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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 1.6x - 1.8x | 1.7x |
| Fair Value | ₹991.63 - ₹1,119 | ₹1,054 |
| Upside | 41.8% - 60.1% | 50.8% |
| 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 |
| Revenue | 466,370 | 500,116 | 538,772 | 578,096 | 598,329 | 610,295 |
| % Growth | 8.2% | 7.2% | 7.7% | 7.3% | 3.5% | 2.0% |
| EBITDA | 66,120 | 92,828 | 105,183 | 113,790 | 117,772 | 120,128 |
| % of Revenue | 14.2% | 18.6% | 19.5% | 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 | |
| EBITDA | 92,828 | 105,183 | 113,790 | 117,772 | 120,128 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (29,784) | (30,422) | (30,494) | (31,561) | (32,192) | |
| EBIT | 63,044 | 74,761 | 83,296 | 86,211 | 87,936 | |
| Pro forma Taxes | (6,304) | (7,476) | (8,330) | (8,621) | (8,794) | |
| NOPAT | 48,420 | 56,739 | 67,285 | 74,966 | 77,590 | 79,142 |
| Capital Expenditures | (8,130) | (20,000) | (20,000) | (20,625) | (21,347) | (21,774) |
| NWC Investment | (1,802) | (1,719) | (1,969) | (2,003) | (1,031) | (609) |
| (+) D&A | 12,320 | 29,784 | 30,422 | 30,494 | 31,561 | 32,192 |
| Free Cash Flow | 50,808 | 64,804 | 75,738 | 82,832 | 86,774 | 88,951 |
| % Growth | 28% | 17% | 9% | 5% | 3% | |