 44.8 44.8 - 46.9 46.9 - 49.0 6.0 - 8.1 8.1 - 10.3 10.3 - 12.4 12.4 - 14.6 14.+ - 16.7
Median multiples
14.0 80.0
12.0 70.0
60.0
10.0
EV/EBITDA & P/E

P/B & EV/SALES
50.0
8.0
40.0
6.0
30.0
4.0
20.0
2.0 10.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 12

Electric and Gas Utilities

A S O F M A R C H 3 1, 2 0 19
High 7.8x 12.4x 39.7x 5.8x
Mean 3.3x 8.0x 17.1x 2.5x
Median 2.3x 8.8x 12.9x 1.9x
Low 0.6x 2.5x 7.0x 0.1x
EV/Sales EV/EBITDA
100% 25%
90%
20%
80%
15%
70%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
10%
60%
50% 5%
40%
0%
2.0 4.0 6.0 8.0 10.0 12.0
30%
-5%
20%
-10%
10%
0% -15%
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
EV/Sales EV/EBITDA
6 4
5
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
4
3 2
2
1
1
0 0
0.1 - 1.6 1.6 - 3.2 3.2 - 4.7 4.7 - 6.3 6.3 - 7.8 2.5 - 4.5 4.5 - 6.5 6.5 - 8.5 8.5 - 10.5 10.5 - 12.5
Duff & Phelps 13

Electric and Gas Utilities – Continued

A S O F M A R C H 3 1, 2 0 19
P/E P/B
5 4
4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
0 0
3.0 - 10.3 10.3 - 17.7 17.7 - 25.0 25.0 - 32.4 32.4 - 39.7 0.0 - 1.2 1.2 - 2.4 2.4 - 3.6 3.6 - 4.7 4.7 - 5.9
Median multiples
6.0 35.0
5.0 30.0
25.0
EV/EBITDA & P/E

P/B & EV/SALES
4.0
20.0
3.0
15.0
2.0
10.0
1.0 5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 14

Energy
AS OF M A R C H 3 1, 2 0 19
High 2.8x 10.5x 11.8x 5.3x
Mean 1.0x 6.4x 8.9x 1.7x
Median 0.8x 6.1x 9.1x 1.2x
Low 0.1x 4.6x 6.5x 0.6x
EV/Sales EV/EBITDA
45% 20%
40%
15%
35%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
30% 10%
25%
5%
20%
15% 0%
2.0 4.0 6.0 8.0 10.0 12.0
10%
-5%
5%
0% -10%
0 0.5 1.0 1.5 2.0 2.5 3.0
EV/Sales EV/EBITDA
6 6
5
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4 4
2 2
0 0
0.1 - 0.7 0.7 - 1.2 1.2 - 1.7 1.7 - 2.3 2.3 - 2.8 4.6 - 5.8 5.8 - 7.0 7.0 - 8.2 8.2 - 9.4 9.4 - 10.6
Duff & Phelps 15

Energy – Continued
AS OF M A R C H 3 1, 2 0 19
P/E P/B
4 8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3 6
2 4
1 2
0 0
5.5 - 6.7 6.7 - 8.0 8.0 - 9.3 9.3 - 10.5 10.5 - 11.8 0.5 - 1.5 1.5 - 2.5 2.5 - 3.4 3.4 - 4.4 4.4 - 5.4
Median multiples
2.5 18.0
16.0
2.0 14.0
EV/EBITDA & P/E

P/B & EV/SALES
12.0
1.5
10.0
8.0
1.0
6.0
0.5 4.0
2.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 16

Financials:
Banks
A S O F M A R C H 3 1, 2 0 19 Market
P/B P/E P/TBV Cap/Revenue
High 6.0x 37.5x 6.0x 14.3x
Mean 1.5x 24.2x 1.5x 6.2x
Median 0.6x 28.1x 0.6x 5.2x
Low 0.2x 6.4x 0.2x 1.1x
P/BV P/E
20% 16%
14%
ADJUSTED ROE (%)
0%
1.0 2.0 3.0 4.0 5.0 6.0 7.0 12%
ADJUSTED ROE (%)
10%
-20%
8%
-40%
6%
4%
-60%
2%
-80% 0%
0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
P/BV P/E
22 6
20
18
NUMBER OF COMPANIES
NUMBER OF COMPANIES
16
4
14
12
10
8
2
6
0 0
0.0 - 0.9 0.9- 1.7 1.7 - 2.6 2.6 - 3.5 3.5 - 4.4 0 - 7.5 7.5 - 15.0 15.0 - 22.5 22.5 - 30.0 30.0 - 37.5
Duff & Phelps 17

Financials:
Banks – Continued
A S O F M A R C H 3 1, 2 0 19
P/TBV Market Cap/Revenue

