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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | ₹267.35 - ₹417.18 | ₹326.50 |
| Upside | 3.7% - 61.8% | 26.6% |
| 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 | |
| Revenue | 6,189 | 7,050 | 7,579 | 7,844 | 8,001 | 8,161 | |
| % Growth | 35.2% | 13.9% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 3,860 | 4,522 | 4,937 | 5,110 | 5,212 | 5,317 | |
| % of Revenue | 62.4% | 64.1% | 65.1% | 65.1% | 65.1% | 65.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Terminal | |
| EBITDA | 4,522 | 4,937 | 5,110 | 5,212 | 5,317 | 5,317 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,838) | (1,976) | (2,045) | (2,086) | (2,128) | (2,823) | |
| EBIT | 2,684 | 2,962 | 3,065 | 3,127 | 3,189 | 2,494 | |
| Pro forma Taxes | (698) | (770) | (797) | (813) | (829) | (648) | |
| NOPAT | 1,881 | 1,987 | 2,192 | 2,268 | 2,314 | 2,360 | 1,845 |
| Capital Expenditures | (3,244) | (3,046) | (2,871) | (3,054) | (2,990) | (2,971) | (2,971) |
| NWC Investment | (28) | (15) | (9) | (5) | (3) | (3) | (6) |
| (+) D&A | 1,318 | 1,838 | 1,976 | 2,045 | 2,086 | 2,128 | 2,823 |
| Free Cash Flow | (74) | 763 | 1,288 | 1,255 | 1,407 | 1,513 | 1,691 |
| % Growth | NM | 69% | -3% | 12% | 8% | 12% | |