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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | ₹149.09 - ₹173.42 | ₹156.94 |
| Upside | 60.4% - 86.6% | 68.8% |
| 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 | 1,352 | 1,521 | 1,635 | 1,692 | 1,726 | 1,760 | |
| % Growth | 21.1% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 419 | 481 | 533 | 552 | 563 | 574 | |
| % of Revenue | 31.0% | 31.6% | 32.6% | 32.6% | 32.6% | 32.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Terminal | |
| EBITDA | 481 | 533 | 552 | 563 | 574 | 574 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (207) | (223) | (231) | (235) | (240) | (151) | |
| EBIT | 274 | 310 | 321 | 328 | 334 | 423 | |
| Pro forma Taxes | (41) | (47) | (48) | (49) | (50) | (63) | |
| NOPAT | 242 | 232 | 264 | 273 | 279 | 284 | 359 |
| Capital Expenditures | (128) | (138) | (148) | (153) | (156) | (159) | (159) |
| NWC Investment | NA | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 135 | 207 | 223 | 231 | 235 | 240 | 151 |
| Free Cash Flow | 249 | 302 | 339 | 351 | 358 | 365 | 351 |
| % Growth | 21% | 12% | 3% | 2% | 2% | -4% | |