Years Mar-19 A Mar-20 A Mar-21 A Mar-22 A Mar-23 A

Amount in crores
Income Statement

Sales 13,125.9 26,047.4 19,938.0 41,924.0 70,794.0

Other Income 0.0 0.0 0.0 0.0 0.0
Sales 13,125.9 26,047.4 19,938.0 41,924.0 70,794.0
Sales Growth 98.44% (23.45%) 110.27% 68.86%

COGS 6,269.9 9,229.4 9,456.0 21,649.0 28,899.0

COGS % Sales 47.77% 35.43% 47.43% 51.64% 40.82%

Gross Profit 6,856.0 16,818.0 10,482.0 20,275.0 41,895.0

Gross Margin 52.23% 64.57% 52.57% 48.36% 59.18%

Selling and General expenses 12,632.4 13,771.5 5,824.0 12,264.0 12,692.0

S&G Exp % of sales 96.24% 52.87% 29.21% 29.25% 17.93%
Provision for bad debt 29.5 125.0 88.0 185.0 66.0
Other Operating Exp 16,630.9 25,966.5 9,234.0 26,240.0 41,240.0
Other Operating Exp %of Sales 126.70% 99.69% 46.31% 62.59% 58.25%

EBITDA (22,436.8) (23,045.0) (4,664.0) (18,414.0) (12,103.0)

EBITDA Margins (170.94%) (88.47%) (23.39%) (43.92%) (17.10%)

Depriciation 431.4 842.4 1,377.0 1,503.0 4,369.0

Depriciation % Sales 3.29% 3.23% 6.91% 3.59% 6.17%
EBIT (22,868.2) (23,887.4) (6,041.0) (19,917.0) (16,472.0)
EBIT Margins (174.22%) (91.71%) (30.30%) (47.51%) (23.27%)

Intrest gain and other Income 133.2 264.9 223.0 3,966.0 5,292.0
Interest (70.2) (110.2) (86.0) (102.0) (452.0)
Net Interest 63.0 154.7 137.0 3,864.0 4,840.0
Interest % Sales 0.48% 0.59% 0.69% 9.22% 6.84%
Earnings before tax (22,805.2) (23,732.7) (5,904.0) (16,053.0) (11,632.0)
EBT % Sales (173.74%) (91.11%) (29.61%) (38.29%) (16.43%)

Impairment of Goodwill (962.7)

Gain (Loss) On Sale Of Invest. 600.8 513.9 612.0 586.0 913.0
Gain (Loss) On Sale Of Assets 0.3 0.9 (1.0) 5.0 10.0
Asset Writedown (0.1) (155.2) (7.0) (2.0) -
Other Unusual Items 12,110.1 214.3 (3,151.0) 3,068.0 343.0
EBT(Inclusive Unsual Item) (10,094.1) (24,121.5) (8,451.0) (12,396.0) (10,366.0)
Tax 0.0 0.0 13.0 20.0 (436.0)
Effective Tax rate 0.00% 0.00% (0.22%) (0.12%) 3.75%

Net Profit (10,094.1) (24,121.5) (8,438.0) (12,376.0) (10,802.0)

Net Margins (76.90%) (92.61%) (42.32%) (29.52%) (15.26%)

No. of equity shares ₹8,521.4 ₹8,521.4 ₹8,521.4 ₹8,521.4 ₹8,521.4

Earning per share ₹-1.2 ₹-2.8 ₹-1.0 ₹-1.5 ₹-1.3

Dividend Per share ₹0.0 ₹0.0 ₹0.0 ₹0.0 ₹0.0

Dividend payout ratio 0.00% 0.00% 0.00% 0.00% 0.00%

Retained earnings ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00

Retained earnings 0.00% 0.00% 0.00% 0.00% 0.00%
Downside 63.71% 32.15% 25.00% 24.84% 39.04%
Normal 65.71% 34.15% 27.00% 26.84% 41.04%
Upside 67.71% 36.15% 29.00% 28.84% 43.04%
 Estimated Income statement
Mar-24 E Mar-25 E Mar-26 E Mar-27 E Mar-28 E Assumptions