24 8
22
20
NUMBER OF COMPANIES
NUMBER OF COMPANIES
18 6
16
14
12 4
10
8
6 2
4
2
0 0
0 - 1.2 1.2 - 2.4 2.4 - 3.7 3.7 - 4.9 4.9 - 6.1 0.0 - 2.9 2.9 - 5.7 5.7 - 8.6 8.6- 11.4 11.4 - 14.3
Median multiples
2.0 30.0
1.8
25.0
P/E & MarketCap/Revenue

1.6
1.4
20.0
1.2
P/B
1.0 15.0
0.8
10.0
0.6
0.4
5.0
0.2
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
P/B P/E Market Cap/Revenue
considered all of the S&P BSE 500. Index constituents. The S&P BSE 500 Index is comprised of the top 500 companies based on
P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a diluted basis
where Book value per share equals total book value of equity divided by diluted number of shares, P/TBV = Share price / tangible
book value per share on a diluted basis where tangible book value per share equals to total tangible book value of equity divided by
diluted number of shares, ROE (Return on Equity) = Net income / equity shareholder’s equity, Adjusted ROE is calculated using as
ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number of shares.
Duff & Phelps 18

Financials:
Consumer Finance
AS OF M A R C H 3 1, 2 0 19 Market
High 6.0x 46.0x 6.0x 16.7x
Mean 3.0x 20.2x 3.0x 6.9x
Median 2.4x 14.2x 2.5x 6.1x
Low 1.2x 10.4x 1.2x 1.9x
P/BV P/E
30% 30%
25% 25%
ADJUSTED ROE (%)
ADJUSTED ROE (%)
20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0
P/BV P/E
6 10
8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4
6
4
2
0 0
0.0 - 0.6 0.6 - 1.2 1.2 - 1.8 1.8 - 2.4 2.4 - 3.0 0.0 - 9.2 9.2 - 18.4 18.4 - 27.6 27.6 - 36.8 36.8 - 46.0
Duff & Phelps 19

Financials:
Consumer Finance – Continued
AS OF M A R C H 3 1, 2 0 19

6 8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6
4
2
2
0 0
0.0 - 1.2 1.2 - 2.4 2.4 - 3.6 3.6 - 4.8 4.8 - 6.1 0 - 3.3 3.3 - 6.7 6.7 - 10.0 10.0 - 13.4 13.4 - 16.7
Median multiples
3.5 35.0
3.0 30.0

2.5 25.0
2.0 20.0
P/B
1.5 15.0
1.0 10.0
0.5 5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 20

Financials:
Specialized Finance
A S O F M A R C H 3 1, 2 0 19 Market
High 4.2x 15.6x 4.4x 10.9x
Mean 1.8x 8.9x 1.8x 5.5x
Median 1.5x 9.0x 1.5x 5.4x
Low 0.4x 3.3x 0.4x 1.7x
P/BV P/E
30% 30%
25% 25%
ADJUSTED ROE (%)
ADJUSTED ROE (%)
20%
20%
15%
15%
10%
10%
5%
0% 5%
0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5
-5% 0%
0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
P/BV P/E
4 4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
2 2
0 0
0.0 - 0.7 0.7 - 1.4 1.4 - 2.1 2.1 - 2.8 2.8 - 3.5 0.0 - 3.1 3.1 - 6.3 6.3 - 9.4 9.4 - 12.6 12.6 - 15.7
Duff & Phelps 21

Financials:
Specialized Finance – Continued
A S O F M A R C H 3 1, 2 0 19

6 5
4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4
3
2
2
0 0
0 - 0.9 0.9 - 1.8 1.8 - 2.7 2.7 - 3.6 3.6 - 4.5 0 - 2.2 2.2 - 4.4 4.4 - 6.6 6.6 - 8.8 8.8 - 11.0
Median multiples
4.0 25.0
3.5

20.0
3.0
2.5 15.0
P/B
2.0
1.5 10.0
1.0
5.0
0.5
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31 /2019
Duff & Phelps 22

Household and Personal Products

AS OF M A R C H 3 1, 2 0 19
High 12.7x 51.1x 64.4x 28.9x
Mean 4.9x 23.1x 33.8x 8.5x
Median 4.0x 21.7x 30.9x 6.4x
Low 1.0x 6.5x 13.7x 1.0x
EV/Sales EV/EBITDA
35% 50%
30%
40%
25%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
30%
20%
15%
20%
10%
10%
5%
0% 0%
0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 0 10.0 20.0 30.0 40.0 50.0 60.0
EV/Sales EV/EBITDA
14 10
12
8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
10
6
8
6
4
4
2
2
0 0
1.0 - 3.4 3.4 - 5.7 5.7 - 8.0 8.0 - 10.4 10.4 - 12.7 6.5 - 15.4 15.4 - 24.4 24.4 - 33.3 33.3 - 42.3 42.3 - 51.2
Duff & Phelps 23

