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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 5.3x - 5.8x | 5.6x |
| Fair Value | ₹1,011 - ₹1,124 | ₹1,067 |
| Upside | 2.5% - 14.1% | 8.2% |
| 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 | 2,088 | 3,654 | 5,663 | 7,645 | 9,174 | 10,321 |
| % Growth | 121.7% | 75.0% | 55.0% | 35.0% | 20.0% | 12.5% |
| EBITDA | 782 | 1,542 | 2,814 | 4,373 | 5,706 | 6,677 |
| % of Revenue | 37.5% | 42.2% | 49.7% | 57.2% | 62.2% | 64.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 1,542 | 2,814 | 4,373 | 5,706 | 6,677 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (103) | (160) | (216) | (259) | (291) | |
| EBIT | 1,439 | 2,655 | 4,157 | 5,447 | 6,386 | |
| Pro forma Taxes | (259) | (478) | (748) | (980) | (1,149) | |
| NOPAT | 614 | 1,180 | 2,177 | 3,409 | 4,467 | 5,236 |
| Capital Expenditures | (278) | (367) | (570) | (769) | (923) | (1,038) |
| NWC Investment | 184 | 251 | 323 | 318 | 246 | 184 |
| (+) D&A | 34 | 103 | 160 | 216 | 259 | 291 |
| Free Cash Flow | 554 | 1,167 | 2,090 | 3,174 | 4,048 | 4,674 |
| % Growth | 111% | 79% | 52% | 28% | 15% | |