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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 0.4x - 0.5x | 0.5x |
| Fair Value | ₹190.88 - ₹212.75 | ₹201.51 |
| Upside | 86.2% - 107.6% | 96.6% |
| 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 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 |
| Revenue | 26,993 | 31,308 | 38,024 | 48,009 | 57,611 | 64,812 | 69,673 | 72,112 | 73,554 | 75,025 | 76,525 |
| % Growth | 13.1% | 16.0% | 21.5% | 26.3% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,146 | 1,704 | 2,218 | 2,979 | 6,455 | 8,883 | 9,897 | 10,244 | 10,448 | 10,657 | 10,871 |
| % of Revenue | 4.2% | 5.4% | 5.8% | 6.2% | 11.2% | 13.7% | 14.2% | 14.2% | 14.2% | 14.2% | 14.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | ||
| EBITDA | 1,704 | 2,218 | 2,979 | 6,455 | 8,883 | 9,897 | 10,244 | 10,448 | 10,657 | 10,871 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (222) | (236) | (276) | (331) | (373) | (401) | (415) | (423) | (431) | (440) | |
| EBIT | 1,483 | 1,982 | 2,703 | 6,124 | 8,510 | 9,497 | 9,829 | 10,026 | 10,226 | 10,431 | |
| Pro forma Taxes | (356) | (476) | (649) | (1,470) | (2,042) | (2,279) | (2,359) | (2,406) | (2,454) | (2,503) | |
| NOPAT | 755 | 1,127 | 1,506 | 2,054 | 4,654 | 6,468 | 7,217 | 7,470 | 7,619 | 7,772 | 7,927 |
| Capital Expenditures | (1,092) | (1,000) | (600) | (500) | (700) | (788) | (663) | (686) | (699) | (683) | (689) |
| NWC Investment | (303) | (417) | (650) | (966) | (929) | (697) | (470) | (236) | (139) | (142) | (145) |
| (+) D&A | 153 | 222 | 236 | 276 | 331 | 373 | 401 | 415 | 423 | 431 | 440 |
| Free Cash Flow | (487) | (69) | 493 | 865 | 3,357 | 5,356 | 6,485 | 6,963 | 7,203 | 7,378 | 7,533 |
| % Growth | NM | 75% | 288% | 60% | 21% | 7% | 3% | 2% | 2% | ||