Household and Personal Products – Continued

AS OF M A R C H 3 1, 2 0 19
P/E P/B
9 14
8
12
7
NUMBER OF COMPANIES
NUMBER OF COMPANIES
10
6
5 8
4 6
3
4
2
2
1
0 0
13.2 - 23.6 23.6 - 33.9 33.9 - 44.3 44.3 - 54.6 54.6 - 65.0 0.9 - 6.5 6.5 - 12.1 12.1 - 17.7 17.7 - 23.3 23.3 - 28.9
Median multiples
14.0 60.0
12.0 50.0
10.0
EV/EBITDA & P/E

P/B & EV/SALES
40.0
8.0
30.0
6.0
20.0
4.0
2.0 10.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 24

Industrial Machinery
A S O F M A R C H 3 1, 2 0 19
High 5.4x 25.1x 41.4x 6.4x
Mean 2.7x 20.3x 32.4x 4.7x
Median 2.5x 22.2x 32.1x 4.7x
Low 1.1x 12.7x 20.7x 3.1x
EV/Sales EV/EBITDA
25% 18%
16%
20% 14%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
12%
15%
10%
8%
10%
6%
5% 4%
2%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 0 5.0 10.0 15.0 20.0 25.0 30.0
EV/Sales EV/EBITDA
5 5
4 4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3 3
2 2
1 1
0 0
1 2 3 4 5 1 2 3 4 5
Duff & Phelps 25

Industrial Machinery – Continued

A S O F M A R C H 3 1, 2 0 19
P/E P/B
5 4
4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
0 0
1 2 3 4 5 1 2 3 4 5
Median multiples
7.0 45.0
40.0
6.0
35.0
5.0
EV/EBITDA & P/E

P/B & EV/SALES
30.0
4.0 25.0
3.0 20.0
15.0
2.0
10.0
1.0
5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 26

Internet Services and Infrastructure

AS OF M A R C H 3 1, 2 0 19
High 5.2x 24.9x 24.1x 8.9x
Mean 2.5x 13.6x 17.4x 4.3x
Median 2.2x 13.6x 17.8x 4.1x
Low 1.0x 7.2x 8.6x 1.3x
EV/Sales EV/EBITDA
30% 28%
25%
20%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
20%
15%
15%
10%
10%
5%
5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 0 5.0 10.0 15.0 20.0 25.0 30.0
EV/Sales EV/EBITDA
6 5
5
4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4
3
2
2
1
1
0 0
1 2 3 4 5 1 2 3 4 5
Duff & Phelps 27

Internet Services and Infrastructure – Continued

AS OF M A R C H 3 1, 2 0 19
P/E P/B
7 6
6
5
NUMBER OF COMPANIES
NUMBER OF COMPANIES
5
4
4
3
3
2
2
1
1
0 0
1 2 3 4 5 1 2 3 4 5
Median multiples
5.0 20.0
4.5 18.0
4.0 16.0
3.5 14.0
EV/EBITDA & P/E

P/B & EV/SALES
3.0 12.0
2.5 10.0
2.0 8.0
1.5 6.0
1.0 4.0
0.5 2.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Note - As per recent changes in the GICS structure, Internet Software and Services industry has been re-classified into two
sub-industries. The sub-industries are now called “Internet Services and Infrastructure” industry and “Application Software” industry.
All the historic multiples reflect the information of companies forming part of the new definition of the industry.
Duff & Phelps 28

Application Software
AS OF M A R C H 3 1, 2 0 19
High 5.4x 25.5x 21.0x 7.4x
Mean 2.1x 12.3x 17.0x 3.6x
Median 1.6x 12.0x 18.7x 2.9x
Low 0.4x 4.2x 9.1x 1.0x
EV/Sales EV/EBITDA
45% 40%

40% 35%
35%
30%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
30%
25%
25%
20%
20%
15%
15%
10%
10%
5% 5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 0 5.0 10.0 15.0 20.0 25.0 30.0
EV/Sales EV/EBITDA
5 4
4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3 2
0 0
1 2 3 4 5 1 2 3 4 5
Duff & Phelps 29

Application Software – Continued

AS OF M A R C H 3 1, 2 0 19
P/E P/B
8 4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6
4 2
0 0
1 2 3 4 5 1 2 3 4 5
Median multiples
4.0 30.0
3.5
25.0
3.0
EV/EBITDA & P/E

P/B & EV/SALES
20.0
2.5
2.0 15.0
1.5
10.0
1.0
5.0
0.5
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Note - As per recent changes in the GICS structure, Internet Software and Services industry has been re-classified into two
sub-industries. The sub-industries are now called “Internet Services and Infrastructure” industry and “Application Software” industry.
All the historic multiples reflect the information of companies forming part of the new definition of the industry.
Duff & Phelps 30

