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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 2.8x - 3.1x | 2.9x |
| Fair Value | ₹221.92 - ₹313.05 | ₹266.73 |
| Upside | -59.4% - -42.7% | -51.2% |
| 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 | 9,455 | 9,455 | 9,455 | 9,455 | 9,455 | 9,455 |
| % Growth | -18.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 2,043 | 1,328 | 1,328 | 1,328 | 1,328 | 1,328 |
| % of Revenue | 21.6% | 14.0% | 14.0% | 14.0% | 14.0% | 14.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 1,328 | 1,328 | 1,328 | 1,328 | 1,328 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,362) | (1,362) | (1,362) | (1,362) | (1,362) | |
| EBIT | (34) | (34) | (34) | (34) | (34) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | 540 | (34) | (34) | (34) | (34) | (34) |
| Capital Expenditures | (2,910) | (2,138) | (2,267) | (2,438) | (2,281) | (2,329) |
| NWC Investment | (95) | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 1,408 | 1,362 | 1,362 | 1,362 | 1,362 | 1,362 |
| Free Cash Flow | (1,057) | (809) | (939) | (1,110) | (953) | (1,001) |
| % Growth | NM | NM | NM | NM | NM | |