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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 6.8x - 8.8x | 7.8x |
| Fair Value | ₹99.04 - ₹131.86 | ₹115.17 |
| Upside | 38.1% - 83.9% | 60.6% |
| 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 | 666 | 750 | 806 | 834 | 851 | 868 |
| % Growth | 20.6% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 60 | 84 | 99 | 102 | 104 | 106 |
| % of Revenue | 9.1% | 11.3% | 12.3% | 12.3% | 12.3% | 12.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 84 | 99 | 102 | 104 | 106 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (16) | (17) | (18) | (18) | (19) | |
| EBIT | 68 | 81 | 84 | 86 | 88 | |
| Pro forma Taxes | (14) | (16) | (17) | (17) | (18) | |
| NOPAT | 36 | 55 | 65 | 67 | 69 | 70 |
| Capital Expenditures | (18) | (20) | (23) | (23) | (24) | (24) |
| NWC Investment | (13) | (9) | (6) | (3) | (2) | (2) |
| (+) D&A | 16 | 16 | 17 | 18 | 18 | 19 |
| Free Cash Flow | 21 | 42 | 54 | 59 | 61 | 63 |
| % Growth | 96% | 29% | 10% | 4% | 2% | |