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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 4.5% - 5.5% | 5.0% |
| Fair Value | ₹601.89 - ₹1,219 | ₹815.68 |
| Upside | -12.2% - 78.0% | 19.1% |
| Select Revenue and EBITDA Forecast | |||||||
| (INR in millions) | Input Projections | ||||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| Revenue | 48,280 | 53,363 | 58,825 | 65,744 | 70,675 | 73,148 | |
| % Growth | 4.0% | 10.5% | 10.2% | 11.8% | 7.5% | 3.5% | |
| EBITDA | 3,620 | 3,875 | 4,970 | 6,344 | 7,527 | 7,790 | |
| % of Revenue | 7.5% | 7.3% | 8.4% | 9.6% | 10.6% | 10.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Terminal | |
| EBITDA | 3,875 | 4,970 | 6,344 | 7,527 | 7,790 | 7,790 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,501) | (2,105) | (1,884) | (2,025) | (2,096) | (1,110) | |
| EBIT | 2,375 | 2,865 | 4,460 | 5,501 | 5,694 | 6,680 | |
| Pro forma Taxes | (570) | (688) | (1,070) | (1,320) | (1,366) | (1,603) | |
| NOPAT | 1,657 | 1,805 | 2,178 | 3,389 | 4,181 | 4,327 | 5,077 |
| Capital Expenditures | (50) | (1,000) | (1,000) | (1,050) | (1,129) | (1,168) | (1,168) |
| NWC Investment | (341) | (928) | (997) | (1,263) | (900) | (451) | (668) |
| (+) D&A | 1,440 | 1,501 | 2,105 | 1,884 | 2,025 | 2,096 | 1,110 |
| Free Cash Flow | 2,706 | 1,378 | 2,286 | 2,961 | 4,178 | 4,804 | 4,351 |
| % Growth | -49% | 66% | 30% | 41% | 15% | -9% | |