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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 7.2% - 8.3% | 7.8% |
| Fair Value | ₹124.32 - ₹261.59 | ₹165.55 |
| Upside | -43.7% - 18.5% | -25.0% |
| 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 | 4,380 | 4,927 | 5,296 | 5,482 | 5,592 | 5,703 | 5,817 | 5,934 | 6,052 | 6,173 | 6,297 | |
| % Growth | 22.1% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 892 | 1,114 | 1,250 | 1,294 | 1,320 | 1,347 | 1,373 | 1,401 | 1,429 | 1,458 | 1,487 | |
| % of Revenue | 20.4% | 22.6% | 23.6% | 23.6% | 23.6% | 23.6% | 23.6% | 23.6% | 23.6% | 23.6% | 23.6% | |
| 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 | 1,114 | 1,250 | 1,294 | 1,320 | 1,347 | 1,373 | 1,401 | 1,429 | 1,458 | 1,487 | 1,487 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (73) | (78) | (81) | (83) | (84) | (86) | (88) | (90) | (91) | (93) | (653) | |
| EBIT | 1,041 | 1,172 | 1,213 | 1,237 | 1,262 | 1,287 | 1,313 | 1,339 | 1,366 | 1,393 | 834 | |
| Pro forma Taxes | (271) | (305) | (315) | (322) | (328) | (335) | (341) | (348) | (355) | (362) | (217) | |
| NOPAT | 603 | 770 | 867 | 898 | 916 | 934 | 953 | 972 | 991 | 1,011 | 1,031 | 617 |
| Capital Expenditures | (837) | (564) | (606) | (669) | (682) | (696) | (682) | (687) | (688) | (686) | (687) | (687) |
| NWC Investment | (53) | (37) | (25) | (12) | (7) | (8) | (8) | (8) | (8) | (8) | (8) | (33) |
| (+) D&A | 77 | 73 | 78 | 81 | 83 | 84 | 86 | 88 | 90 | 91 | 93 | 653 |
| Free Cash Flow | (210) | 243 | 315 | 297 | 309 | 315 | 349 | 365 | 384 | 408 | 429 | 550 |
| % Growth | NM | 30% | -6% | 4% | 2% | 11% | 5% | 5% | 6% | 5% | 28% | |