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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 0.0% - 0.8% | 0.3% |
| Fair Value | ₹268.95 - ₹309.29 | ₹284.55 |
| Upside | 80.5% - 107.5% | 90.9% |
| 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 | 2,359 | 2,881 | 3,098 | 3,206 | 3,270 | 3,336 | |
| % Growth | 6.4% | 22.1% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 317 | 577 | 652 | 675 | 688 | 702 | |
| % of Revenue | 13.4% | 20.0% | 21.0% | 21.0% | 21.0% | 21.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Terminal | |
| EBITDA | 577 | 652 | 675 | 688 | 702 | 702 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (56) | (60) | (62) | (64) | (65) | (18) | |
| EBIT | 521 | 591 | 612 | 624 | 637 | 684 | |
| Pro forma Taxes | (141) | (160) | (165) | (169) | (172) | (185) | |
| NOPAT | 195 | 381 | 432 | 447 | 456 | 465 | 499 |
| Capital Expenditures | (15) | (16) | (18) | (18) | (19) | (19) | (19) |
| NWC Investment | 62 | 228 | 94 | 47 | 28 | 29 | 4 |
| (+) D&A | 50 | 56 | 60 | 62 | 64 | 65 | 18 |
| Free Cash Flow | 292 | 648 | 569 | 538 | 529 | 540 | 502 |
| % Growth | 122% | -12% | -5% | -2% | 2% | -7% | |