115,898.9 153,157.4 191,441.1 238,994.3 332,294.5 100.00%

0.0 0.0 0.0 0.0 0.0 0.00%
115,898.9 153,157.4 191,441.1 238,994.3 332,294.5
63.71% 32.15% 25.00% 24.84% 39.04%

51,711.2 68,335.0 85,416.2 106,633.2 148,261.4

44.62%
44.62% 44.62% 44.62% 44.62% 44.62%

64,187.7 84,822.4 106,024.9 132,361.0 184,033.0

55.38% 55.38% 55.38% 55.38% 55.38%
431.4 842.4 1377 1503 4369
18,460.5 21,331.9 22,835.2 23,727.5 26,344.5
15.93% 13.93% 11.93% 9.93% 7.93%
66.0 66.0 66.0 66.0 66.0
60,561.2 70,840.7 77,061.8 81,864.0 93,884.9
52.25% 46.25% 40.25% 34.25% 28.25%

(14,834.0) (7,350.2) 6,127.9 26,769.5 63,803.6

(12.80%) (4.80%) 3.20% 11.20% 19.20%

643.2 671.9 710.8 744.9 773.8

0.55% 0.44% 0.37% 0.31% 0.23%
(15,477.2) (8,022.1) 5,417.1 26,024.6 63,029.8
(13.35%) (5.24%) 2.83% 10.89% 18.97%

5,821.2 6,403.3 7,043.7 7,748.0 8,522.8

260.2 227.9 229.1 236.4 253.6

0.22% 0.15% 0.12% 0.10% 0.08%

(9,916.2) (1,846.7) 12,231.6 33,536.3 71,299.0
(8.56%) (1.21%) 6.39% 14.03% 21.46%

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
(9,916.2) (1,846.7) 12,231.6 33,536.3 71,299.0
 0.0 0.0 0.0 0.0 17,626.1
25% 25% 25% 24.72% 24.72%

(9,916.2) (1,846.7) 12,231.6 33,536.3 53,672.9

(8.56%) (1.21%) 6.39% 14.03% 16.15%

₹8,521.4 ₹8,521.4 ₹8,521.4 ₹8,521.4 ₹8,521.4 8521

₹-1.2 ₹-0.2 ₹1.4 ₹3.9 ₹6.3

₹0.0 ₹0.0 ₹0.0 ₹0.0 ₹0.0

0.00% 0.00% 0.00% 0.00% 0.00% 65%

₹0.00 ₹0.00 ₹12,231.63 ₹33,536.25 ₹53,672.86

0.00% 0.00% 100.00% 100.00% 100.00%
Years Mar-19 A Mar-20 A Mar-21 A
Amount in crores
Balance Sheet
LIABILITIES
Accounts Payable ₹ 3,762.2 ₹ 2,687.3 ₹ 2,972.0
Accrued Exp. ₹ 103.7 ₹ 184.5 ₹ 219.0
Curr. Port. of LT Debt ₹ 0.0 ₹ 0.0 ₹ 13.0
Curr. Port. of Leases ₹ 286.4 ₹ 152.9 ₹ 182.0
Unearned Revenue, Current ₹ 1,008.1 ₹ 1,181.5 ₹ 455.0
Other Current Liabilities ₹ 1,900.9 ₹ 3,002.1 ₹ 1,336.0
Total Current Liabilities ₹ 7,061.3 ₹ 7,208.3 ₹ 5,177.0

Long-Term Debt ₹ 13.1 ₹ 13,774.1 ₹ 0.0

Long-Term Leases ₹ 742.6 ₹ 564.2 ₹ 530.0
Unearned Revenue, Non-Current ₹ 489.6 ₹ 257.3 ₹ 139.0
Pension & Other Post-Retire. Benefits ₹ 104.6 ₹ 167.1 ₹ 239.0
Def. Tax Liability, Non-Curr. ₹ 0.0 ₹ 0.0 ₹ 0.0
Other Non-Current Liabilities ₹ 38.1 ₹ 0.0 ₹ 20.0
Total Liabilities ₹ 8,449.4 ₹ 21,971.0 ₹ 6,105.0

