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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 3.1x - 3.5x | 3.3x |
| Fair Value | ₹242.30 - ₹277.71 | ₹259.72 |
| Upside | -48.2% - -40.6% | -44.5% |
| 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 | 38,819 | 38,819 | 38,819 | 38,819 | 38,819 | 38,819 |
| % Growth | -7.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 8,004 | 9,762 | 9,762 | 9,762 | 9,762 | 9,762 |
| % of Revenue | 20.6% | 25.1% | 25.1% | 25.1% | 25.1% | 25.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 9,762 | 9,762 | 9,762 | 9,762 | 9,762 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,681) | (1,681) | (1,681) | (1,681) | (1,681) | |
| EBIT | 8,081 | 8,081 | 8,081 | 8,081 | 8,081 | |
| Pro forma Taxes | (2,020) | (2,020) | (2,020) | (2,020) | (2,020) | |
| NOPAT | 4,630 | 6,061 | 6,061 | 6,061 | 6,061 | 6,061 |
| Capital Expenditures | (2,655) | (2,548) | (2,548) | (2,584) | (2,584) | (2,584) |
| NWC Investment | (251) | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 1,831 | 1,681 | 1,681 | 1,681 | 1,681 | 1,681 |
| Free Cash Flow | 3,554 | 5,193 | 5,193 | 5,158 | 5,158 | 5,158 |
| % Growth | 46% | 0% | -1% | 0% | 0% | |