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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Perpetuity Growth Rate | 0.2% - 1.3% | 0.8% |
| Fair Value | ₹470.95 - ₹657.92 | ₹551.49 |
| Upside | -10.6% - 24.9% | 4.7% |
| 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 | 27,547 | 34,985 | 44,081 | 55,542 | 66,650 | 74,982 | |
| % Growth | 6.0% | 27.0% | 26.0% | 26.0% | 20.0% | 12.5% | |
| EBITDA | 2,186 | 2,935 | 3,774 | 4,841 | 9,142 | 12,159 | |
| % of Revenue | 7.9% | 8.4% | 8.6% | 8.7% | 13.7% | 16.2% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Terminal | |
| EBITDA | 2,935 | 3,774 | 4,841 | 9,142 | 12,159 | 12,159 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (628) | (840) | (1,002) | (1,202) | (1,353) | (2,550) | |
| EBIT | 2,307 | 2,934 | 3,839 | 7,939 | 10,806 | 9,609 | |
| Pro forma Taxes | (715) | (910) | (1,190) | (2,461) | (3,350) | (2,979) | |
| NOPAT | 1,156 | 1,592 | 2,024 | 2,649 | 5,478 | 7,456 | 6,630 |
| Capital Expenditures | (1,325) | (3,083) | (2,536) | (1,538) | (2,386) | (2,684) | (2,684) |
| NWC Investment | (88) | (416) | (509) | (642) | (622) | (466) | (31) |
| (+) D&A | 510 | 628 | 840 | 1,002 | 1,202 | 1,353 | 2,550 |
| Free Cash Flow | 254 | (1,280) | (181) | 1,471 | 3,673 | 5,659 | 6,465 |
| % Growth | NM | NM | NM | 150% | 54% | 14% | |