Materials:
Chemicals
A S O F M A R C H 3 1, 2 0 19
High 8.9x 45.4x 68.3x 16.1x
Mean 2.8x 16.5x 26.2x 5.0x
Median 2.3x 14.4x 23.2x 3.5x
Low 0.5x 2.4x 5.3x 0.6x
EV/Sales EV/EBITDA
60% 25%
50%
20%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
40%
15%
30%
10%
20%
5%
10%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0
EV/Sales EV/EBITDA
25 16
14
20
NUMBER OF COMPANIES
NUMBER OF COMPANIES
12
10
15
10
6
4
5
2
0 0
0.5 - 2.2 2.2 - 3.8 3.8 - 5.5 5.5 - 7.1 7.1 - 8.8 2.4 - 11.1 11.1 - 19.9 19.9 - 28.6 28.6 - 37.3 37.3 - 46.0
Duff & Phelps 31

Materials:
Chemicals – Continued
A S O F M A R C H 3 1, 2 0 19
P/E P/B
20 24
18
20
16
NUMBER OF COMPANIES
NUMBER OF COMPANIES
14
16
12
10 12
8
8
6
4
4
2
0 0
5.5 - 18.1 18.1 - 30.6 30.6 - 43.2 43.2 - 55.7 55.7 - 68.3 0.5 - 3.3 3.3 - 6.1 6.1 - 8.9 8.9 - 11.7 11.7 - 14.5
Median multiples
6.0 35.0
5.0 30.0
25.0
EV/EBITDA & P/E

P/B & EV/SALES
4.0
20.0
3.0
15.0
2.0
10.0
1.0 5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 32

Materials:
Construction Materials
AS OF M A R C H 3 1, 2 0 19
High 6.2x 24.1x 62.8x 6.7x
Mean 2.1x 12.6x 31.3x 2.9x
Median 1.7x 10.9x 25.2x 2.9x
Low 0.7x 7.7x 13.7x 0.6x
EV/Sales EV/EBITDA
30% 25%
25%
20%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
20%
15%
15%
10%
10%
5%
5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0 5.0 10.0 15.0 20.0 25.0 30.0
EV/Sales EV/EBITDA
12 8
10
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6
8
6 4
4
2
2
0 0
0.7 - 1.8 1.8 - 2.9 2.9 - 4.0 4.0 - 5.1 5.1 - 6.2 7.7 - 11.0 11.0 - 14.2 14.8 - 17.8 17.6 - 20.9 20.9 - 24.2
Duff & Phelps 33

Materials:
Construction Materials – Continued
AS OF M A R C H 3 1, 2 0 19
P/E P/B
8 6
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6
4
2
2
0 0
8.7 - 19.5 19.5 - 30.3 30.3 - 41.2 41.2 - 52.0 52.0 - 52.8 0.5 - 1.7 1.7 - 3.0 3.0 - 4.3 4.2 - 5.5 5.5 - 6.8
Median multiples
4.5 50.0
4.0
3.5 40.0
EV/EBITDA & P/E

P/B & EV/SALES
3.0
30.0
2.5
2.0
20.0
1.5
1.0 10.0
0.5
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 34

Materials:
Metals and Mining
A S O F M A R C H 3 1, 2 0 19
High 4.3x 16.0x 23.3x 4.2x
Mean 1.5x 7.4x 8.6x 1.8x
Median 1.0x 5.7x 7.6x 1.3x
Low 0.4x 1.9x 1.6x 0.5x
EV/Sales EV/EBITDA
60% 45%
40%
50%
35%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
40% 30%
25%
30%
20%
20% 15%
10%
10%
5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
EV/Sales EV/EBITDA
8 12
7
10
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6
8
5
4 6
3
4
2
2
1
0 0
0.1 - 0.8 0.8 - 1.7 1.7 - 2.6 2.6 - 3.5 3.5 - 4.4 0.9 - 4.0 4.0 - 7.0 7.0 - 10.0 10.0 - 13.0 13.0 - 16.0
Duff & Phelps 35

Materials:
Metals and Mining – Continued
A S O F M A R C H 3 1, 2 0 19
P/E P/B
6 10
5
8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4
6
4
2
2
1
0 0
1.1 - 5.5 5.5 - 10.0 10.0 - 14.5 14.5 - 18.9 18.9 - 23.4 0.4 - 1.2 1.2 - 1.9 1.9- 2.7 2.7 - 3.4 3.4 - 4.2
Median multiples
2.5 30.0
25.0
2.0
EV/EBITDA & P/E

P/B & EV/SALES
20.0
1.5
15.0
1.0
10.0
0.5
5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 36

Pharmaceuticals and Biotechnology

AS OF M A R C H 3 1, 2 0 19
High 9.2x 29.2x 51.8x 8.7x
Mean 4.1x 17.1x 27.0x 4.0x
Median 3.9x 15.4x 24.5x 3.5x
Low 1.5x 7.8x 12.3x 1.6x
EV/Sales EV/EBITDA
60% 40%
35%
50%
30%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
40%
25%
30% 20%
15%
20%
10%
10%
5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
EV/Sales EV/EBITDA
14 14
12 12
NUMBER OF COMPANIES
NUMBER OF COMPANIES
10 10
8 8
6 6
4 4
2 2
0 0
1.5 - 3.1 3.1 - 4.6 4.6 - 6.2 6.2 - 7.7 7.7 - 9.3 7.8 - 12.0 12.0 - 16.3 16.3 - 20.6 20.6 - 24.9 24.9 - 29.2
Duff & Phelps 37

