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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 3.0x - 3.3x | 3.2x |
| Fair Value | ₹164.43 - ₹186.23 | ₹174.99 |
| Upside | 4.2% - 18.1% | 10.9% |
| 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 | 7,616 | 8,187 | 8,474 | 8,644 | 8,816 | 8,993 | 9,173 | 9,356 | 9,543 | 9,734 | 9,929 |
| % Growth | 14.4% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,301 | 1,411 | 1,461 | 1,490 | 1,520 | 1,550 | 1,581 | 1,613 | 1,645 | 1,678 | 1,712 |
| % of Revenue | 17.1% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% |
| 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 | 1,411 | 1,461 | 1,490 | 1,520 | 1,550 | 1,581 | 1,613 | 1,645 | 1,678 | 1,712 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (50) | (51) | (52) | (54) | (55) | (56) | (57) | (58) | (59) | (60) | |
| EBIT | 1,362 | 1,409 | 1,438 | 1,466 | 1,496 | 1,526 | 1,556 | 1,587 | 1,619 | 1,651 | |
| Pro forma Taxes | (313) | (324) | (331) | (337) | (344) | (351) | (358) | (365) | (372) | (380) | |
| NOPAT | 961 | 1,049 | 1,085 | 1,107 | 1,129 | 1,152 | 1,175 | 1,198 | 1,222 | 1,247 | 1,271 |
| Capital Expenditures | (17) | (95) | (98) | (100) | (102) | (104) | (102) | (103) | (103) | (103) | (103) |
| NWC Investment | 111 | 66 | 33 | 20 | 20 | 20 | 21 | 21 | 22 | 22 | 22 |
| (+) D&A | 54 | 50 | 51 | 52 | 54 | 55 | 56 | 57 | 58 | 59 | 60 |
| Free Cash Flow | 1,108 | 1,069 | 1,071 | 1,079 | 1,100 | 1,122 | 1,149 | 1,173 | 1,198 | 1,225 | 1,251 |
| % Growth | 0% | 1% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | ||