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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.0% - 7.0% | 7.5% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | ₹1,995 - ₹3,771 | ₹2,610 |
| Upside | -19.2% - 52.8% | 5.8% |
| 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 | 122,074 | 148,022 | 166,323 | 187,051 | 194,793 | 220,347 | |
| % Growth | 18.1% | 21.3% | 12.4% | 12.5% | 4.1% | 13.1% | |
| EBITDA | 30,179 | 38,542 | 44,752 | 51,142 | 53,258 | 65,754 | |
| % of Revenue | 24.7% | 26.0% | 26.9% | 27.3% | 27.3% | 29.8% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Terminal | |
| EBITDA | 38,542 | 44,752 | 51,142 | 53,258 | 65,754 | 65,754 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (8,719) | (8,482) | (9,116) | (9,493) | (10,738) | (10,466) | |
| EBIT | 29,823 | 36,270 | 42,026 | 43,766 | 55,016 | 55,288 | |
| Pro forma Taxes | (6,561) | (7,979) | (9,246) | (9,628) | (12,103) | (12,163) | |
| NOPAT | 18,694 | 23,262 | 28,291 | 32,780 | 34,137 | 42,912 | 43,124 |
| Capital Expenditures | (4,608) | (5,292) | (5,000) | (5,000) | (9,740) | (11,017) | (11,017) |
| NWC Investment | 2,025 | 2,806 | 1,979 | 2,242 | 837 | 2,763 | 1,013 |
| (+) D&A | 6,212 | 8,719 | 8,482 | 9,116 | 9,493 | 10,738 | 10,466 |
| Free Cash Flow | 22,324 | 29,495 | 33,751 | 39,137 | 34,727 | 45,397 | 43,586 |
| % Growth | 32% | 14% | 16% | -11% | 31% | -4% | |