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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 1.7x - 1.9x | 1.8x |
| Fair Value | ₹168.28 - ₹197.06 | ₹182.21 |
| Upside | -6.0% - 10.0% | 1.7% |
| 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 | 63,856 | 79,781 | 100,173 | 125,095 | 156,000 | 191,000 | 229,936 | 276,116 | 329,111 | 389,190 | 459,181 |
| % Growth | 24.1% | 24.9% | 25.6% | 24.9% | 24.7% | 22.4% | 20.4% | 20.1% | 19.2% | 18.3% | 18.0% |
| EBITDA | 2,004 | 4,725 | 7,631 | 10,955 | 16,622 | 23,668 | 27,284 | 34,974 | 44,553 | 56,535 | 71,402 |
| % of Revenue | 3.1% | 5.9% | 7.6% | 8.8% | 10.7% | 12.4% | 11.9% | 12.7% | 13.5% | 14.5% | 15.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | ||
| EBITDA | 4,725 | 7,631 | 10,955 | 16,622 | 23,668 | 27,284 | 34,974 | 44,553 | 56,535 | 71,402 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,637) | (3,049) | (3,710) | (4,122) | (6,968) | (8,388) | (10,072) | (12,006) | (14,197) | (16,750) | |
| EBIT | 2,088 | 4,582 | 7,245 | 12,500 | 16,700 | 18,896 | 24,902 | 32,547 | 42,338 | 54,652 | |
| Pro forma Taxes | (501) | (1,100) | (1,739) | (3,000) | (4,008) | (4,535) | (5,976) | (7,811) | (10,161) | (13,116) | |
| NOPAT | 927 | 1,587 | 3,482 | 5,507 | 9,500 | 12,692 | 14,361 | 18,925 | 24,736 | 32,177 | 41,535 |
| Capital Expenditures | (1,107) | (1,322) | (1,609) | (1,702) | (3,516) | (4,171) | (3,130) | (3,606) | (3,635) | (3,457) | (3,566) |
| NWC Investment | (834) | (1,069) | (1,369) | (1,673) | (2,075) | (2,350) | (2,614) | (3,100) | (3,558) | (4,033) | (4,699) |
| (+) D&A | 785 | 2,637 | 3,049 | 3,710 | 4,122 | 6,968 | 8,388 | 10,072 | 12,006 | 14,197 | 16,750 |
| Free Cash Flow | (229) | 1,833 | 3,553 | 5,841 | 8,031 | 13,139 | 17,005 | 22,292 | 29,549 | 38,884 | 50,021 |
| % Growth | 94% | 64% | 37% | 64% | 29% | 31% | 33% | 32% | 29% | ||