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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 0.8x - 0.9x | 0.8x |
| Fair Value | ₹342.09 - ₹385.73 | ₹363.25 |
| Upside | 32.7% - 49.7% | 40.9% |
| 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 | 78,093 | 74,000 | 88,055 | 100,507 | 108,045 | 111,827 | 114,063 | 116,344 | 118,671 | 121,045 | 123,466 |
| % Growth | -2.3% | -5.2% | 19.0% | 14.1% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 5,699 | 5,440 | 7,309 | 9,146 | 10,912 | 11,294 | 11,520 | 11,751 | 11,986 | 12,225 | 12,470 |
| % of Revenue | 7.3% | 7.4% | 8.3% | 9.1% | 10.1% | 10.1% | 10.1% | 10.1% | 10.1% | 10.1% | 10.1% |
| 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 | 5,440 | 7,309 | 9,146 | 10,912 | 11,294 | 11,520 | 11,751 | 11,986 | 12,225 | 12,470 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,226) | (1,315) | (1,414) | (1,520) | (1,573) | (1,605) | (1,637) | (1,670) | (1,703) | (1,737) | |
| EBIT | 4,214 | 5,994 | 7,732 | 9,392 | 9,721 | 9,916 | 10,114 | 10,316 | 10,522 | 10,733 | |
| Pro forma Taxes | (1,096) | (1,558) | (2,010) | (2,442) | (2,527) | (2,578) | (2,630) | (2,682) | (2,736) | (2,791) | |
| NOPAT | 3,392 | 3,118 | 4,436 | 5,722 | 6,950 | 7,194 | 7,337 | 7,484 | 7,634 | 7,787 | 7,942 |
| Capital Expenditures | (619) | (2,750) | (2,250) | (1,500) | (2,167) | (2,243) | (1,970) | (2,009) | (2,049) | (2,009) | (2,023) |
| NWC Investment | 149 | 324 | (1,114) | (987) | (597) | (300) | (177) | (181) | (184) | (188) | (192) |
| (+) D&A | 1,116 | 1,226 | 1,315 | 1,414 | 1,520 | 1,573 | 1,605 | 1,637 | 1,670 | 1,703 | 1,737 |
| Free Cash Flow | 4,037 | 1,919 | 2,387 | 4,649 | 5,706 | 6,225 | 6,795 | 6,931 | 7,070 | 7,292 | 7,465 |
| % Growth | 24% | 95% | 23% | 9% | 9% | 2% | 2% | 3% | 2% | ||