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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 9.5x - 11.5x | 10.5x |
| Fair Value | ₹1,151 - ₹1,385 | ₹1,264 |
| Upside | 64.7% - 98.2% | 80.8% |
| 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 | 466,370 | 500,116 | 538,772 | 578,096 | 598,329 | 610,295 | 622,501 | 634,951 | 647,650 | 660,603 | 673,815 |
| % Growth | 8.2% | 7.2% | 7.7% | 7.3% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 66,120 | 92,828 | 105,183 | 113,790 | 117,772 | 120,128 | 122,530 | 124,981 | 127,481 | 130,030 | 132,631 |
| % of Revenue | 14.2% | 18.6% | 19.5% | 19.7% | 19.7% | 19.7% | 19.7% | 19.7% | 19.7% | 19.7% | 19.7% |
| 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 | 92,828 | 105,183 | 113,790 | 117,772 | 120,128 | 122,530 | 124,981 | 127,481 | 130,030 | 132,631 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (29,784) | (30,422) | (30,494) | (31,561) | (32,192) | (32,836) | (33,493) | (34,163) | (34,846) | (35,543) | |
| EBIT | 63,044 | 74,761 | 83,296 | 86,211 | 87,936 | 89,694 | 91,488 | 93,318 | 95,184 | 97,088 | |
| Pro forma Taxes | (6,304) | (7,476) | (8,330) | (8,621) | (8,794) | (8,969) | (9,149) | (9,332) | (9,518) | (9,709) | |
| NOPAT | 48,420 | 56,739 | 67,285 | 74,966 | 77,590 | 79,142 | 80,725 | 82,339 | 83,986 | 85,666 | 87,379 |
| Capital Expenditures | (8,130) | (20,000) | (20,000) | (20,625) | (21,347) | (21,774) | (21,249) | (21,456) | (21,493) | (21,399) | (21,450) |
| NWC Investment | (1,802) | (1,719) | (1,969) | (2,003) | (1,031) | (609) | (622) | (634) | (647) | (660) | (673) |
| (+) D&A | 12,320 | 29,784 | 30,422 | 30,494 | 31,561 | 32,192 | 32,836 | 33,493 | 34,163 | 34,846 | 35,543 |
| Free Cash Flow | 50,808 | 64,804 | 75,738 | 82,832 | 86,774 | 88,951 | 91,691 | 93,742 | 96,009 | 98,453 | 100,800 |
| % Growth | 28% | 17% | 9% | 5% | 3% | 3% | 2% | 2% | 3% | 2% | |
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