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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 6.2x - 8.2x | 7.2x |
| Fair Value | ₹1,315 - ₹1,547 | ₹1,428 |
| Upside | 35.1% - 59.0% | 46.8% |
| 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 | 53,225 | 46,210 | 45,231 | 45,231 | 45,231 | 45,231 |
| % Growth | 1.3% | -13.2% | -2.1% | 0.0% | 0.0% | 0.0% |
| EBITDA | 26,659 | 22,040 | 20,649 | 20,649 | 20,649 | 20,649 |
| % of Revenue | 50.1% | 47.7% | 45.7% | 45.7% | 45.7% | 45.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 22,040 | 20,649 | 20,649 | 20,649 | 20,649 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (553) | (429) | (429) | (429) | (429) | |
| EBIT | 21,487 | 20,220 | 20,220 | 20,220 | 20,220 | |
| Pro forma Taxes | (3,653) | (3,437) | (3,437) | (3,437) | (3,437) | |
| NOPAT | 15,377 | 17,834 | 16,783 | 16,783 | 16,783 | 16,783 |
| Capital Expenditures | (11,754) | (3,000) | (5,000) | (6,585) | (6,585) | (6,585) |
| NWC Investment | 407 | (4,240) | (592) | 0 | 0 | 0 |
| (+) D&A | 8,132 | 553 | 429 | 429 | 429 | 429 |
| Free Cash Flow | 12,163 | 11,148 | 11,620 | 10,627 | 10,627 | 10,627 |
| % Growth | -8% | 4% | -9% | 0% | 0% | |