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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Perpetuity Growth Rate | 2.3% - 3.3% | 2.8% |
| Fair Value | €2.47 - €3.41 | €2.85 |
| Upside | 3.1% - 41.9% | 18.6% |
| Select Revenue and EBITDA Forecast | |||||||
| (INR in millions) | Input Projections | ||||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| Revenue | 890,884 | 902,540 | 955,528 | 1,005,002 | 1,002,000 | 1,037,000 | |
| % Growth | -0.7% | 1.3% | 5.9% | 5.2% | -0.3% | 3.5% | |
| EBITDA | 173,606 | 179,045 | 191,188 | 204,249 | 217,385 | 204,000 | |
| % of Revenue | 19.5% | 19.8% | 20.0% | 20.3% | 21.7% | 19.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Terminal | |
| EBITDA | 179,045 | 191,188 | 204,249 | 217,385 | 204,000 | 204,000 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (28,378) | (30,144) | (30,315) | (27,683) | (21,000) | (14,250) | |
| EBIT | 150,667 | 161,044 | 173,935 | 189,703 | 183,000 | 189,750 | |
| Pro forma Taxes | (34,653) | (37,040) | (40,005) | (43,632) | (42,090) | (43,643) | |
| NOPAT | 116,489 | 116,013 | 124,004 | 133,930 | 146,071 | 140,910 | 146,108 |
| Capital Expenditures | (14,737) | (24,373) | (26,646) | (26,392) | (15,684) | (15,000) | (15,000) |
| NWC Investment | 508 | (882) | (4,009) | (3,743) | 227 | (2,648) | (2,158) |
| (+) D&A | 22,322 | 28,378 | 30,144 | 30,315 | 27,683 | 21,000 | 14,250 |
| Free Cash Flow | 124,582 | 119,137 | 123,493 | 134,109 | 158,297 | 144,262 | 143,200 |
| % Growth | -4% | 4% | 9% | 18% | -9% | -1% | |