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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | ₹163.73 - ₹197.73 | ₹175.80 |
| Upside | 73.9% - 110.0% | 86.7% |
| 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 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | |
| Revenue | 26,993 | 30,874 | 41,202 | 50,835 | 57,189 | 61,478 | 63,630 | 64,902 | 66,200 | 67,524 | 68,875 | |
| % Growth | 13.1% | 14.4% | 33.5% | 23.4% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 1,146 | 1,707 | 2,198 | 3,011 | 4,817 | 5,793 | 5,996 | 6,116 | 6,238 | 6,363 | 6,490 | |
| % of Revenue | 4.2% | 5.5% | 5.3% | 5.9% | 8.4% | 9.4% | 9.4% | 9.4% | 9.4% | 9.4% | 9.4% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Terminal | |
| EBITDA | 1,707 | 2,198 | 3,011 | 4,817 | 5,793 | 5,996 | 6,116 | 6,238 | 6,363 | 6,490 | 6,490 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (226) | (223) | (240) | (270) | (290) | (300) | (306) | (313) | (319) | (325) | (635) | |
| EBIT | 1,481 | 1,975 | 2,771 | 4,547 | 5,503 | 5,696 | 5,809 | 5,926 | 6,044 | 6,165 | 5,855 | |
| Pro forma Taxes | (355) | (474) | (665) | (1,091) | (1,321) | (1,367) | (1,394) | (1,422) | (1,451) | (1,480) | (1,405) | |
| NOPAT | 755 | 1,126 | 1,501 | 2,106 | 3,456 | 4,182 | 4,329 | 4,415 | 4,503 | 4,594 | 4,685 | 4,450 |
| Capital Expenditures | (1,092) | (1,000) | (600) | (500) | (700) | (753) | (651) | (664) | (677) | (664) | (668) | (668) |
| NWC Investment | (303) | (375) | (999) | (932) | (615) | (415) | (208) | (123) | (126) | (128) | (131) | 0 |
| (+) D&A | 153 | 226 | 223 | 240 | 270 | 290 | 300 | 306 | 313 | 319 | 325 | 635 |
| Free Cash Flow | (487) | (24) | 125 | 914 | 2,411 | 3,305 | 3,770 | 3,935 | 4,013 | 4,120 | 4,212 | 4,417 |
| % Growth | NM | NM | 631% | 164% | 37% | 14% | 4% | 2% | 3% | 2% | 5% | |