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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 4.5% - 5.5% | 5.0% |
| Fair Value | ₹235.98 - ₹390.28 | ₹293.82 |
| Upside | -36.1% - 5.7% | -20.4% |
| 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 | 36,437 | 43,646 | 52,728 | 62,655 | 70,486 | 75,773 | |
| % Growth | 76.2% | 19.8% | 20.8% | 18.8% | 12.5% | 7.5% | |
| EBITDA | 4,887 | 6,250 | 7,698 | 9,423 | 12,362 | 14,047 | |
| % of Revenue | 13.4% | 14.3% | 14.6% | 15.0% | 17.5% | 18.5% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Terminal | |
| EBITDA | 6,250 | 7,698 | 9,423 | 12,362 | 14,047 | 14,047 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (555) | (688) | (792) | (891) | (958) | (4,854) | |
| EBIT | 5,695 | 7,010 | 8,631 | 11,471 | 13,090 | 9,193 | |
| Pro forma Taxes | (1,709) | (2,103) | (2,589) | (3,441) | (3,927) | (2,758) | |
| NOPAT | 3,228 | 3,987 | 4,907 | 6,041 | 8,030 | 9,163 | 6,435 |
| Capital Expenditures | (1,248) | (5,108) | (3,775) | (4,225) | (4,753) | (5,110) | (5,110) |
| NWC Investment | (647) | (296) | (373) | (408) | (322) | (217) | (156) |
| (+) D&A | 277 | 555 | 688 | 792 | 891 | 958 | 4,854 |
| Free Cash Flow | 1,609 | (862) | 1,447 | 2,201 | 3,846 | 4,794 | 6,024 |
| % Growth | NM | NM | 52% | 75% | 25% | 26% | |