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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 18.7x - 20.7x | 19.7x |
| Fair Value | ₹766.31 - ₹848.21 | ₹806.59 |
| Upside | 11.6% - 23.6% | 17.5% |
| 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 | 742 | 742 | 742 | 742 | 742 | 742 |
| % Growth | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 222 | 228 | 228 | 228 | 228 | 228 |
| % of Revenue | 29.9% | 30.8% | 30.8% | 30.8% | 30.8% | 30.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 228 | 228 | 228 | 228 | 228 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (10) | (10) | (10) | (10) | (10) | |
| EBIT | 218 | 218 | 218 | 218 | 218 | |
| Pro forma Taxes | (55) | (55) | (55) | (55) | (55) | |
| NOPAT | 158 | 164 | 164 | 164 | 164 | 164 |
| Capital Expenditures | (69) | (47) | (51) | (56) | (56) | (56) |
| NWC Investment | 1 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 11 | 10 | 10 | 10 | 10 | 10 |
| Free Cash Flow | 100 | 127 | 123 | 118 | 118 | 118 |
| % Growth | 27% | -3% | -4% | 0% | 0% | |