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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 19.2x - 21.2x | 20.2x |
| Fair Value | ₹793.23 - ₹902.26 | ₹846.85 |
| Upside | -16.5% - -5.0% | -10.9% |
| 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 | 225 | 393 | 609 | 822 | 987 | 1,110 |
| % Growth | 105.0% | 75.0% | 55.0% | 35.0% | 20.0% | 12.5% |
| EBITDA | 75 | 162 | 297 | 463 | 605 | 709 |
| % of Revenue | 33.3% | 41.3% | 48.8% | 56.3% | 61.3% | 63.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 162 | 297 | 463 | 605 | 709 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7) | (11) | (14) | (17) | (19) | |
| EBIT | 156 | 287 | 449 | 588 | 689 | |
| Pro forma Taxes | (31) | (57) | (90) | (118) | (138) | |
| NOPAT | 57 | 124 | 229 | 359 | 470 | 551 |
| Capital Expenditures | (36) | (63) | (98) | (132) | (148) | (167) |
| NWC Investment | (87) | (128) | (164) | (161) | (125) | (93) |
| (+) D&A | 4 | 7 | 11 | 14 | 17 | 19 |
| Free Cash Flow | (63) | (59) | (21) | 80 | 215 | 311 |
| % Growth | NM | NM | NM | 169% | 45% | |