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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 12.1x - 14.1x | 13.1x |
| Fair Value | ₹1,474 - ₹1,739 | ₹1,604 |
| Upside | 6.9% - 26.2% | 16.4% |
| 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 | 126,454 | 134,689 | 151,634 | 168,973 | 181,645 | 188,003 |
| % Growth | 8.5% | 6.5% | 12.6% | 11.4% | 7.5% | 3.5% |
| EBITDA | 18,297 | 24,094 | 29,114 | 34,583 | 38,993 | 40,358 |
| % of Revenue | 14.5% | 17.9% | 19.2% | 20.5% | 21.5% | 21.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 24,094 | 29,114 | 34,583 | 38,993 | 40,358 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,650) | (5,084) | (5,327) | (5,726) | (5,926) | |
| EBIT | 19,444 | 24,030 | 29,256 | 33,267 | 34,431 | |
| Pro forma Taxes | (5,833) | (7,209) | (8,777) | (9,980) | (10,329) | |
| NOPAT | 10,120 | 13,611 | 16,821 | 20,480 | 23,287 | 24,102 |
| Capital Expenditures | (8,984) | (7,176) | (7,250) | (7,000) | (7,525) | (7,788) |
| NWC Investment | (58) | (48) | (99) | (101) | (74) | (37) |
| (+) D&A | 3,840 | 4,650 | 5,084 | 5,327 | 5,726 | 5,926 |
| Free Cash Flow | 4,918 | 11,037 | 14,556 | 18,705 | 21,414 | 22,203 |
| % Growth | 124% | 32% | 29% | 14% | 4% | |