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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 8.7x - 10.7x | 9.7x |
| Fair Value | ₹556.64 - ₹687.32 | ₹620.86 |
| Upside | 44.4% - 78.2% | 61.0% |
| 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 | 42,591 | 46,160 | 51,822 | 58,297 | 62,669 | 64,862 |
| % Growth | 4.7% | 8.4% | 12.3% | 12.5% | 7.5% | 3.5% |
| EBITDA | 3,297 | 5,987 | 7,322 | 8,579 | 9,849 | 10,193 |
| % of Revenue | 7.7% | 13.0% | 14.1% | 14.7% | 15.7% | 15.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 5,987 | 7,322 | 8,579 | 9,849 | 10,193 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,593) | (2,679) | (3,205) | (3,445) | (3,565) | |
| EBIT | 3,394 | 4,643 | 5,374 | 6,404 | 6,628 | |
| Pro forma Taxes | (713) | (975) | (1,129) | (1,345) | (1,392) | |
| NOPAT | 2,267 | 2,681 | 3,668 | 4,245 | 5,059 | 5,236 |
| Capital Expenditures | (823) | (1,000) | (1,000) | (1,000) | (1,075) | (1,113) |
| NWC Investment | (159) | (300) | (476) | (544) | (368) | (184) |
| (+) D&A | 427 | 2,593 | 2,679 | 3,205 | 3,445 | 3,565 |
| Free Cash Flow | 1,712 | 3,974 | 4,871 | 5,906 | 7,061 | 7,504 |
| % Growth | 132% | 23% | 21% | 20% | 6% | |