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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 43.6x - 45.6x | 44.6x |
| Fair Value | ₹124.32 - ₹134.94 | ₹129.55 |
| Upside | -5.3% - 2.8% | -1.3% |
| 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 | 388 | 466 | 524 | 563 | 583 | 595 |
| % Growth | 46.7% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% |
| EBITDA | 88 | 37 | 54 | 64 | 66 | 68 |
| % of Revenue | 22.7% | 7.9% | 10.4% | 11.4% | 11.4% | 11.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 37 | 54 | 64 | 66 | 68 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (48) | (54) | (58) | (60) | (61) | |
| EBIT | (11) | 1 | 6 | 7 | 7 | |
| Pro forma Taxes | 0 | (0) | (1) | (1) | (1) | |
| NOPAT | 58 | (11) | 1 | 5 | 6 | 6 |
| Capital Expenditures | (24) | (29) | (33) | (35) | (37) | (37) |
| NWC Investment | (68) | (42) | (32) | (22) | (11) | (6) |
| (+) D&A | 18 | 48 | 54 | 58 | 60 | 61 |
| Free Cash Flow | (16) | (35) | (10) | 6 | 18 | 23 |
| % Growth | NM | NM | NM | 189% | 28% | |