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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 5.0x - 7.0x | 6.0x |
| Fair Value | ₹338.12 - ₹468.19 | ₹401.79 |
| Upside | -35.3% - -10.4% | -23.1% |
| 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 | 16,704 | 16,486 | 18,661 | 21,132 | 22,717 | 23,512 |
| % Growth | 1.9% | -1.3% | 13.2% | 13.2% | 7.5% | 3.5% |
| EBITDA | 1,460 | 1,349 | 2,226 | 2,526 | 2,943 | 3,046 |
| % of Revenue | 8.7% | 8.2% | 11.9% | 12.0% | 13.0% | 13.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 1,349 | 2,226 | 2,526 | 2,943 | 3,046 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (721) | (803) | (874) | (940) | (972) | |
| EBIT | 628 | 1,423 | 1,652 | 2,003 | 2,073 | |
| Pro forma Taxes | (188) | (427) | (496) | (601) | (622) | |
| NOPAT | 513 | 440 | 996 | 1,156 | 1,402 | 1,451 |
| Capital Expenditures | (729) | (1,500) | (1,000) | (800) | (1,100) | (1,139) |
| NWC Investment | (31) | 22 | (216) | (246) | (158) | (79) |
| (+) D&A | 727 | 721 | 803 | 874 | 940 | 972 |
| Free Cash Flow | 480 | (318) | 583 | 985 | 1,084 | 1,206 |
| % Growth | NM | NM | 69% | 10% | 11% | |