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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 6.4x - 8.4x | 7.4x |
| Fair Value | ₹152.09 - ₹254.03 | ₹202.17 |
| Upside | -47.2% - -11.8% | -29.8% |
| 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 |
| Revenue | 4,480,830 | 4,401,105 | 4,455,013 | 4,784,000 | 4,951,440 | 5,050,469 |
| % Growth | -5.3% | -1.8% | 1.2% | 7.4% | 3.5% | 2.0% |
| EBITDA | 433,335 | 230,073 | 255,846 | 257,813 | 266,836 | 272,173 |
| % of Revenue | 9.7% | 5.2% | 5.7% | 5.4% | 5.4% | 5.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 230,073 | 255,846 | 257,813 | 266,836 | 272,173 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (68,373) | (74,825) | (78,056) | (80,787) | (82,403) | |
| EBIT | 161,700 | 181,021 | 179,757 | 186,048 | 189,769 | |
| Pro forma Taxes | (40,425) | (45,255) | (44,939) | (46,512) | (47,442) | |
| NOPAT | 281,803 | 121,275 | 135,766 | 134,818 | 139,536 | 142,327 |
| Capital Expenditures | (95,791) | (160,000) | (195,304) | (230,000) | (238,050) | (242,811) |
| NWC Investment | (4,858) | (1,543) | 1,043 | 6,366 | 3,240 | 1,916 |
| (+) D&A | 57,598 | 68,373 | 74,825 | 78,056 | 80,787 | 82,403 |
| Free Cash Flow | 238,751 | 28,105 | 16,330 | (10,760) | (14,486) | (16,164) |
| % Growth | -88% | -42% | NM | NM | NM | |