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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 4.5% - 5.5% | 5.0% |
| Fair Value | ₹1,213 - ₹1,798 | ₹1,441 |
| Upside | -17.4% - 22.4% | -1.9% |
| 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 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | |
| Revenue | 7,241 | 10,711 | 15,461 | 21,112 | 25,334 | 28,501 | 30,638 | 31,710 | 32,345 | 32,991 | 33,651 | |
| % Growth | 62.7% | 47.9% | 44.3% | 36.5% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 1,005 | 1,529 | 2,346 | 3,208 | 5,116 | 6,468 | 7,106 | 7,355 | 7,502 | 7,652 | 7,805 | |
| % of Revenue | 13.9% | 14.3% | 15.2% | 15.2% | 20.2% | 22.7% | 23.2% | 23.2% | 23.2% | 23.2% | 23.2% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Terminal | |
| EBITDA | 1,529 | 2,346 | 3,208 | 5,116 | 6,468 | 7,106 | 7,355 | 7,502 | 7,652 | 7,805 | 7,805 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (106) | (253) | (161) | (193) | (217) | (233) | (241) | (246) | (251) | (256) | (170) | |
| EBIT | 1,424 | 2,093 | 3,047 | 4,923 | 6,251 | 6,873 | 7,114 | 7,256 | 7,401 | 7,549 | 7,635 | |
| Pro forma Taxes | (370) | (544) | (792) | (1,280) | (1,625) | (1,787) | (1,850) | (1,887) | (1,924) | (1,963) | (1,985) | |
| NOPAT | 713 | 1,053 | 1,549 | 2,255 | 3,643 | 4,626 | 5,086 | 5,264 | 5,369 | 5,477 | 5,586 | 5,650 |
| Capital Expenditures | (195) | (223) | (88) | (145) | (174) | (196) | (172) | (178) | (181) | (177) | (179) | (179) |
| NWC Investment | (235) | (292) | (400) | (476) | (356) | (267) | (180) | (90) | (53) | (55) | (56) | (142) |
| (+) D&A | 41 | 106 | 253 | 161 | 193 | 217 | 233 | 241 | 246 | 251 | 256 | 170 |
| Free Cash Flow | 325 | 644 | 1,314 | 1,794 | 3,306 | 4,380 | 4,967 | 5,237 | 5,381 | 5,496 | 5,608 | 5,499 |
| % Growth | 98% | 104% | 37% | 84% | 32% | 13% | 5% | 3% | 2% | 2% | -2% | |