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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 10.7x - 12.7x | 11.7x |
| Fair Value | ₹201.68 - ₹234.35 | ₹217.47 |
| Upside | 1.7% - 18.2% | 9.7% |
| 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 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 |
| Revenue | 23,658 | 22,095 | 23,667 | 25,508 | 26,400 | 26,928 | 27,467 | 28,016 | 28,576 | 29,148 | 29,731 |
| % Growth | 5.7% | -6.6% | 7.1% | 7.8% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 3,157 | 2,651 | 3,579 | 4,092 | 4,235 | 4,320 | 4,406 | 4,494 | 4,584 | 4,676 | 4,770 |
| % of Revenue | 13.3% | 12.0% | 15.1% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | |
| EBITDA | 2,651 | 3,579 | 4,092 | 4,235 | 4,320 | 4,406 | 4,494 | 4,584 | 4,676 | 4,770 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,050) | (1,079) | (1,267) | (1,311) | (1,338) | (1,364) | (1,392) | (1,419) | (1,448) | (1,477) | |
| EBIT | 1,602 | 2,500 | 2,825 | 2,924 | 2,982 | 3,042 | 3,103 | 3,165 | 3,228 | 3,293 | |
| Pro forma Taxes | (416) | (650) | (735) | (760) | (775) | (791) | (807) | (823) | (839) | (856) | |
| NOPAT | 1,557 | 1,185 | 1,850 | 2,091 | 2,164 | 2,207 | 2,251 | 2,296 | 2,342 | 2,389 | 2,437 |
| Capital Expenditures | (735) | (678) | (500) | (500) | (559) | (570) | (543) | (554) | (556) | (551) | (554) |
| NWC Investment | 210 | (257) | 258 | 302 | 147 | 87 | 88 | 90 | 92 | 94 | 96 |
| (+) D&A | 1,053 | 1,050 | 1,079 | 1,267 | 1,311 | 1,338 | 1,364 | 1,392 | 1,419 | 1,448 | 1,477 |
| Free Cash Flow | 2,085 | 1,300 | 2,687 | 3,160 | 3,062 | 3,061 | 3,161 | 3,224 | 3,298 | 3,380 | 3,455 |
| % Growth | -38% | 107% | 18% | -3% | 0% | 3% | 2% | 2% | 2% | 2% | |