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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | ₹66.68 - ₹88.12 | ₹77.04 |
| Upside | -44.4% - -26.6% | -35.8% |
| 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 | 288 | 298 | 304 | 310 | 316 | 323 | 329 | 336 | 343 | 349 | 356 |
| % Growth | 5.8% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 29 | 24 | 24 | 25 | 25 | 26 | 26 | 27 | 27 | 28 | 28 |
| % of Revenue | 10.1% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% |
| 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 | 24 | 24 | 25 | 25 | 26 | 26 | 27 | 27 | 28 | 28 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | |
| EBIT | 21 | 21 | 22 | 22 | 23 | 23 | 24 | 24 | 24 | 25 | |
| Pro forma Taxes | (6) | (6) | (6) | (6) | (6) | (6) | (7) | (7) | (7) | (7) | |
| NOPAT | 19 | 15 | 15 | 16 | 16 | 16 | 17 | 17 | 17 | 18 | 18 |
| Capital Expenditures | (11) | (20) | (20) | (21) | (21) | (22) | (21) | (21) | (21) | (21) | (21) |
| NWC Investment | (4) | (3) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) |
| (+) D&A | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Free Cash Flow | 6 | (5) | (4) | (4) | (4) | (4) | (3) | (3) | (3) | (2) | (2) |
| % Growth | NM | NM | NM | NM | NM | NM | NM | NM | NM | ||