Pharmaceuticals and Biotechnology – Continued

AS OF M A R C H 3 1, 2 0 19
P/E P/B
12 12
10 10
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8 8
6 6
4 4
2 2
0 0
4.3 - 13.8 13.8 - 23.3 23.3 - 32.8 32.8 - 42.3 42.3 - 51.8 1.5 - 2.9 2.9 - 4.4 4.4 - 5.9 5.9 - 7.3 7.3 - 8.8
Median multiples
5.0 40.0
35.0
4.0
30.0
EV/EBITDA & P/E

P/B & EV/SALES
3.0 25.0
20.0
2.0 15.0
10.0
1.0
5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 38

Real Estate
A S O F M A R C H 3 1, 2 0 19
High 9.5x 43.2x 33.6x 3.4x
Mean 6.0x 20.7x 21.2x 2.1x
Median 7.8x 17.3x 22.7x 2.3x
Low 1.3x 3.2x 8.4x 0.9x
EV/Sales EV/EBITDA
80% 18%
16%
14%
60%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
12%
10%
40%
8%
6%
20%
4%
2%
0% 0%
0 2.0 4.0 6.0 8.0 10.0 12.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0
EV/Sales EV/EBITDA
7tt 8
6
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6
5
4
4
3
2
2
0 0
0.3 - 2.2 2,2 - 4.0 4.0 - 5.9 5.9 - 7.7 7.7 - 9.6 3.2 - 11.2 11.2 - 19.3 19.3 - 27.3 27.3 - 35.3 35.3 - 43.3
Duff & Phelps 39

Real Estate – Continued

A S O F M A R C H 3 1, 2 0 19
P/E P/B
4 6
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
4
2
1
0 0
7.9 - 14.1 14.1 - 20.4 20.4 - 26.7 26.7 - 33.0 33.9 - 39.3 0.8 - 1.3 1.3 - 1.9 1.9 - 2.4 2,4 - 2.9 2.9 - 3.4
Median multiples
9.0 40.0
8.0 35.0
7.0 30.0
EV/EBITDA & P/E

P/B & EV/SALES
6.0
25.0
5.0
20.0
4.0
15.0
3.0
2.0 10.0
1.0 5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2019
Duff & Phelps 40

Other Industries
Automobile Manufacturers
A S O F M A R C H 3 1, 2 0 19
High 2.6x 18.2x 32.0x 7.9x
Mean 1.5x 11.6x 21.6x 5.0x
Median 1.6x 12.2x 21.2x 4.5x
Low 0.2x 3.2x 13.8x 2.0x
Upper Quartile 2.5x 17.7x 27.8 7.3x
Media
A S O F M A R C H 3 1, 2 0 19
High 7.7x 16.3x 27.2x 5.3x
Mean 3.7x 10.7x 19.6x 3.2x
Median 2.3x 10.9x 17.2x 2.8x
Low 1.5x 4.8x 14.3x 1.0x
Healthcare Facilities and Services

A S O F S E P T E M B E R 3 0 , 2 018
High 6.8x 28.3x 43.7x 9.1x
Mean 3.3x 22.0x 33.8x 4.2x
Median 2.3x 23.0x 33.3x 4.1x
Low 1.4x 13.3x 24.3x 1.3x
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have considered all of the S&P BSE 500 Index constituents. The S&P
BSE 500 Index is comprised of the top 500 companies based on float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The S&P BSE 500 is designed to
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash equivalents, Sales = Revenue for latest 12 months, EBITDA =
Earnings before interest, taxes, depreciation and amortization for latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price/book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares, ROE (Return on Equity) = Net income/equity shareholder’s equity, Adjusted ROE is
calculated using as ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number of shares.
Duff & Phelps 41

Other Industries – Continued

Independent Power and Renewable Electricity Producers
A S O F M A R C H 3 1, 2 0 19
High 5.7x 11.2x 9.7x 1.3x
Mean 2.8x 8.3x 6.2x 0.7x
Median 2.7x 7.6x 5.9x 0.8x
Low 1.0x 5.3x 3.4x 0.1x
Other Diversified Financial Services

A S O F M A R C H 3 1, 2 0 19
P/B P/E P/TBV Market Cap/Revenue
High 17.2x 30.1x 12.9x 10.7x
Mean 4.5x 17.7x 4.4x 4.1x
Median 2.6x 17.5x 3.0x 2.7x
Low 0.4x 2.0x 0.4x 0.1x
be a broad representation of the Indian market. Source: Data derived from Standard & Poor’s Capital IQ database. Any outliers
including negative multiples in the industry have been excluded from above analysis. EV = Enterprise Value = Market value of equity
on diluted basis plus book value of debt plus preferred stock less cash and cash equivalents, Sales = Revenue for latest 12 months,
EBITDA = Earnings before interest, taxes, depreciation and amortization for latest 12 months, P/E = Share price divided by earnings
per share on a diluted basis, P/B = Share price/book value per share on a diluted basis where book value per share equals total book
value of equity divided by diluted number of shares, P/TBV = Share price/tangible book value per share on a diluted basis where
tangible book value per share equals to total tangible book value of equity divided by diluted number of shares, Market value of equity
is computed using diluted number of shares.
Duff & Phelps 42

