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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Fair Value | ₹574.50 - ₹796.97 | ₹667.19 |
| Upside | 10.3% - 53.1% | 28.1% |
| 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 | 178 | 202 | 202 | 202 | 202 | 202 | 202 | |
| % Growth | -36.1% | 13.3% | 0.0% | 0.0% | 0.0% | 0.0% | ||
| Payout Ratio | 10.0% | 26.0% | 42.0% | 58.0% | 74.0% | 90.0% | 92.5% | |
| Projected Dividends | 18 | 53 | 85 | 117 | 149 | 182 | 187 | |
| % Growth | 195.6% | 61.5% | 38.1% | 27.6% | 21.6% | |||
| 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 | 8 | 0 | 8 | 10 | 18 | 0 | 0 | |
| % Growth | -100% | NM | 33% | 75% | NM | |||
| Net Income to Common | 40 | 107 | 221 | 279 | 178 | 134 | 149 | |
| % Growth | 165% | 107% | 26% | -36% | 11% | |||
| Payout Ratio | 19% | 0% | 3% | 4% | 10% | 0% | 0% | |
| Retention Ratio | 81% | 100% | 97% | 96% | 90% | 100% | 100% | |
| Adjusted EBITDA | 190 | 279 | 451 | 534 | 429 | 316 | 349 | |
| % Growth | 47% | 62% | 18% | -20% | 10% | |||
| Total Debt | 689 | 757 | 979 | 1,012 | 1,125 | 1,047 | 1,077 | |
| Shareholder's Equity | 606 | 713 | 926 | 1,195 | 1,356 | 1,285 | 1,451 | |
| Debt / EBITDA | 3.6 | 2.7 | 2.2 | 1.9 | 2.6 | 2.3 | ||
| Debt / Equity | 114% | 106% | 106% | 85% | 83% | 81% | 74% | |
| 3-Yr Avg. Dividend Growth | 54.2% | |||||||
| 5-Yr Median Payout Ratio | 3.6% | |||||||