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542910 5.0%SDBL 4.3%VBL 4.1%

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Globus Spirits Ltd

NSEI:GLOBUSSPR

India / Consumer Staples / Beverages

10Y DCF EBITDA Exit

Stock Price

1,017.80 INR

Fair Value

1,354.21 INR

Metrics	Range	Conclusion
Discount Rate	9.8% - 8.8%	9.3%
Terminal EBITDA Multiple	5.8x - 7.8x	6.8x
Fair Value	₹1,174 - ₹1,549	₹1,354
Upside	14.4% - 51.0%	32.0%

5.4%

Revenue 10y CAGR

14.9%

10y Avg EBITDA Margin

NM

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

Stock Price

1,017.80 INR

Fair Value

1,354.21 INR

Upside

32.0%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


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	Mar-31	Mar-32	Mar-33	Mar-34	Mar-35

Revenue	35,290	42,349	47,642	51,215	53,008	54,068	55,149	56,252	57,377	58,525	59,695
% Growth	46.1%	20.0%	12.5%	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	1,609	5,014	6,831	7,856	8,131	8,293	8,459	8,628	8,801	8,977	9,156
% of Revenue	4.6%	11.8%	14.3%	15.3%	15.3%	15.3%	15.3%	15.3%	15.3%	15.3%	15.3%

Supporting Calculations

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(INR in millions)		Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34	Mar-35

EBITDA		5,014	6,831	7,856	8,131	8,293	8,459	8,628	8,801	8,977	9,156
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(1,016)	(1,143)	(1,228)	(1,271)	(1,297)	(1,323)	(1,349)	(1,376)	(1,404)	(1,432)

EBIT		3,998	5,689	6,627	6,859	6,997	7,137	7,279	7,425	7,573	7,725
Pro forma Taxes		(1,279)	(1,820)	(2,121)	(2,195)	(2,239)	(2,284)	(2,329)	(2,376)	(2,423)	(2,472)
NOPAT	539	2,719	3,868	4,507	4,664	4,758	4,853	4,950	5,049	5,150	5,253

Capital Expenditures	(2,082)	(2,498)	(2,810)	(3,021)	(3,127)	(3,189)	(3,112)	(3,143)	(3,148)	(3,134)	(3,142)
NWC Investment	(298)	(189)	(141)	(95)	(48)	(28)	(29)	(29)	(30)	(31)	(31)
(+) D&A	816	1,016	1,143	1,228	1,271	1,297	1,323	1,349	1,376	1,404	1,432

Free Cash Flow	(1,024)	1,048	2,059	2,619	2,761	2,837	3,034	3,127	3,247	3,388	3,511
% Growth		NM	97%	27%	5%	3%	7%	3%	4%	4%	4%

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