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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 8.6x - 10.6x | 9.6x |
| Fair Value | ₹1,559 - ₹1,958 | ₹1,754 |
| Upside | -1.4% - 23.9% | 11.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (INR in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 |
| Revenue | 9,585 | 12,784 | 15,528 | 18,308 | 20,597 | 22,141 |
| % Growth | 19.5% | 33.4% | 21.5% | 17.9% | 12.5% | 7.5% |
| EBITDA | 1,676 | 2,185 | 2,779 | 3,296 | 4,223 | 4,761 |
| % of Revenue | 17.5% | 17.1% | 17.9% | 18.0% | 20.5% | 21.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 2,185 | 2,779 | 3,296 | 4,223 | 4,761 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (224) | (249) | (463) | (521) | (560) | |
| EBIT | 1,961 | 2,530 | 2,833 | 3,702 | 4,201 | |
| Pro forma Taxes | (490) | (633) | (708) | (926) | (1,050) | |
| NOPAT | 1,118 | 1,471 | 1,898 | 2,125 | 2,777 | 3,151 |
| Capital Expenditures | (1,084) | (1,200) | (600) | (650) | (817) | (878) |
| NWC Investment | (244) | (500) | (429) | (434) | (358) | (241) |
| (+) D&A | 185 | 224 | 249 | 463 | 521 | 560 |
| Free Cash Flow | (25) | (6) | 1,118 | 1,503 | 2,123 | 2,591 |
| % Growth | NM | NM | 35% | 41% | 22% | |