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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 6.6x - 8.6x | 7.6x |
| Fair Value | ₹3,243 - ₹4,258 | ₹3,742 |
| Upside | -36.6% - -16.7% | -26.8% |
| 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 | 689,043 | 801,570 | 895,397 | 1,007,481 | 1,216,331 | 929,000 |
| % Growth | 26.6% | 16.3% | 11.7% | 12.5% | 20.7% | -23.6% |
| EBITDA | 109,703 | 186,613 | 202,994 | 234,399 | 268,943 | 238,000 |
| % of Revenue | 15.9% | 23.3% | 22.7% | 23.3% | 22.1% | 25.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 186,613 | 202,994 | 234,399 | 268,943 | 238,000 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (99,713) | (96,923) | (107,391) | (141,355) | (107,963) | |
| EBIT | 86,900 | 106,071 | 127,008 | 127,588 | 130,037 | |
| Pro forma Taxes | (14,773) | (18,032) | (21,591) | (21,690) | (22,106) | |
| NOPAT | 88,640 | 72,127 | 88,039 | 105,417 | 105,898 | 107,931 |
| Capital Expenditures | (20,218) | (144,351) | (143,951) | (143,951) | (12,086) | (99,996) |
| NWC Investment | 42,081 | 32,752 | 27,309 | 32,624 | 60,788 | (83,631) |
| (+) D&A | 2,908 | 99,713 | 96,923 | 107,391 | 141,355 | 107,963 |
| Free Cash Flow | 113,411 | 60,242 | 68,321 | 101,481 | 295,955 | 32,267 |
| % Growth | -47% | 13% | 49% | 192% | -89% | |