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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 5.3x - 5.9x | 5.6x |
| Fair Value | ₹1,101 - ₹1,233 | ₹1,166 |
| Upside | -24.7% - -15.6% | -20.2% |
| 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 | 4,399 | 8,754 | 10,748 | 16,028 | 19,234 | 21,638 |
| % Growth | 101.0% | 99.0% | 22.8% | 49.1% | 20.0% | 12.5% |
| EBITDA | 1,818 | 3,124 | 3,813 | 5,687 | 7,785 | 9,300 |
| % of Revenue | 41.3% | 35.7% | 35.5% | 35.5% | 40.5% | 43.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 3,124 | 3,813 | 5,687 | 7,785 | 9,300 | |
| Other Income / (Exp) | 409 | 0 | 49 | 0 | 0 | |
| D&A | (289) | (21) | (31) | (37) | (41) | |
| EBIT | 3,244 | 3,792 | 5,705 | 7,749 | 9,258 | |
| Pro forma Taxes | (973) | (1,138) | (1,712) | (2,325) | (2,778) | |
| NOPAT | 1,213 | 2,271 | 2,654 | 3,994 | 5,424 | 6,481 |
| Capital Expenditures | (301) | (1,950) | (1,250) | (525) | (1,242) | (1,397) |
| NWC Investment | (323) | (636) | (291) | (771) | (468) | (351) |
| (+) D&A | 85 | 289 | 21 | 31 | 37 | 41 |
| Free Cash Flow | 674 | (26) | 1,134 | 2,728 | 3,751 | 4,774 |
| % Growth | NM | NM | 141% | 38% | 27% | |