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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 14.6x - 16.6x | 15.6x |
| Fair Value | ₹376.27 - ₹458.41 | ₹416.65 |
| Upside | -35.7% - -21.6% | -28.7% |
| 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 | 2,715 | 3,055 | 3,284 | 3,399 | 3,467 | 3,536 |
| % Growth | 16.1% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 313 | 565 | 641 | 663 | 676 | 690 |
| % of Revenue | 11.5% | 18.5% | 19.5% | 19.5% | 19.5% | 19.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 565 | 641 | 663 | 676 | 690 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (102) | (109) | (113) | (116) | (118) | |
| EBIT | 464 | 531 | 550 | 561 | 572 | |
| Pro forma Taxes | (60) | (69) | (71) | (73) | (74) | |
| NOPAT | 235 | 403 | 462 | 478 | 488 | 498 |
| Capital Expenditures | (677) | (679) | (663) | (673) | (671) | (669) |
| NWC Investment | (82) | (74) | (50) | (25) | (15) | (15) |
| (+) D&A | 43 | 102 | 109 | 113 | 116 | 118 |
| Free Cash Flow | (480) | (248) | (141) | (106) | (83) | (69) |
| % Growth | NM | NM | NM | NM | NM | |