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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Fair Value | ₹90.08 - ₹98.88 | ₹94.41 |
| Upside | 26.2% - 38.5% | 32.2% |
| 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 | 50 | 87 | 135 | 182 | 219 | 246 |
| % Growth | 103.1% | 75.0% | 55.0% | 35.0% | 20.0% | 12.5% |
| EBITDA | 7 | 13 | 31 | 56 | 78 | 94 |
| % of Revenue | 14.0% | 15.5% | 23.0% | 30.5% | 35.5% | 38.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 13 | 31 | 56 | 78 | 94 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1) | (1) | (1) | (1) | (1) | |
| EBIT | 13 | 30 | 55 | 76 | 92 | |
| Pro forma Taxes | (2) | (4) | (7) | (10) | (12) | |
| NOPAT | 6 | 11 | 26 | 47 | 66 | 80 |
| Capital Expenditures | (9) | (8) | (12) | (17) | (20) | (22) |
| NWC Investment | (4) | (6) | (7) | (7) | (5) | (4) |
| (+) D&A | 0 | 1 | 1 | 1 | 1 | 1 |
| Free Cash Flow | (6) | (2) | 8 | 25 | 42 | 55 |
| % Growth | NM | NM | 223% | 70% | 30% | |