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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 8.0x - 10.0x | 9.0x |
| Fair Value | ₹1,571 - ₹1,975 | ₹1,766 |
| Upside | 20.4% - 51.3% | 35.3% |
| 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 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 |
| Revenue | 8,022 | 9,558 | 12,864 | 15,801 | 18,848 | 21,204 | 22,794 | 23,592 | 24,064 | 24,545 | 25,036 |
| % Growth | 45.2% | 19.1% | 34.6% | 22.8% | 19.3% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,463 | 1,700 | 2,237 | 2,872 | 3,581 | 4,559 | 5,015 | 5,190 | 5,294 | 5,400 | 5,508 |
| % of Revenue | 18.2% | 17.8% | 17.4% | 18.2% | 19.0% | 21.5% | 22.0% | 22.0% | 22.0% | 22.0% | 22.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | |
| EBITDA | 1,700 | 2,237 | 2,872 | 3,581 | 4,559 | 5,015 | 5,190 | 5,294 | 5,400 | 5,508 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (188) | (270) | (395) | (471) | (530) | (570) | (590) | (602) | (614) | (626) | |
| EBIT | 1,512 | 1,967 | 2,477 | 3,110 | 4,029 | 4,445 | 4,600 | 4,692 | 4,786 | 4,882 | |
| Pro forma Taxes | (423) | (551) | (693) | (871) | (1,128) | (1,245) | (1,288) | (1,314) | (1,340) | (1,367) | |
| NOPAT | 969 | 1,089 | 1,416 | 1,783 | 2,239 | 2,901 | 3,200 | 3,312 | 3,378 | 3,446 | 3,515 |
| Capital Expenditures | (1,074) | (1,250) | (950) | (400) | (867) | (975) | (747) | (773) | (789) | (770) | (777) |
| NWC Investment | (386) | (238) | (512) | (455) | (472) | (365) | (246) | (123) | (73) | (74) | (76) |
| (+) D&A | 117 | 188 | 270 | 395 | 471 | 530 | 570 | 590 | 602 | 614 | 626 |
| Free Cash Flow | (375) | (211) | 224 | 1,324 | 1,372 | 2,091 | 2,777 | 3,005 | 3,118 | 3,215 | 3,288 |
| % Growth | NM | NM | 490% | 4% | 52% | 33% | 8% | 4% | 3% | 2% | |