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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 1.5x - 1.7x | 1.6x |
| Fair Value | ₹70.90 - ₹80.19 | ₹75.40 |
| Upside | 38.2% - 56.4% | 47.0% |
| 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 | 10,706 | 12,847 | 14,453 | 15,537 | 16,081 | 16,403 | 16,731 | 17,065 | 17,406 | 17,755 | 18,110 |
| % Growth | 34.4% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 885 | 1,452 | 1,995 | 2,300 | 2,381 | 2,428 | 2,477 | 2,527 | 2,577 | 2,629 | 2,681 |
| % of Revenue | 8.3% | 11.3% | 13.8% | 14.8% | 14.8% | 14.8% | 14.8% | 14.8% | 14.8% | 14.8% | 14.8% |
| 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 | 1,452 | 1,995 | 2,300 | 2,381 | 2,428 | 2,477 | 2,527 | 2,577 | 2,629 | 2,681 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (113) | (127) | (137) | (142) | (145) | (147) | (150) | (153) | (157) | (160) | |
| EBIT | 1,339 | 1,868 | 2,163 | 2,239 | 2,284 | 2,330 | 2,376 | 2,424 | 2,472 | 2,522 | |
| Pro forma Taxes | (228) | (318) | (368) | (381) | (388) | (396) | (404) | (412) | (420) | (429) | |
| NOPAT | 665 | 1,112 | 1,550 | 1,796 | 1,858 | 1,896 | 1,934 | 1,972 | 2,012 | 2,052 | 2,093 |
| Capital Expenditures | (526) | (367) | (413) | (444) | (460) | (469) | (458) | (462) | (463) | (461) | (462) |
| NWC Investment | (483) | (377) | (283) | (191) | (96) | (57) | (58) | (59) | (60) | (61) | (63) |
| (+) D&A | 84 | 113 | 127 | 137 | 142 | 145 | 147 | 150 | 153 | 157 | 160 |
| Free Cash Flow | (260) | 480 | 982 | 1,297 | 1,445 | 1,515 | 1,566 | 1,602 | 1,642 | 1,686 | 1,728 |
| % Growth | 104% | 32% | 11% | 5% | 3% | 2% | 3% | 3% | 2% | ||