Industry Definitions
The industry classification for the companies represented in this report is based on the 2017 Global Industry Classification
Standard®(GICS®). Below represents a brief description of sub-industries which are forming part of a particular industry based
on the 2017 GICS® guidelines.
Our analysis reflects the recent changes to the GICS structure by MSCI, effective from September 28, 2018.
Consumer Discretionary
Auto Parts & Equipment Companies that manufacture parts and accessories for automobiles and motorcycles including and tires and
rubber.
Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Also includes companies produce
motorcycles, scooters or three-wheelers.
Media Owners and operators of television or radio broadcasting systems, including programming including radio and
Erstwhile Broadcasting, Cable and
Satellite Industry.
television, broadcasting, radio networks, and radio stations. Providers of cable or satellite television and
satellite radio services. Includes cable networks and program distribution.
Apparel Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer
handbags, wallets, luggage, jewelry and watches and manufacturers of textile and related products
Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and
hand tools, including garden improvement tools but excludes TVs and other audio and video products
Financial Services
Banks Commercial diverse with a national footprint whose revenues are derived primarily from conventional banking
operations, have significant business activity in retail banking and small and medium corporate lending, and
provide a diverse range of financial services. This also includes regional banks that tend to operate in limited
geographic regions.
Consumer Finance Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related
money services and pawn shops.
Other Diversified Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of
Financial Services financial decision support tools and products including ratings agencies. Providers of a diverse range of
financial services and/or with some interest in a wide range of financial services including banking, insurance
and capital markets, but with no dominant business line.
Specialized Finance Providers of specialized financial services not classified elsewhere. Companies in this sub-industry derive a
majority of revenue from one specialized line of business. Includes, but not limited to, commercial financing
companies, central banks, leasing institutions, factoring services, and specialty boutiques. Financial
institutions providing mortgage and mortgage related services. These include financial institutions whose
assets are primarily mortgage related, savings & loans, mortgage lending institutions, building societies and
companies providing insurance to mortgage banks
Healthcare
Healthcare Facilities Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and
and Services retirement centers and animal hospitals. Providers of patient health care services not classified elsewhere.
Includes dialysis centers, lab testing services, and pharmacy management services. Also includes companies
providing business support services to health care providers, such as clerical support services, collection
agency services, staffing services and outsourced sales & marketing services.
Pharmaceuticals and Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary
Biotechnology drugs. Companies primarily engaged in the research, development, manufacturing and/or marketing of
products based on genetic analysis and genetic engineering. Includes companies specializing in protein-
based therapeutics to treat human diseases.
Global Industry Classification Standard® (GICS®) was developed by S&P Dow Jones Indices, an independent international financial data and investment services company and a leading
provider of global equity indices, and MSCI, a premier independent provider of global indices and benchmark-related products and services
Duff & Phelps 43

Industry Definitions — Continued
Materials
Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to
plastics, synthetic fibers, films, commodity-based paints and pigments, explosives and petrochemicals.
Producers of fertilizers, pesticides, potash or other agriculture-related chemicals including industrial gases
and other diversified range of chemical products.
Construction Material Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and
bricks.
Metals and Mining Producers of aluminum and related products, including companies that mine or process bauxite and
companies that recycle aluminum to produce finished or semi-finished products. Companies engaged in
copper ore mining, production of iron and steel and related products, including metallurgical (coking) coal
mining used for steel production and having other diversified mining operations but excluding gold, silver and
other precious metals.
Utilities
Electric & Gas Utilities Companies that produce or distribute electricity including both nuclear and non-nuclear facilities. Also,
includes companies whose main charter is to distribute and transmit natural and manufactured gas.
Independent Power and Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading
Renewable Electricity Specialists and/or Integrated Energy Merchants. Companies that engage in generation and distribution of
Producers electricity using renewable sources, including, but not limited to, companies that produce electricity using
biomass, geothermal energy, solar energy, hydropower, and wind power.
All Other Industries

