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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 16.7x - 18.7x | 17.7x |
| Fair Value | ₹909.88 - ₹1,043 | ₹974.29 |
| Upside | -10.9% - 2.1% | -4.6% |
| 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 | 505 | 783 | 1,056 | 1,268 | 1,426 | 1,533 | 1,587 | 1,619 | 1,651 | 1,684 | 1,718 |
| % Growth | 76.1% | 55.0% | 35.0% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 111 | 239 | 402 | 545 | 649 | 713 | 738 | 753 | 768 | 783 | 799 |
| % of Revenue | 22.0% | 30.5% | 38.0% | 43.0% | 45.5% | 46.5% | 46.5% | 46.5% | 46.5% | 46.5% | 46.5% |
| 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 | |
| EBITDA | 239 | 402 | 545 | 649 | 713 | 738 | 753 | 768 | 783 | 799 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3) | (4) | (5) | (5) | (6) | (6) | (6) | (6) | (6) | (6) | |
| EBIT | 236 | 398 | 540 | 644 | 707 | 732 | 747 | 762 | 777 | 792 | |
| Pro forma Taxes | (42) | (72) | (97) | (116) | (127) | (132) | (134) | (137) | (140) | (143) | |
| NOPAT | 89 | 193 | 326 | 443 | 528 | 580 | 600 | 612 | 625 | 637 | 650 |
| Capital Expenditures | (4) | (7) | (9) | (11) | (12) | (13) | (12) | (12) | (13) | (12) | (12) |
| NWC Investment | (26) | (33) | (33) | (25) | (19) | (13) | (6) | (4) | (4) | (4) | (4) |
| (+) D&A | 2 | 3 | 4 | 5 | 5 | 6 | 6 | 6 | 6 | 6 | 6 |
| Free Cash Flow | 61 | 157 | 288 | 412 | 502 | 560 | 588 | 602 | 614 | 627 | 640 |
| % Growth | 156% | 84% | 43% | 22% | 12% | 5% | 2% | 2% | 2% | 2% | |