Valuation · at the close on 16 Oct 2026

Waves Corporation Limited (WAVES) valuation

At Rs 8.90 (close on 16 Oct 2026) WAVES trades at 5.7× earnings (FY2025), below its five-year average of 8.4× and below the Cable & Electrical Goods median of 10.1×. The shares are priced at 0.25× book value (sector median 0.60×). Enterprise value of Rs 10.0 bn is 13.8× EBITDA.

P/E · today

5.7×

FY2025

5-yr average8.4× Sector median10.1×

P/B · today

0.25×

FY2025

5-yr average0.30× Sector median0.60×

EV/EBITDA · today

13.8×

5-yr average10.9× Sector median6.0×

Dividend yield · today

0.0%

FY2025

5-yr average0.0% Payers' median—

Market value Rs 2.5 bn at Rs 8.90. Sector medians use the latest close of 7 Cable & Electrical Goods 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

WAVES valuation history (annual) (Rs bn)

Rs bn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Market capitalisation	3.8	2.6	2.2	2.4	3.5	4.2	3.7	3.2	1.3	1.9	1.0	0.9	0.9	0.7	0.5	0.6	0.7	0.8	1.1	0.4
Enterprise value	14.7	12.5	10.0	10.5	12.4	11.3	10.0	7.2	4.5	3.5	2.4	2.3	2.1	—	1.6	1.6	1.6	1.7	1.8	1.0
Share price (period end) Rs	13.37	9.09	7.91	8.63	12.50	19.83	17.33	14.99	19.37	28.16	15.17	13.69	12.63	10.30	7.01	8.07	10.90	11.63	24.82	6.80
P/E (diluted)	8.62×	2.44×	9.82×	10.27×	11.04×	33.26×	9.79×	8.38×	13.27×	20.26×	—	—	23.84×	—	17.75×	22.42×	54.52×	17.16×	45.87×	15.01×
Price to book	0.37×	0.25×	0.23×	0.26×	0.40×	0.50×	0.44×	0.38×	0.16×	1.37×	1.02×	1.03×	0.95×	—	0.65×	0.78×	1.62×	2.04×	4.94×	1.69×
Price to sales	0.79×	0.65×	0.43×	0.24×	0.34×	0.50×	0.39×	0.38×	1.12×	1.38×	0.66×	0.56×	0.39×	—	0.24×	0.29×	0.42×	0.47×	1.22×	0.38×
EV / EBITDA	20.33×	7.97×	10.96×	9.74×	9.93×	8.61×	5.97×	7.32×	21.38×	98.81×	873.05×	—	8.20×	—	6.09×	6.72×	7.73×	7.79×	10.74×	7.93×
EV / Sales	3.07×	3.18×	1.93×	1.06×	1.19×	1.32×	1.05×	0.84×	1.22×	2.51×	1.51×	1.38×	0.96×	—	0.72×	0.73×	0.82×	0.87×	1.11×	0.79×
Dividend yield (gross)	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.5%	5.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow yield	(4.3%)	(30.0%)	5.5%	31.5%	(44.5%)	(22.1%)	(39.7%)	(32.7%)	(29.3%)	(12.9%)	1.8%	(8.9%)	(7.3%)	—	(23.8%)	(18.4%)	1.9%	(15.9%)	(9.0%)	(13.0%)
PEG ratio	(0.15×)	0.01×	(2.39×)	(0.40×)	0.12×	(0.50×)	(9.90×)	0.37×	2.64×	0.12×	—	—	—	—	1.84×	0.28×	(0.77×)	0.68×	2.37×	1.24×
P/E (diluted, normalised)	—	4.37×	9.89×	12.17×	11.04×	33.26×	9.79×	8.38×	13.27×	20.26×	—	—	23.84×	—	17.75×	39.37×	82.13×	24.82×	85.01×	23.63×
Price to book — 5-year average	0.30×	0.33×	0.37×	0.40×	0.31×	0.39×	0.41×	0.44×	0.49×	—	—	—	—	—	1.62×	1.95×	2.67×	2.79×	2.73×	1.84×
EV / EBITDA — 5-year average	10.86×	9.27×	8.71×	8.17×	8.36×	8.66×	9.50×	18.95×	45.07×	—	—	—	—	—	7.57×	8.04×	9.17×	9.58×	10.13×	9.85×
Dividend yield — 5-year average	0.0%	0.0%	1.4%	2.4%	2.1%	1.8%	1.9%	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	0.6%	0.9%	1.8%

WAVES valuation: frequently asked questions

What is WAVES's P/E ratio? +

At the closing price of Rs 8.90 on 16 Oct 2026, WAVES trades at a P/E of 5.7× based on EPS of Rs 1.55 (FY2025).

What is WAVES's book value per share? +

Waves Corporation Limited's book value per share was Rs 36.27 at the end of FY2025. The shares trade at 0.25× book value.

Information only, not investment advice.