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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Perpetuity Growth Rate | 4.0% - 5.0% | 4.5% |
| Fair Value | ₹127.76 - ₹194.19 | ₹151.59 |
| Upside | -6.1% - 42.7% | 11.4% |
| 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 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 | |
| Revenue | 1,499 | 1,499 | 1,499 | 1,499 | 1,499 | 1,499 | 1,499 | 1,499 | 1,499 | 1,499 | 1,499 | |
| % Growth | -6.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| EBITDA | 235 | 311 | 311 | 311 | 311 | 311 | 311 | 311 | 311 | 311 | 311 | |
| % of Revenue | 15.7% | 20.7% | 20.7% | 20.7% | 20.7% | 20.7% | 20.7% | 20.7% | 20.7% | 20.7% | 20.7% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 | Terminal | |
| EBITDA | 311 | 311 | 311 | 311 | 311 | 311 | 311 | 311 | 311 | 311 | 311 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (42) | (42) | (42) | (42) | (42) | (42) | (42) | (42) | (42) | (42) | (63) | |
| EBIT | 269 | 269 | 269 | 269 | 269 | 269 | 269 | 269 | 269 | 269 | 247 | |
| Pro forma Taxes | (70) | (70) | (70) | (70) | (70) | (70) | (70) | (70) | (70) | (70) | (64) | |
| NOPAT | 126 | 199 | 199 | 199 | 199 | 199 | 199 | 199 | 199 | 199 | 199 | 183 |
| Capital Expenditures | (43) | (67) | (67) | (67) | (67) | (67) | (67) | (67) | (67) | (67) | (67) | (67) |
| NWC Investment | (3) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| (+) D&A | 65 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 63 |
| Free Cash Flow | 145 | 174 | 174 | 174 | 174 | 174 | 174 | 174 | 174 | 174 | 174 | 182 |
| % Growth | 20% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 4% | |