Energy Companies primarily involved in the production and mining of coal, related products and other consumable
fuels related to the generation of energy. Companies engaged in the exploration and production of oil and
gas. Companies engaged in the refining and marketing of oil, gas and/or refined products
Household and Personal Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
Products Producers of non-durable household products, including detergents, soaps, diapers and other tissue and
household paper products. Manufacturers of personal and beauty care products, including cosmetics and
perfumes.
Industrial Machinery Manufacturers of industrial machinery and industrial components. Includes companies that manufacture
presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps,
roller bearings and other metal fabrications.
*Internet Services and Companies providing services and infrastructure for the internet industry including data centers and cloud
Infrastructure networking and storage infrastructure. Also includes companies providing web hosting services. Excludes
Erstwhile was part of Internet
Software & Services Industry
companies classified in the Software Industry.
*Application Software Companies engaged in developing and producing software designed for specialized applications for the
Erstwhile was part of Internet
Software & Services Industry
business or consumer market. Includes enterprise and technical software, as well as cloud-based software.
Excludes companies classified in the Interactive Home Entertainment Sub-Industry. Also excludes companies
producing systems or database management software classified in the Systems Software Sub-Industry.
Real Estate Companies that develop real estate and sell the properties after development and also engaged in diverse
spectrum of real estate activities including real estate development & sales, real estate management or real
estate services, but with no dominant business line.
Duff & Phelps 44

Contributors
Varun Gupta is the Country Managing Director for Duff & Phelps India. He set up the firm’s
operations in India and is responsible for its overall growth and strategic direction. He is also
the APAC Leader for Valuation Services for the firm. Varun has over 20 years of experience
in valuation and financial advisory services. He has advised clients across a wide range of
industries including IT/ ITES, energy (conventional as well as renewable), pharma and life
sciences, infrastructure, internet and eCommerce, telecom, sports, and media and
entertainment. His prior experience includes stints with the valuation and financial advisory
arms of Deloitte and PricewaterhouseCoopers.
He is a regular and sought-after speaker on the valuation of trademarks, intangible assets,
early stage companies and eCommerce companies and has spoken at forums organized by
ASSOCHAM, ICAI, INTA, IVCA, VCCircle and other similar bodies. He is also regularly
Varun Gupta
quoted by the financial press on evolving issues related to valuation of brands, celebrities
Managing Director India and
and sports franchises.
APAC Leader for Valuation
Services
Varun.Gupta@duffandphelps.com
Abhishek is a managing director in the Mumbai office and part of the national management
in India. He is responsible for overseeing key engagements, relationships and strategic
initiatives for the Indian operations. He has more than a decade of experience in managing
a range of financial advisory engagements across various industries. He has provided
financial advisory services to clients for a number of purposes including, mergers and
acquisitions, restructuring, negotiations, valuation settlement of disputes, accounting and
tax reporting, and strategic assessment. Abhishek has been speaker at conferences
organized by forums such as ASSOCHAM and VC Circle on valuation and M&A related
topics. Abhishek’s prior work experience includes stints with the corporate finance and
advisory divisions of Deloitte and Grant Thornton. At Deloitte he was part of the Industrial
Abhishek Pandey M&A team. Abhishek holds a Master of Business Administration degree from INSEAD
Managing Director, Mumbai (France).
Abhishek.Pandey@duff
andphelps.com
Santosh is a Managing Director at Duff & Phelps and is based in Bangalore. Santosh is a
part of national management of the India office. He is responsible for overseeing key
engagements, relationships and strategic initiatives for the Indian operations. Santosh has
more than 15 years of experience in valuation and financial advisory services.
In the last 15 years, Santosh has managed and has provided a range of financial advisory
services including due diligence, valuation, IFRS and US GAAP assignments, business plan
review, M&A, internal audit, accounting assistance and risk advisory services.
He previously led the Financial Instrument Valuation practice at American Appraisal (AA)
India earlier and used to chair the global Complex Financial Instruments Valuation
committee in AA. In his earlier stints, he was South India Valuation leader in Deloitte and
was part of the founding team in Grant Thornton Bangalore.
Santosh N He has been a speaker at several seminars and workshops, including those organized by
Managing Director, Bangalore the Institute of Chartered Accountants of India (ICAI). He was an International Keynote
Santosh.N@duffandphelps.com speaker in a conference on business valuation organized by RICS in London.
Duff & Phelps 45

Industry Multiples in India - April
March2018
2019- Third
- Seventh
Edition
Edition
NOW AVAILABLE GET STARTED

TODAY!
The New Duff & Phelps
Cost of Capital Navigator
The Duff & Phelps Cost of Capital Navigator guides the
analyst through the process of estimating the cost of capital, a
key component of any valuation analysis. Additionally, the Cost
of Capital Navigator replaced the Valuation Handbook – U.S.
Guide to Cost of Capital in 2018 and will eventually replace
the entire Valuation Handbook Series.
Benefits: Data Included:

