Hi Sougata, I dont have any views on this, although read about it in an article
I’ll paraphrase from this magazine which is a great source to read up on current M&A deals
Key Pointers as covered in the article in it:
Refex Industries has a Wholly owned subsidiary Refex Green Mobility which has this cabs business. In Step-1 this will merge with Refex Industries. In step 2, it will again demerge into a separate listed company with mirror shareholding as per Refex Industries.
This green cabs business was started in 2023 itself and is very small. Topline ~29 crs and Loss 7 Crs. Refex consol. topline is 2468 crs and PAT 158 crs - so this business only ~1% of topline
My words=> Listing it out separately right now is a bit puzzling as not sure what valuation this tiny business will get. Another puzzling thing is low consol. debt of group but pledge of promoter shares of ~27%
Disc.: I have no idea about the company/business - just paraphrasing here from the magazine article (as i didnt want to share screen clippings - ppl can subscribe as monthly price is just Rs.150/-). Plus saw the promoter pledge on the exchange, which is a bit puzzling.
Below are back of the envelope calculations on valuation of Apollo businesses. Note: Numbers used are ESTIMATES to arrive at BALL PARK VALUATION range.
Hospital / Healthcare
Min
Max
EBITDA (cr)
2700
2800
EV/EB
29
32
Valuation (cr)
78300
89600
Disgnostic + Retail Health
Min
Max
EBITDA (cr)
155
175
EV/EB
25
30
Valuation (cr)
3875
5250
Pharmacy & Digital Health
Min
Max
Sales (cr)
9100
10000
P/S
1.0
1.2
Valuation (cr)
9100
12000
Combined Value of Entity could be ~Rs91,000cr - Rs107,000cr. Current MCap is ~ Rs102,000cr.
any thoughts on Demerger of veranda learning ? JK shah business has great potential they expect FY26 PAT can be Rs 100 Crs market cap currently is 1700 Crs-1900 Crs. Next year there will be more growth in Jk shah
