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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 27.1x - 29.1x | 28.1x |
| Fair Value | ₹103.57 - ₹115.87 | ₹109.61 |
| Upside | -13.1% - -2.7% | -8.0% |
| 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 | 1,707 | 1,741 | 1,776 | 1,811 | 1,847 | 1,884 |
| % Growth | 4.3% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 105 | 112 | 115 | 117 | 119 | 122 |
| % of Revenue | 6.1% | 6.4% | 6.4% | 6.4% | 6.4% | 6.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 112 | 115 | 117 | 119 | 122 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (21) | (22) | (22) | (23) | (23) | |
| EBIT | 91 | 93 | 95 | 96 | 98 | |
| Pro forma Taxes | (19) | (19) | (20) | (20) | (21) | |
| NOPAT | 59 | 72 | 73 | 75 | 76 | 78 |
| Capital Expenditures | (46) | (33) | (34) | (37) | (38) | (39) |
| NWC Investment | (10) | (5) | (5) | (5) | (5) | (5) |
| (+) D&A | 30 | 21 | 22 | 22 | 23 | 23 |
| Free Cash Flow | 33 | 55 | 56 | 54 | 55 | 56 |
| % Growth | 66% | 2% | -3% | 2% | 2% | |