• Data available on more timely basis • Risk-free rate data
• Accessible via desktop, laptop, or tablet • Equity risk premia data
• Reduces computation errors • CRSP Decile size premia data
• Includes summary reports • Risk Premium Report Size and Risk data
• Saves time • Industry Risk Premia data
• Additional data for Beta estimates and
industry comparisons
• Quarterly updates
To learn more and order, please visit:

dpcostofcapital.com
Duff & Phelps 46

EDITORIAL TE AM
Simerna Sagar Ankita

Singh Goyal Maheshwari
C O N TA C T S
Mumbai New Delhi Bangalore

14th floor, Raheja Tower, 206/207, WorldMark 2, 4th Floor, Unit No 303,
Bandra Kurla Complex, Bandra (East), Hospitality District, Aerocity, SKAV Lavelle 909, Lavelle Road,
Mumbai - 400 051 New Delhi - 110037 Bengaluru - 560001
+91 22 6623 1000 +91 11 4935 9800 +91 80 6125 6100
This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for
detailed research or the exercise of professional judgment. Whilst due care has been taken in the preparation of this document and information contained
herein, Duff & Phelps does not accept any liability whatsoever, for any direct or consequential loss howsoever arising from any use of this document or
its contents or otherwise arising in connection herewith.
About Duff & Phelps M&A advisory, capital raising and secondary market advisory services in the
Duff & Phelps is the global advisor that protects, restores and maximizes value for United States are provided by Duff & Phelps Securities, LLC. Member FINRA/
clients in the areas of valuation, corporate finance, investigations, disputes, cyber SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A
security, compliance and regulatory matters, and other governance-related advisory, capital raising and secondary market advisory services in the United
issues. We work with clients across diverse sectors, mitigating risk to assets, Kingdom are provided by Duff & Phelps Securities Ltd. (DPSL), which is
operations and people. With Kroll, a division of Duff & Phelps since 2018, our firm authorized and regulated by the Financial Conduct Authority. M&A advisory and
has nearly 3,500 professionals in 28 countries around the world. For more capital raising services in Germany are provided by Duff & Phelps GmbH,
information, visit www.duffandphelps.com which is a Tied Agent of DPSL. Valuation Advisory Services in India are
provided by Duff & Phelps India Private Limited under a category 1 merchant
© 2018 Duff & Phelps, LLC. All rights reserved. DP191371 banker license issued by the Securities and Exchange Board of India.

Duff and Phelps PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Duff and Phelps PDF

Uploaded by

Copyright:

Available Formats

Industry Multiples in India

Duff & Phelps 3

Industry EV/Sales EV/EBITDA P/E P/B

Consumer Discretionary : Apparel 2.4x 23.2x 31.0x 4.6x

Consumer Discretionary : Household Appliances 2.4x 27.4x 41.7x 9.8x

Electric and Gas Utilities 2.3x 8.8x 12.9x 1.9x

Energy 0.8x 6.1x 9.1x 1.2x

Household and Personal Products 4.0x 21.7x 30.9x 6.4x

Industrial Machinery 2.5x 22.2x 32.1x 4.7x

Internet Services and Infrastructure 2.2x 13.6x 17.8x 4.1x

Application Software 1.6x 12.0x 18.7x 2.9x

Materials : Chemicals 2.3x 14.4x 23.2x 3.5x

Materials : Construction Materials 1.7x 10.9x 25.2x 2.9x

Materials : Metals and Mining 1.0x 5.7x 7.6x 1.3x

Healthcare: Pharmaceuticals and Biotechnology 3.9x 15.4x 24.5x 3.5x

Real Estate 7.8x 17.3x 22.7x 2.3x

Automobile Manufacturers 1.6x 12.2x 21.2x 4.5x

Media 2.3x 10.9x 17.2x 2.8x

Healthcare Facilities and Services 2.3x 23.0x 33.3x 4.1x

Financials: Consumer Finance 6.1x 2.5x 14.2x 2.4x

Financials : Specialized Finance 5.4x 1.5x 9.0x 1.5x

Other Diversified Financial Services 2.7x 3.0x 17.5x 2.6x

Duff & Phelps 5

Median EV/EBITDA Multiples By Sector

Median EV / EBITDA multiples

As of March 31, 2019 Average (Sept'17 to Mar'19)

Consumer Discretionary: Apparel

ADJUSTED ROE (%)

Duff & Phelps 7

Consumer Discretionary: Apparel – Continued

EV/EBITDA & P/E

EV/Sales P/B EV/EBITDA P/E

Duff & Phelps 8

ADJUSTED ROE (%)

Duff & Phelps 9

EV/EBITDA & P/E

EV/Sales P/B EV/EBITDA P/E

Duff & Phelps 10

ADJUSTED ROE (%)

Duff & Phelps 11

EV/EBITDA & P/E

EV/Sales P/B EV/EBITDA P/E

Duff & Phelps 12

Electric and Gas Utilities

ADJUSTED ROE (%)

Duff & Phelps 13

Electric and Gas Utilities – Continued

EV/EBITDA & P/E

EV/Sales P/B EV/EBITDA P/E

Duff & Phelps 14

ADJUSTED ROE (%)

Duff & Phelps 15

EV/EBITDA & P/E

EV/Sales P/B EV/EBITDA P/E

Duff & Phelps 16

Duff & Phelps 17

P/TBV Market Cap/Revenue

P/E & MarketCap/Revenue

P/B P/E Market Cap/Revenue

Duff & Phelps 18

ADJUSTED ROE (%)

Duff & Phelps 19

P/TBV Market Cap/Revenue