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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 6.9x - 8.9x | 7.9x |
| Fair Value | ₹639.22 - ₹871.27 | ₹753.23 |
| Upside | -2.6% - 32.8% | 14.8% |
| 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 | 430,980 | 461,469 | 501,750 | 542,379 | 561,362 | 572,590 |
| % Growth | -19.6% | 7.1% | 8.7% | 8.1% | 3.5% | 2.0% |
| EBITDA | 41,420 | 79,817 | 96,797 | 110,743 | 114,618 | 116,911 |
| % of Revenue | 9.6% | 17.3% | 19.3% | 20.4% | 20.4% | 20.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 79,817 | 96,797 | 110,743 | 114,618 | 116,911 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (28,762) | (29,463) | (33,530) | (34,703) | (35,397) | |
| EBIT | 51,055 | 67,334 | 77,213 | 79,915 | 81,514 | |
| Pro forma Taxes | (7,658) | (10,100) | (11,582) | (11,987) | (12,227) | |
| NOPAT | 23,435 | 43,397 | 57,234 | 65,631 | 67,928 | 69,287 |
| Capital Expenditures | (11,590) | (17,475) | (21,013) | (22,000) | (22,770) | (23,225) |
| NWC Investment | 9,740 | (2,834) | (3,744) | (3,777) | (1,765) | (1,044) |
| (+) D&A | 13,850 | 28,762 | 29,463 | 33,530 | 34,703 | 35,397 |
| Free Cash Flow | 35,435 | 51,850 | 61,940 | 73,384 | 78,097 | 80,415 |
| % Growth | 46% | 19% | 18% | 6% | 3% | |