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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 1.846 B - 3.123 B | 2.79 B |
| Discount Rate | 9.8% - 7.8% | 8.8% |
| Fair Value | ₹176.41 - ₹350.22 | ₹281.71 |
| Upside | -62.6% - -25.7% | -40.2% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Mar-20 | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Dec-24 | ||
| (INR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 14,798 | 14,495 | 15,769 | 19,896 | 23,478 | 26,844 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 1,309 | 1,950 | 2,173 | 2,587 | 2,689 | 2,955 | |
| (+) Net Interest Expense | (77) | (133) | (135) | (205) | (243) | (233) | |
| (+) Other Non Operating Exp. | (103) | (30) | (169) | (105) | (37) | (98) | |
| (+) D&A | 166 | 193 | 198 | 207 | 270 | 318 | |
| (+) Non-recurring Items | 4 | (1) | (3) | 3 | (5) | (5) | |
| Adjusted EBITDA | 1,298 | 1,979 | 2,065 | 2,488 | 2,675 | 2,937 | |
| (-) D&A | (166) | (193) | (198) | (207) | (270) | (318) | |
| Adjusted EBIT | 1,132 | 1,786 | 1,867 | 2,280 | 2,404 | 2,620 | |
| % of Revenue | 7.6% | 12.3% | 11.8% | 11.5% | 10.2% | 9.8% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 7.6% | 11.5% | 12.3% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (INR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 18,935 | 31,881 | 40,302 | 55,199 | |||
| (+) Cash & Short Term Investments | 4,907 | 4,907 | 4,907 | 4,907 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (2,157) | (2,157) | (2,157) | (2,157) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 21,686 | 34,631 | 43,052 | 57,949 | |||
| (/) Shares Outstanding | 122.9 | 122.9 | 122.9 | 122.9 | |||
| Implied Stock Price (INR) | 176.41 | 281.71 | 350.22 | 471.40 | |||
| FX Rate: INR/INR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (INR) | 176.41 | 281.71 | 350.22 | 471.40 | |||
| Upside / (Downside) | -62.58% | -40.24% | -25.71% | ||||
| Stock Price | 471.40 | ||||||
| Stock Price Close | 471.40 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | INR | ||||||
| Trading Currency | INR | ||||||
| FX Rate: INR/INR | 1.00 | ||||||
| Market Cap | 57,949.4 | ||||||
| Shares Outstanding | 122.9 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||