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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 138.1x - 140.1x | 139.1x |
| Fair Value | ₹758.18 - ₹805.12 | ₹781.33 |
| Upside | -46.2% - -42.9% | -44.6% |
| 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 | 28,300 | 29,291 | 29,876 | 30,474 | 31,083 | 31,705 |
| % Growth | 6.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,390 | 1,347 | 1,374 | 1,402 | 1,430 | 1,459 |
| % of Revenue | 4.9% | 4.6% | 4.6% | 4.6% | 4.6% | 4.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 1,347 | 1,374 | 1,402 | 1,430 | 1,459 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,735) | (1,769) | (1,805) | (1,841) | (1,878) | |
| EBIT | (387) | (395) | (403) | (411) | (419) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (153) | (387) | (395) | (403) | (411) | (419) |
| Capital Expenditures | (590) | (730) | (745) | (759) | (775) | (790) |
| NWC Investment | 25 | 15 | 9 | 9 | 9 | 9 |
| (+) D&A | 1,600 | 1,735 | 1,769 | 1,805 | 1,841 | 1,878 |
| Free Cash Flow | 882 | 632 | 638 | 651 | 664 | 677 |
| % Growth | -28% | 1% | 2% | 2% | 2% | |