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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 17.9x - 19.9x | 18.9x |
| Fair Value | ₹867.25 - ₹985.04 | ₹924.27 |
| Upside | -32.3% - -23.1% | -27.9% |
| 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 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 |
| Revenue | 23,693 | 30,849 | 42,183 | 55,475 | 65,000 | 75,050 | 84,431 | 90,764 | 93,940 | 95,819 | 97,736 |
| % Growth | -4.8% | 30.2% | 36.7% | 31.5% | 17.2% | 15.5% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 5,342 | 6,066 | 8,706 | 12,519 | 14,355 | 17,363 | 20,378 | 22,360 | 23,142 | 23,605 | 24,077 |
| % of Revenue | 22.5% | 19.7% | 20.6% | 22.6% | 22.1% | 23.1% | 24.1% | 24.6% | 24.6% | 24.6% | 24.6% |
| 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 | |
| EBITDA | 6,066 | 8,706 | 12,519 | 14,355 | 17,363 | 20,378 | 22,360 | 23,142 | 23,605 | 24,077 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,018) | (892) | (223) | (261) | (302) | (339) | (365) | (378) | (385) | (393) | |
| EBIT | 5,048 | 7,814 | 12,296 | 14,094 | 17,061 | 20,038 | 21,995 | 22,765 | 23,220 | 23,684 | |
| Pro forma Taxes | (1,363) | (2,110) | (3,320) | (3,805) | (4,607) | (5,410) | (5,939) | (6,146) | (6,269) | (6,395) | |
| NOPAT | 3,427 | 3,685 | 5,704 | 8,976 | 10,288 | 12,455 | 14,628 | 16,056 | 16,618 | 16,951 | 17,290 |
| Capital Expenditures | (809) | (900) | (900) | (900) | (900) | (900) | (900) | (900) | (900) | (900) | (900) |
| NWC Investment | (360) | 2,142 | 3,393 | 3,979 | 2,852 | 3,009 | 2,809 | 1,896 | 951 | 562 | 574 |
| (+) D&A | 647 | 1,018 | 892 | 223 | 261 | 302 | 339 | 365 | 378 | 385 | 393 |
| Free Cash Flow | 2,906 | 5,945 | 9,090 | 12,278 | 12,501 | 14,865 | 16,876 | 17,417 | 17,047 | 16,998 | 17,356 |
| % Growth | 105% | 53% | 35% | 2% | 19% | 14% | 3% | -2% | 0% | 2% | |