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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 30.9x - 32.9x | 31.9x |
| Fair Value | ₹433.11 - ₹486.05 | ₹459.10 |
| Upside | 6.2% - 19.2% | 12.6% |
| 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 | 10,276 | 10,636 | 10,848 | 11,065 | 11,287 | 11,512 |
| % Growth | 6.1% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,336 | 1,400 | 1,428 | 1,457 | 1,486 | 1,516 |
| % of Revenue | 13.0% | 13.2% | 13.2% | 13.2% | 13.2% | 13.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 1,400 | 1,428 | 1,457 | 1,486 | 1,516 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (269) | (275) | (280) | (286) | (292) | |
| EBIT | 1,131 | 1,154 | 1,177 | 1,200 | 1,224 | |
| Pro forma Taxes | (317) | (323) | (329) | (336) | (343) | |
| NOPAT | 748 | 814 | 831 | 847 | 864 | 881 |
| Capital Expenditures | (664) | (633) | (646) | (659) | (672) | (685) |
| NWC Investment | (62) | (38) | (22) | (23) | (23) | (24) |
| (+) D&A | 297 | 269 | 275 | 280 | 286 | 292 |
| Free Cash Flow | 318 | 413 | 437 | 446 | 455 | 464 |
| % Growth | 30% | 6% | 2% | 2% | 2% | |