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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 4.8% - 5.3% | 5.0% |
| Discount Rate | 8.6% - 7.6% | 8.1% |
| Fair Value | ₹3,329 - ₹5,358 | ₹4,100 |
| Upside | -17.5% - 32.8% | 1.6% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (INR in millions) | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Terminal | |
| Net Income to Common | 5,513 | 6,036 | 6,845 | 7,698 | 7,199 | 7,343 | 7,343 | |
| % Growth | -11.6% | 9.5% | 13.4% | 12.5% | -6.5% | 2.0% | ||
| Payout Ratio | 33.3% | 45.0% | 56.0% | 67.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 1,834 | 2,716 | 3,833 | 5,158 | 5,615 | 6,608 | 6,792 | |
| % Growth | 48.1% | 41.1% | 34.6% | 8.9% | 17.7% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (INR in millions) | Mar-20 | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 1,029 | 998 | 1,597 | 1,698 | 1,834 | 0 | 0 | |
| % Growth | -3% | 60% | 6% | 8% | NM | |||
| Net Income to Common | 5,091 | 4,976 | 6,126 | 6,239 | 5,513 | 3,725 | 4,367 | |
| % Growth | -2% | 23% | 2% | -12% | 17% | |||
| Payout Ratio | 20% | 20% | 26% | 27% | 33% | 0% | 0% | |
| Retention Ratio | 80% | 80% | 74% | 73% | 67% | 100% | 100% | |
| Adjusted EBITDA | 5,457 | 6,697 | 7,879 | 7,704 | 5,985 | 4,467 | 4,845 | |
| % Growth | 23% | 18% | -2% | -22% | 8% | |||
| Total Debt | 1,279 | 1,117 | 1,670 | 1,345 | 945 | 1,160 | 747 | |
| Shareholder's Equity | 33,955 | 23,930 | 28,644 | 32,073 | 35,955 | 32,730 | 37,509 | |
| Debt / EBITDA | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | ||
| Debt / Equity | 4% | 5% | 6% | 4% | 3% | 4% | 2% | |
| 3-Yr Avg. Dividend Growth | 24.8% | |||||||
| 5-Yr Median Payout Ratio | 26.1% | |||||||