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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 499 M - 611.3 M | 536 M |
| Discount Rate | 12.0% - 10.0% | 11.0% |
| Fair Value | ₹29.32 - ₹95.72 | ₹53.60 |
| Upside | -39.7% - 96.9% | 10.3% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Mar-20 | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Dec-24 | ||
| (INR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 8,828 | 8,270 | 8,773 | 10,177 | 12,131 | 11,585 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 171 | 117 | 117 | 191 | 231 | 182 | |
| (+) Net Interest Expense | 378 | 410 | 378 | 366 | 478 | 472 | |
| (+) Other Non Operating Exp. | 52 | 34 | 36 | 53 | 37 | 38 | |
| (+) D&A | 78 | 79 | 86 | 90 | 97 | 102 | |
| (+) Non-recurring Items | (16) | (1) | (1) | (1) | |||
| Adjusted EBITDA | 680 | 623 | 617 | 699 | 841 | 793 | |
| (-) D&A | (78) | (79) | (86) | (90) | (97) | (102) | |
| Adjusted EBIT | 601 | 545 | 531 | 609 | 744 | 690 | |
| % of Revenue | 6.8% | 6.6% | 6.1% | 6.0% | 6.1% | 6.0% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 6.0% | 6.1% | 6.8% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (INR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 4,158 | 4,873 | 6,113 | 4,726 | |||
| (+) Cash & Short Term Investments | 202 | 202 | 202 | 202 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (3,497) | (3,497) | (3,497) | (3,497) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 863 | 1,578 | 2,818 | 1,431 | |||
| (/) Shares Outstanding | 29.4 | 29.4 | 29.4 | 29.4 | |||
| Implied Stock Price (INR) | 29.32 | 53.60 | 95.72 | 48.61 | |||
| FX Rate: INR/INR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (INR) | 29.32 | 53.60 | 95.72 | 48.61 | |||
| Upside / (Downside) | -39.69% | 10.27% | 96.91% | ||||
| Stock Price | 48.61 | ||||||
| Stock Price Close | 48.61 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | INR | ||||||
| Trading Currency | INR | ||||||
| FX Rate: INR/INR | 1.00 | ||||||
| Market Cap | 1,439.5 | ||||||
| Shares Outstanding | 29.4 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||