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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 14.1x - 16.1x | 15.1x |
| Fair Value | ₹477.07 - ₹578.12 | ₹526.75 |
| Upside | -7.8% - 11.8% | 1.8% |
| Select Revenue and EBITDA Forecast | ||||||
| (INR in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 |
| Revenue | 46,413 | 48,485 | 54,292 | 60,686 | 65,237 | 67,520 |
| % Growth | -5.1% | 4.5% | 12.0% | 11.8% | 7.5% | 3.5% |
| EBITDA | 2,113 | 2,773 | 3,893 | 5,091 | 6,125 | 6,340 |
| % of Revenue | 4.6% | 5.7% | 7.2% | 8.4% | 9.4% | 9.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 2,773 | 3,893 | 5,091 | 6,125 | 6,340 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,198) | (1,774) | (2,534) | (2,724) | (2,820) | |
| EBIT | 1,575 | 2,119 | 2,557 | 3,401 | 3,520 | |
| Pro forma Taxes | (394) | (530) | (639) | (850) | (880) | |
| NOPAT | 1,190 | 1,181 | 1,589 | 1,918 | 2,551 | 2,640 |
| Capital Expenditures | (1,237) | (850) | (1,300) | (1,300) | (1,398) | (1,446) |
| NWC Investment | 387 | (323) | (905) | (997) | (710) | (356) |
| (+) D&A | 527 | 1,198 | 1,774 | 2,534 | 2,724 | 2,820 |
| Free Cash Flow | 867 | 1,206 | 1,158 | 2,155 | 3,168 | 3,657 |
| % Growth | 39% | -4% | 86% | 47% | 15% | |