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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 1.7% - 2.8% | 2.3% |
| Fair Value | ₹112.57 - ₹148.17 | ₹127.84 |
| Upside | 5.2% - 38.5% | 19.5% |
| 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 | 3,003 | 3,063 | 3,124 | 3,186 | 3,250 | 3,315 | |
| % Growth | 2.7% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 316 | 356 | 363 | 370 | 378 | 385 | |
| % of Revenue | 10.5% | 11.6% | 11.6% | 11.6% | 11.6% | 11.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Terminal | |
| EBITDA | 356 | 363 | 370 | 378 | 385 | 385 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (24) | (25) | (25) | (26) | (26) | (55) | |
| EBIT | 332 | 338 | 345 | 352 | 359 | 330 | |
| Pro forma Taxes | (109) | (112) | (114) | (116) | (118) | (109) | |
| NOPAT | 197 | 222 | 227 | 231 | 236 | 241 | 221 |
| Capital Expenditures | (63) | (49) | (54) | (55) | (57) | (58) | (58) |
| NWC Investment | (27) | (21) | (21) | (22) | (22) | (23) | (26) |
| (+) D&A | 23 | 24 | 25 | 25 | 26 | 26 | 55 |
| Free Cash Flow | 129 | 177 | 176 | 179 | 183 | 186 | 193 |
| % Growth | 37% | 0% | 2% | 2% | 2% | 3% | |