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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 7.3x - 9.3x | 8.3x |
| Fair Value | ₹187.31 - ₹243.01 | ₹214.12 |
| Upside | 8.7% - 41.0% | 24.2% |
| 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 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 |
| Revenue | 12,374 | 17,686 | 19,897 | 21,389 | 22,138 | 22,581 | 23,032 | 23,493 | 23,963 | 24,442 | 24,931 |
| % Growth | -16.0% | 42.9% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,555 | 3,238 | 4,140 | 4,664 | 4,828 | 4,924 | 5,023 | 5,123 | 5,226 | 5,330 | 5,437 |
| % of Revenue | 12.6% | 18.3% | 20.8% | 21.8% | 21.8% | 21.8% | 21.8% | 21.8% | 21.8% | 21.8% | 21.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 | |
| EBITDA | 3,238 | 4,140 | 4,664 | 4,828 | 4,924 | 5,023 | 5,123 | 5,226 | 5,330 | 5,437 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (117) | (132) | (141) | (146) | (149) | (152) | (155) | (158) | (162) | (165) | |
| EBIT | 3,121 | 4,008 | 4,523 | 4,681 | 4,775 | 4,870 | 4,968 | 5,067 | 5,168 | 5,272 | |
| Pro forma Taxes | (843) | (1,082) | (1,221) | (1,264) | (1,289) | (1,315) | (1,341) | (1,368) | (1,395) | (1,423) | |
| NOPAT | 1,019 | 2,278 | 2,926 | 3,302 | 3,417 | 3,486 | 3,555 | 3,626 | 3,699 | 3,773 | 3,848 |
| Capital Expenditures | (759) | (634) | (713) | (767) | (794) | (810) | (790) | (798) | (799) | (796) | (797) |
| NWC Investment | 893 | (2,006) | (835) | (564) | (283) | (167) | (171) | (174) | (177) | (181) | (185) |
| (+) D&A | 159 | 117 | 132 | 141 | 146 | 149 | 152 | 155 | 158 | 162 | 165 |
| Free Cash Flow | 1,311 | (245) | 1,509 | 2,113 | 2,487 | 2,658 | 2,747 | 2,810 | 2,881 | 2,958 | 3,031 |
| % Growth | NM | NM | 40% | 18% | 7% | 3% | 2% | 3% | 3% | 2% | |