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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 4.0x - 4.4x | 4.2x |
| Fair Value | ₹4.09 - ₹4.67 | ₹4.37 |
| Upside | -28.4% - -18.3% | -23.4% |
| 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 | 117 | 125 | 130 | 132 | 135 | 138 |
| % Growth | 11.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 11 | 15 | 15 | 15 | 16 | 16 |
| % of Revenue | 9.3% | 11.6% | 11.6% | 11.6% | 11.6% | 11.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 15 | 15 | 15 | 16 | 16 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3) | (3) | (3) | (3) | (3) | |
| EBIT | 12 | 12 | 12 | 13 | 13 | |
| Pro forma Taxes | (2) | (2) | (2) | (2) | (2) | |
| NOPAT | 7 | 10 | 10 | 10 | 11 | 11 |
| Capital Expenditures | (4) | (3) | (3) | (4) | (4) | (4) |
| NWC Investment | (1) | (1) | (0) | (0) | (0) | (0) |
| (+) D&A | 2 | 3 | 3 | 3 | 3 | 3 |
| Free Cash Flow | 4 | 8 | 9 | 9 | 10 | 10 |
| % Growth | 98% | 10% | 4% | 2% | 2% | |