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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 4.0% - 5.0% | 4.5% |
| Fair Value | ₹128.42 - ₹181.53 | ₹149.39 |
| Upside | -30.5% - -1.7% | -19.1% |
| 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 | 401 | 451 | 485 | 502 | 512 | 522 | |
| % Growth | 20.1% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 81 | 106 | 119 | 123 | 126 | 128 | |
| % of Revenue | 20.2% | 23.6% | 24.6% | 24.6% | 24.6% | 24.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Terminal | |
| EBITDA | 106 | 119 | 123 | 126 | 128 | 128 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3) | (3) | (3) | (3) | (3) | (2) | |
| EBIT | 104 | 117 | 121 | 123 | 126 | 126 | |
| Pro forma Taxes | (27) | (30) | (31) | (32) | (33) | (33) | |
| NOPAT | 59 | 77 | 86 | 89 | 91 | 93 | 93 |
| Capital Expenditures | (1) | (2) | (2) | (3) | (3) | (3) | (3) |
| NWC Investment | 5 | 4 | 3 | 1 | 1 | 1 | 2 |
| (+) D&A | 2 | 3 | 3 | 3 | 3 | 3 | 2 |
| Free Cash Flow | 65 | 81 | 89 | 91 | 92 | 94 | 95 |
| % Growth | 26% | 10% | 2% | 1% | 2% | 1% | |