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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 3.6x - 5.6x | 4.6x |
| Fair Value | ₹1,970 - ₹2,592 | ₹2,274 |
| Upside | 61.3% - 112.2% | 86.2% |
| 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 | 10,248 | 13,173 | 15,808 | 17,784 | 19,117 | 19,786 |
| % Growth | 6.2% | 28.5% | 20.0% | 12.5% | 7.5% | 3.5% |
| EBITDA | 1,676 | 2,943 | 4,322 | 5,307 | 5,896 | 6,103 |
| % of Revenue | 16.4% | 22.3% | 27.3% | 29.8% | 30.8% | 30.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 2,943 | 4,322 | 5,307 | 5,896 | 6,103 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (440) | (528) | (594) | (639) | (661) | |
| EBIT | 2,503 | 3,794 | 4,713 | 5,258 | 5,442 | |
| Pro forma Taxes | (726) | (1,100) | (1,367) | (1,525) | (1,578) | |
| NOPAT | 911 | 1,777 | 2,694 | 3,346 | 3,733 | 3,864 |
| Capital Expenditures | (79) | (232) | (278) | (313) | (337) | (348) |
| NWC Investment | 0 | 2 | 2 | 1 | 1 | 0 |
| (+) D&A | 393 | 440 | 528 | 594 | 639 | 661 |
| Free Cash Flow | 1,225 | 1,987 | 2,945 | 3,628 | 4,036 | 4,176 |
| % Growth | 62% | 48% | 23% | 11% | 3% | |