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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.0% - 7.0% | 7.5% |
| Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
| Fair Value | ₹9,888 - ₹21,035 | ₹13,435 |
| Upside | -39.8% - 28.1% | -18.2% |
| 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 | 176,909 | 394,452 | 574,878 | 731,741 | 974,409 | 1,181,284 | |
| % Growth | 45.1% | 123.0% | 45.7% | 27.3% | 33.2% | 21.2% | |
| EBITDA | 6,642 | 14,864 | 22,158 | 29,245 | 36,244 | 40,605 | |
| % of Revenue | 3.8% | 3.8% | 3.9% | 4.0% | 3.7% | 3.4% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Terminal | |
| EBITDA | 14,864 | 22,158 | 29,245 | 36,244 | 40,605 | 40,605 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,702) | (2,721) | (3,539) | (8,678) | (4,728) | (5,463) | |
| EBIT | 12,162 | 19,437 | 25,706 | 27,566 | 35,877 | 35,143 | |
| Pro forma Taxes | (3,040) | (4,859) | (6,426) | (6,892) | (8,969) | (8,786) | |
| NOPAT | 4,027 | 9,121 | 14,578 | 19,279 | 20,675 | 26,908 | 26,357 |
| Capital Expenditures | (5,844) | (7,936) | (7,000) | (6,500) | (5,750) | (5,750) | (5,750) |
| NWC Investment | 136 | 540 | 448 | 389 | 602 | 513 | 139 |
| (+) D&A | 1,273 | 2,702 | 2,721 | 3,539 | 8,678 | 4,728 | 5,463 |
| Free Cash Flow | (408) | 4,427 | 10,746 | 16,707 | 24,204 | 26,399 | 26,209 |
| % Growth | NM | 143% | 55% | 45% | 9% | -1% | |