Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 6.7% - 7.8% | 7.2% |
| Fair Value | ₹17.50 - ₹52.15 | ₹27.12 |
| Upside | -67.0% - -1.5% | -48.8% |
| 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 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | |
| Revenue | 50,098 | 50,669 | 68,294 | 96,856 | 114,734 | 138,803 | 156,153 | 167,865 | 173,740 | 177,215 | 180,759 | |
| % Growth | 90.4% | 1.1% | 34.8% | 41.8% | 18.5% | 21.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | -14,156 | -13,409 | -7,845 | -988 | 3,683 | 9,718 | 12,494 | 14,271 | 14,770 | 15,066 | 15,367 | |
| % of Revenue | -28.3% | -26.5% | -11.5% | -1.0% | 3.2% | 7.0% | 8.0% | 8.5% | 8.5% | 8.5% | 8.5% | |
| 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 | Terminal | |
| EBITDA | (13,409) | (7,845) | (988) | 3,683 | 9,718 | 12,494 | 14,271 | 14,770 | 15,066 | 15,367 | 15,367 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,369) | (6,424) | (8,719) | (9,580) | (16,658) | (18,740) | (20,146) | (20,851) | (21,268) | (21,693) | (12,065) | |
| EBIT | (18,777) | (14,268) | (9,707) | (5,897) | (6,940) | (6,246) | (5,875) | (6,081) | (6,202) | (6,326) | 3,302 | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (561) | |
| NOPAT | (13,358) | (18,777) | (14,268) | (9,707) | (5,897) | (6,940) | (6,246) | (5,875) | (6,081) | (6,202) | (6,326) | 2,741 |
| Capital Expenditures | (9,253) | (15,000) | (14,808) | (14,500) | (13,600) | (11,664) | (13,122) | (12,795) | (12,527) | (12,778) | (12,700) | (12,700) |
| NWC Investment | 6,914 | 166 | 5,123 | 8,301 | 5,196 | 6,996 | 5,043 | 3,404 | 1,708 | 1,010 | 1,030 | 3,809 |
| (+) D&A | 1,937 | 5,369 | 6,424 | 8,719 | 9,580 | 16,658 | 18,740 | 20,146 | 20,851 | 21,268 | 21,693 | 12,065 |
| Free Cash Flow | (13,759) | (28,243) | (17,530) | (7,187) | (4,721) | 5,050 | 4,415 | 4,879 | 3,951 | 3,298 | 3,697 | 5,914 |
| % Growth | NM | NM | NM | NM | NM | -13% | 11% | -19% | -17% | 12% | 60% | |