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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 55.4x - 57.4x | 56.4x |
| Fair Value | ₹198.29 - ₹220.78 | ₹209.22 |
| Upside | -28.9% - -20.8% | -24.9% |
| 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 | 304 | 304 | 304 | 304 | 304 | 304 | 304 | 304 | 304 | 304 | 304 |
| % Growth | -4.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 191 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 |
| % of Revenue | 62.9% | 59.2% | 59.2% | 59.2% | 59.2% | 59.2% | 59.2% | 59.2% | 59.2% | 59.2% | 59.2% |
| 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 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (33) | (33) | (33) | (33) | (33) | (33) | (33) | (33) | (33) | (33) | |
| EBIT | 147 | 147 | 147 | 147 | 147 | 147 | 147 | 147 | 147 | 147 | |
| Pro forma Taxes | (35) | (35) | (35) | (35) | (35) | (35) | (35) | (35) | (35) | (35) | |
| NOPAT | 118 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 |
| Capital Expenditures | (62) | (51) | (50) | (54) | (51) | (52) | (46) | (46) | (46) | (46) | (46) |
| NWC Investment | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 36 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 |
| Free Cash Flow | 91 | 94 | 95 | 90 | 93 | 93 | 99 | 99 | 99 | 99 | 99 |
| % Growth | 3% | 1% | -5% | 3% | 0% | 7% | 0% | 0% | 0% | 0% | |