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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 2.3% - 2.8% | 2.5% |
| Discount Rate | 8.8% - 7.7% | 8.2% |
| Fair Value | ₹70.92 - ₹91.19 | ₹79.73 |
| Upside | -53.9% - -40.7% | -48.2% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (INR in millions) | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Terminal | |
| Net Income to Common | 404 | 513 | 513 | 513 | 513 | 513 | 513 | |
| % Growth | -12.8% | 27.2% | 0.0% | 0.0% | 0.0% | 0.0% | ||
| Payout Ratio | 23.8% | 37.0% | 50.0% | 63.0% | 76.0% | 90.0% | 92.5% | |
| Projected Dividends | 96 | 190 | 257 | 323 | 390 | 462 | 475 | |
| % Growth | 97.7% | 35.1% | 26.0% | 20.6% | 18.4% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (INR in millions) | Mar-20 | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 185 | 0 | 95 | 103 | 96 | 0 | 0 | |
| % Growth | -100% | NM | 9% | -7% | NM | |||
| Net Income to Common | 353 | 23 | 460 | 463 | 404 | 370 | 137 | |
| % Growth | -94% | 1913% | 1% | -13% | -63% | |||
| Payout Ratio | 52% | 0% | 21% | 22% | 24% | 0% | 0% | |
| Retention Ratio | 48% | 100% | 79% | 78% | 76% | 100% | 100% | |
| Adjusted EBITDA | 1,102 | 582 | 1,108 | 1,056 | 950 | 696 | 682 | |
| % Growth | -47% | 90% | -5% | -10% | -2% | |||
| Total Debt | 2,031 | 1,838 | 1,460 | 1,047 | 1,101 | 1,110 | 1,035 | |
| Shareholder's Equity | 6,181 | 6,428 | 6,817 | 7,165 | 7,483 | 7,204 | 7,576 | |
| Debt / EBITDA | 1.8 | 3.2 | 1.3 | 1.0 | 1.2 | 1.1 | ||
| Debt / Equity | 33% | 29% | 21% | 15% | 15% | 15% | 14% | |
| 3-Yr Avg. Dividend Growth | 0.9% | |||||||
| 5-Yr Median Payout Ratio | 22.3% | |||||||