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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 4.9x - 5.4x | 5.2x |
| Fair Value | ₹385.42 - ₹421.79 | ₹403.31 |
| Upside | 28.6% - 40.7% | 34.5% |
| 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 | 2,913 | 5,098 | 7,902 | 10,668 | 12,801 | 14,402 |
| % Growth | 220.1% | 75.0% | 55.0% | 35.0% | 20.0% | 12.5% |
| EBITDA | 2,427 | 3,737 | 6,322 | 8,534 | 10,241 | 11,521 |
| % of Revenue | 83.3% | 73.3% | 80.0% | 80.0% | 80.0% | 80.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 3,737 | 6,322 | 8,534 | 10,241 | 11,521 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (73) | (114) | (154) | (184) | (207) | |
| EBIT | 3,664 | 6,208 | 8,381 | 10,057 | 11,314 | |
| Pro forma Taxes | (623) | (1,055) | (1,425) | (1,710) | (1,923) | |
| NOPAT | 2,009 | 3,041 | 5,153 | 6,956 | 8,347 | 9,391 |
| Capital Expenditures | (2) | (63) | (97) | (131) | (158) | (177) |
| NWC Investment | 1,434 | 1,565 | 2,008 | 1,981 | 1,528 | 1,146 |
| (+) D&A | 6 | 73 | 114 | 154 | 184 | 207 |
| Free Cash Flow | 3,448 | 4,616 | 7,177 | 8,959 | 9,902 | 10,566 |
| % Growth | 34% | 55% | 25% | 11% | 7% | |