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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 | ₹663.78 - ₹1,069 | ₹817.61 |
| Upside | -33.7% - 6.7% | -18.3% |
| 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 | 750 | 648 | 648 | 648 | 648 | 648 | 648 | |
| % Growth | 6.3% | -13.5% | 0.0% | 0.0% | 0.0% | 0.0% | ||
| Payout Ratio | 26.7% | 39.0% | 52.0% | 65.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 200 | 253 | 337 | 421 | 506 | 584 | 600 | |
| % Growth | 26.2% | 33.3% | 25.0% | 20.0% | 15.4% | |||
| 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 | 40 | 12 | 55 | 118 | 200 | 0 | 0 | |
| % Growth | -70% | 350% | 117% | 69% | NM | |||
| Net Income to Common | 80 | 120 | 333 | 705 | 750 | 563 | 454 | |
| % Growth | 51% | 177% | 112% | 6% | -19% | |||
| Payout Ratio | 51% | 10% | 16% | 17% | 27% | 0% | 0% | |
| Retention Ratio | 49% | 90% | 84% | 83% | 73% | 100% | 100% | |
| Adjusted EBITDA | 367 | 314 | 632 | 1,137 | 1,171 | 881 | 717 | |
| % Growth | -14% | 101% | 80% | 3% | -19% | |||
| Total Debt | 445 | 231 | 628 | 236 | 1 | 0 | 0 | |
| Shareholder's Equity | 1,179 | 1,288 | 1,566 | 2,152 | 2,696 | 2,390 | 2,866 | |
| Debt / EBITDA | 1.2 | 0.7 | 1.0 | 0.2 | 0.0 | 0.0 | ||
| Debt / Equity | 38% | 18% | 40% | 11% | 0% | 0% | 0% | |
| 3-Yr Avg. Dividend Growth | 178.6% | |||||||
| 5-Yr Median Payout Ratio | 16.8% | |||||||