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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 2.3x - 2.5x | 2.4x |
| Fair Value | ₹819.24 - ₹931.38 | ₹873.46 |
| Upside | -14.4% - -2.6% | -8.7% |
| 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 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 |
| Revenue | 17,234 | 19,700 | 21,401 | 23,434 | 24,254 | 24,739 | 25,234 | 25,739 | 26,254 | 26,779 | 27,314 |
| % Growth | 11.2% | 14.3% | 8.6% | 9.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 2,300 | 2,898 | 3,296 | 3,766 | 3,898 | 3,976 | 4,055 | 4,136 | 4,219 | 4,303 | 4,390 |
| % of Revenue | 13.3% | 14.7% | 15.4% | 16.1% | 16.1% | 16.1% | 16.1% | 16.1% | 16.1% | 16.1% | 16.1% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 | ||
| EBITDA | 2,898 | 3,296 | 3,766 | 3,898 | 3,976 | 4,055 | 4,136 | 4,219 | 4,303 | 4,390 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (738) | (711) | (680) | (704) | (718) | (732) | (747) | (762) | (777) | (793) | |
| EBIT | 2,160 | 2,585 | 3,086 | 3,194 | 3,258 | 3,323 | 3,390 | 3,457 | 3,526 | 3,597 | |
| Pro forma Taxes | (454) | (543) | (648) | (671) | (684) | (698) | (712) | (726) | (741) | (755) | |
| NOPAT | 1,432 | 1,706 | 2,042 | 2,438 | 2,523 | 2,574 | 2,625 | 2,678 | 2,731 | 2,786 | 2,842 |
| Capital Expenditures | (359) | (392) | (426) | (466) | (482) | (492) | (480) | (485) | (486) | (483) | (485) |
| NWC Investment | 50 | 71 | 49 | 58 | 24 | 14 | 14 | 15 | 15 | 15 | 15 |
| (+) D&A | 488 | 738 | 711 | 680 | 704 | 718 | 732 | 747 | 762 | 777 | 793 |
| Free Cash Flow | 1,610 | 2,124 | 2,377 | 2,710 | 2,768 | 2,814 | 2,892 | 2,954 | 3,022 | 3,095 | 3,165 |
| % Growth | 12% | 14% | 2% | 2% | 3% | 2% | 2% | 2% | 2% | ||