Valuation · at the close on 16 Oct 2026

The Thal Industries Corporation Limited (TICL) valuation

At Rs 752.83 (close on 16 Oct 2026) TICL trades at 4.9× earnings (FY2025), above its five-year average of 2.7× and below the Sugar & Allied Industries median of 10.0×. The shares are priced at 0.94× book value (sector median 0.79×). Enterprise value of Rs 10.5 bn is 2.0× EBITDA. The dividend yield is 1.3%, against a five-year average of 1.1%.

P/E · today

4.9×

FY2025

5-yr average2.7× Sector median10.0×

P/B · today

0.94×

FY2025

5-yr average0.53× Sector median0.79×

EV/EBITDA · today

2.0×

5-yr average1.7× Sector median4.7×

Dividend yield · today

1.3%

FY2025

5-yr average1.1% Payers' median5.0%

Market value Rs 11.3 bn at Rs 752.83. Sector medians use the latest close of 28 Sugar & Allied Industries companies; P/E and P/B only where earnings / book value are positive; the yield median covers dividend payers only. Not investment advice.

Valuation history

At each fiscal year-end price.

5 10 All

TICL valuation history (annual) (Rs bn)

Rs bn	FY2025 Oct 2024 – Sep 2025	FY2024 Oct 2023 – Sep 2024	FY2023 Oct 2022 – Sep 2023	FY2022 Oct 2021 – Sep 2022	FY2021 Oct 2020 – Sep 2021	FY2020 Oct 2019 – Sep 2020	FY2019 Oct 2018 – Sep 2019	FY2018 Oct 2017 – Sep 2018	FY2017 Oct 2016 – Sep 2017	FY2016 Oct 2015 – Sep 2016	FY2015 Oct 2014 – Sep 2015	FY2014 Oct 2013 – Sep 2014	FY2013 Oct 2012 – Sep 2013	FY2012 Oct 2011 – Sep 2012	FY2011 Oct 2010 – Sep 2011	FY2010 Oct 2009 – Sep 2010	FY2009 Oct 2008 – Sep 2009	FY2008 Oct 2007 – Sep 2008	FY2007 Oct 2006 – Sep 2007	FY2006 Oct 2005 – Sep 2006
Market capitalisation	8.7	3.8	3.3	3.6	4.2	3.8	2.9	4.1	6.6	5.7	3.3	1.0	0.9	0.7	0.8	1.4	1.4	0.8	0.6	0.7
Enterprise value	7.8	14.1	4.4	5.9	4.2	5.7	7.0	9.4	10.9	9.2	6.2	5.0	3.5	2.9	3.1	3.1	3.0	1.8	1.3	1.4
Share price (period end) Rs	578.04	252.00	222.84	240.86	278.00	250.00	195.68	274.95	440.00	379.00	220.00	68.36	49.31	39.49	52.49	75.00	78.75	43.57	—	38.33
P/E (diluted)	3.73×	3.33×	1.70×	2.03×	2.56×	2.97×	8.59×	—	9.33×	8.62×	12.66×	16.44×	3.62×	6.68×	5.15×	11.34×	7.25×	7.52×	—	68.98×
Price to book	0.72×	0.37×	0.37×	0.49×	0.74×	1.08×	1.32×	2.19×	2.83×	3.01×	2.53×	0.96×	0.72×	0.70×	1.23×	2.22×	2.72×	2.26×	—	2.70×
Price to sales	0.18×	0.13×	0.11×	0.18×	0.19×	0.23×	0.20×	0.29×	0.44×	0.53×	0.29×	0.12×	0.08×	0.10×	0.13×	0.21×	0.37×	0.36×	—	0.41×
EV / EBITDA	1.52×	3.66×	0.86×	1.59×	1.39×	2.26×	4.92×	44.36×	6.58×	7.11×	6.29×	6.17×	3.99×	4.57×	3.26×	4.47×	4.61×	6.37×	9.68×	9.40×
EV / Sales	0.16×	0.49×	0.14×	0.30×	0.20×	0.35×	0.49×	0.66×	0.73×	0.86×	0.55×	0.58×	0.37×	0.39×	0.41×	0.48×	0.80×	0.82×	0.78×	0.84×
Dividend yield (gross)	0.4%	2.0%	1.6%	1.2%	1.1%	0.6%	0.0%	6.9%	4.0%	1.3%	0.8%	2.2%	2.0%	5.1%	2.9%	2.7%	1.9%	1.7%	—	3.9%
Free cash flow yield	135.8%	(242.8%)	43.0%	(55.8%)	36.2%	63.3%	48.5%	(19.8%)	(9.1%)	(9.0%)	24.0%	(115.9%)	(73.7%)	30.2%	(54.5%)	(10.0%)	(42.1%)	(30.7%)	—	(20.7%)
PEG ratio	0.04×	(0.08×)	0.16×	0.22×	0.09×	0.01×	0.03×	—	1.28×	0.06×	0.04×	(0.24×)	0.03×	(0.16×)	0.10×	(0.29×)	0.08×	0.01×	—	(0.73×)
P/E (diluted, normalised)	3.73×	3.33×	1.70×	2.03×	2.56×	2.97×	8.59×	—	9.33×	8.62×	12.66×	16.44×	3.62×	6.68×	5.15×	161.13×	15.63×	12.95×	—	—
Price to book — 5-year average	0.53×	0.52×	0.64×	0.91×	1.39×	1.96×	2.35×	2.45×	2.28×	1.85×	1.32×	1.04×	1.28×	1.60×	—	—	—	—	—	—
EV / EBITDA — 5-year average	1.75×	1.88×	1.72×	2.95×	4.20×	5.94×	7.66×	8.21×	6.18×	5.82×	4.86×	4.44×	4.10×	4.33×	4.55×	5.55×	5.67×	—	—	—
Dividend yield — 5-year average	1.1%	1.3%	0.9%	2.1%	2.8%	2.8%	2.9%	3.2%	2.3%	1.5%	1.8%	2.8%	2.7%	2.7%	—	—	—	—	—	—

TICL valuation: frequently asked questions

What is TICL's P/E ratio? +

At the closing price of Rs 752.83 on 16 Oct 2026, TICL trades at a P/E of 4.9× based on EPS of Rs 154.99 (FY2025).

What is TICL's book value per share? +

The Thal Industries Corporation Limited's book value per share was Rs 800.07 at the end of FY2025. The shares trade at 0.94× book value.

Information only, not investment advice.