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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 6.8x - 8.8x | 7.8x |
| Fair Value | ₹624.32 - ₹799.90 | ₹710.63 |
| Upside | 10.0% - 40.9% | 25.2% |
| 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 | 28,217 | 34,089 | 39,964 | 44,991 | 48,365 | 50,058 |
| % Growth | 52.7% | 20.8% | 17.2% | 12.6% | 7.5% | 3.5% |
| EBITDA | 3,568 | 4,180 | 5,240 | 6,029 | 6,965 | 7,209 |
| % of Revenue | 12.6% | 12.3% | 13.1% | 13.4% | 14.4% | 14.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 4,180 | 5,240 | 6,029 | 6,965 | 7,209 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (969) | (1,129) | (1,143) | (1,228) | (1,271) | |
| EBIT | 3,211 | 4,112 | 4,887 | 5,737 | 5,937 | |
| Pro forma Taxes | (835) | (1,069) | (1,270) | (1,492) | (1,544) | |
| NOPAT | 1,923 | 2,376 | 3,043 | 3,616 | 4,245 | 4,394 |
| Capital Expenditures | (1,037) | (1,222) | (1,514) | (1,200) | (1,312) | (1,358) |
| NWC Investment | 164 | 99 | 99 | 85 | 57 | 29 |
| (+) D&A | 969 | 969 | 1,129 | 1,143 | 1,228 | 1,271 |
| Free Cash Flow | 2,019 | 2,222 | 2,756 | 3,643 | 4,218 | 4,336 |
| % Growth | 10% | 24% | 32% | 16% | 3% | |