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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Fair Value | ₹144.60 - ₹182.80 | ₹163.39 |
| Upside | -31.0% - -12.7% | -22.0% |
| 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 | 28,339 | 25,482 | 27,751 | 30,821 | 33,133 | 34,292 |
| % Growth | -2.4% | -10.1% | 8.9% | 11.1% | 7.5% | 3.5% |
| EBITDA | 2,334 | 1,719 | 2,431 | 3,165 | 3,733 | 3,864 |
| % of Revenue | 8.2% | 6.7% | 8.8% | 10.3% | 11.3% | 11.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 1,719 | 2,431 | 3,165 | 3,733 | 3,864 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,273) | (1,413) | (1,577) | (1,695) | (1,754) | |
| EBIT | 446 | 1,019 | 1,588 | 2,038 | 2,110 | |
| Pro forma Taxes | (151) | (346) | (540) | (693) | (717) | |
| NOPAT | 997 | 294 | 672 | 1,048 | 1,345 | 1,392 |
| Capital Expenditures | (1,834) | (1,849) | (1,750) | (1,800) | (1,935) | (2,003) |
| NWC Investment | 58 | 235 | (187) | (253) | (190) | (96) |
| (+) D&A | 824 | 1,273 | 1,413 | 1,577 | 1,695 | 1,754 |
| Free Cash Flow | 45 | (46) | 148 | 572 | 915 | 1,048 |
| % Growth | NM | NM | 287% | 60% | 15% | |