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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 2.4x - 2.6x | 2.5x |
| Fair Value | ₹835.47 - ₹1,031 | ₹931.77 |
| Upside | -44.7% - -31.7% | -38.3% |
| 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 | 271,832 | 296,022 | 325,584 | 351,480 | 363,782 | 405,184 |
| % Growth | 5.8% | 8.9% | 10.0% | 8.0% | 3.5% | 11.4% |
| EBITDA | 46,612 | 54,000 | 58,770 | 74,000 | 88,200 | 102,800 |
| % of Revenue | 17.1% | 18.2% | 18.1% | 21.1% | 24.2% | 25.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 54,000 | 58,770 | 74,000 | 88,200 | 102,800 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (15,000) | (16,680) | (22,354) | (23,600) | (27,700) | |
| EBIT | 39,000 | 42,090 | 51,646 | 64,600 | 75,100 | |
| Pro forma Taxes | (8,970) | (9,681) | (11,879) | (14,858) | (17,273) | |
| NOPAT | 25,470 | 30,030 | 32,409 | 39,767 | 49,742 | 57,827 |
| Capital Expenditures | (36,565) | (57,117) | (82,609) | (95,000) | (78,242) | (158,014) |
| NWC Investment | (91) | (148) | (181) | (159) | (76) | (254) |
| (+) D&A | 13,533 | 15,000 | 16,680 | 22,354 | 23,600 | 27,700 |
| Free Cash Flow | 2,347 | (12,235) | (33,701) | (33,038) | (4,975) | (72,741) |
| % Growth | NM | NM | NM | NM | NM | |