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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.0% - 7.0% | 7.5% |
| Terminal Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | ₹5,495 - ₹6,281 | ₹5,882 |
| Upside | -13.0% - -0.5% | -6.9% |
| 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 |
| Revenue | 67,293 | 95,694 | 114,338 | 138,594 | 159,301 | 199,264 |
| % Growth | -2.9% | 42.2% | 19.5% | 21.2% | 14.9% | 25.1% |
| EBITDA | 4,423 | 7,379 | 9,127 | 11,434 | 14,196 | 16,785 |
| % of Revenue | 6.6% | 7.7% | 8.0% | 8.3% | 8.9% | 8.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 7,379 | 9,127 | 11,434 | 14,196 | 16,785 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,362) | (2,619) | (2,927) | (3,483) | (3,636) | |
| EBIT | 5,017 | 6,508 | 8,507 | 10,714 | 13,149 | |
| Pro forma Taxes | (1,254) | (1,627) | (2,127) | (2,678) | (3,287) | |
| NOPAT | 2,293 | 3,763 | 4,881 | 6,381 | 8,035 | 9,862 |
| Capital Expenditures | (4,120) | (4,300) | (5,250) | (3,650) | (3,141) | (3,229) |
| NWC Investment | (41) | 586 | 385 | 501 | 427 | 825 |
| (+) D&A | 1,366 | 2,362 | 2,619 | 2,927 | 3,483 | 3,636 |
| Free Cash Flow | (503) | 2,411 | 2,635 | 6,158 | 8,804 | 11,094 |
| % Growth | NM | 9% | 134% | 43% | 26% | |