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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 2.3% - 3.3% | 2.8% |
| Fair Value | ₹246.04 - ₹340.04 | ₹284.49 |
| Upside | 27.7% - 76.5% | 47.7% |
| Select Revenue and EBITDA Forecast | |||||||
| (INR in millions) | Input Projections | ||||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| Revenue | 149,278 | 147,385 | 172,569 | 178,532 | 182,103 | 185,745 | |
| % Growth | 6.6% | -1.3% | 17.1% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 19,733 | 19,644 | 23,308 | 24,929 | 26,210 | 28,127 | |
| % of Revenue | 13.2% | 13.3% | 13.5% | 14.0% | 14.4% | 15.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Terminal | |
| EBITDA | 19,644 | 23,308 | 24,929 | 26,210 | 28,127 | 28,127 | |
| Other Income / (Exp) | 0 | 0 | 0 | 10,060 | 11,229 | 11,229 | |
| D&A | (4,607) | (5,505) | (5,912) | (6,030) | (6,151) | (9,975) | |
| EBIT | 15,037 | 17,803 | 19,017 | 30,239 | 33,205 | 29,381 | |
| Pro forma Taxes | (3,158) | (3,739) | (3,994) | (6,350) | (6,973) | (6,170) | |
| NOPAT | 11,830 | 11,879 | 14,064 | 15,023 | 23,889 | 26,232 | 23,211 |
| Capital Expenditures | (11,642) | (15,000) | (15,625) | (13,027) | (12,000) | (10,500) | (10,500) |
| NWC Investment | 1,940 | (396) | 5,266 | 1,247 | 747 | 762 | 1,068 |
| (+) D&A | 4,759 | 4,607 | 5,505 | 5,912 | 6,030 | 6,151 | 9,975 |
| Free Cash Flow | 6,886 | 1,090 | 9,210 | 9,155 | 18,666 | 22,644 | 23,754 |
| % Growth | -84% | 745% | -1% | 104% | 21% | 5% | |