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      "text": "India ER&D valuation soared to ~29x LTM EBITDA post COVID, despite market corrections in 2022/23, as compared to median multiple of ~15x pre-COVID.",
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      "text": "1. Global ER&D - Alten, AFRY, Etteplan, Assystems, Bertrandt and EDAG; India ER&D - KPIT, LTTS, Tata Elxsi and Cyient. 2. EBITDA % represents LTM EBITDA margin range during the period of the companies considered. 3. Based on disclosed deals data. 4. Excludes multiple for Tata Elxsi trading at significantly high revenue multiple as compared to peers; 3. Based on equity research reports estimates. Source: S&P Capital IQ and Refinitiv; EY Analysis from Jan-2017 through Mar-2023.",
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