Pref. Stock, Convertible ₹ 2,437.2 ₹ 2,524.0 ₹ 4,549.0

Total Pref. Equity ₹ 2,437.2 ₹ 2,524.0 ₹ 4,549.0

Common Stock ₹ 0.3 ₹ 0.3 -

Additional Paid In Capital ₹ 44,351.7 ₹ 48,163.3 ₹ 128,563.0
Retained Earnings (₹ 22,624.8) (₹ 46,663.5) (₹ 56,003.0)
Treasury Stock ₹ 0.0 ₹ 0.0 -
Comprehensive Inc. and Other ₹ 1,834.6 ₹ 3,073.7 ₹ 3,878.0
Total Common Equity ₹ 23,561.8 ₹ 4,573.8 ₹ 76,438.0

Minority Interest (₹ 314.2) (₹ 65.0) (₹ 57.0)

Total Equity ₹ 23,247.6 ₹ 4,508.8 ₹ 76,381.0

Total Liabilities And Equity ₹ 34,134.2 ₹ 29,003.8 ₹ 87,035.0

Cash And Equivalents ₹ 2,124.2 ₹ 1,672.0 ₹ 3,065.0

Short Term Investments ₹ 320.4 ₹ 1,927.1 ₹ 11,909.0
Trading Asset Securities ₹ 21,372.5 ₹ 3,239.2 ₹ 22,052.0
Total Cash & ST Investments ₹ 23,817.1 ₹ 6,838.3 ₹ 37,026.0
Accounts Receivable ₹ 708.2 ₹ 1,231.2 ₹ 1,299.0
Other Receivables ₹ 3,844.4 ₹ 1,020.0 ₹ 251.0
Notes Receivable - - -
Total Receivables ₹ 4,552.6 ₹ 2,251.2 ₹ 1,550.0

Inventory ₹ 21.3 ₹ 37.3 ₹ 148.0

Prepaid Exp. ₹ 108.4 ₹ 103.6 ₹ 240.0
Other Current Assets ₹ 1,219.0 ₹ 3,403.3 ₹ 2,541.0
Total Current Assets ₹ 29,718.4 ₹ 12,633.7 ₹ 41,505.0

Gross Property, Plant & Equipment ₹ 1,885.4 ₹ 1,773.3 ₹ 1,742.0

Accumulated Depreciation (₹ 560.3) (₹ 739.1) (₹ 904.0)
Net Property, Plant & Equipment ₹ 1,325.1 ₹ 1,034.2 ₹ 838.0

Long-term Investments ₹ 73.0 ₹ 0.0 -

Other Intangibles ₹ 1,884.9 ₹ 12,092.9 ₹ 12,478.0
Accounts Receivable Long-Term ₹ 693.5 ₹ 2,787.9 ₹ 2,075.0
Loans Receivable Long-Term ₹ 8.7 - -
Other Long-Term Assets ₹ 430.6 ₹ 455.3 ₹ 30,139.0
Total Assets ₹ 34,134.2 ₹ 29,004.0 ₹ 87,035.0

Net working Capital

Total Current Assets ₹ 29,718.4 ₹ 12,633.7 ₹ 41,505.0
Total Current Liabilities ₹ 7,061.3 ₹ 7,208.3 ₹ 5,177.0
Net working Capital ₹ 22,657.1 ₹ 5,425.4 ₹ 36,328.0
% of revenue 172.6% 20.8% 182.2%

Change In net working Capital (₹ 17,231.7) ₹ 30,902.6

 Estimated Balance Sheet
Mar-22 A Mar-23 A Mar-24 E Mar-25 E Mar-26 E Mar-27 E

₹ 4,288.0 ₹ 6,798.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0

₹ 1,217.0 ₹ 1,821.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 0.0 ₹ 346.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 193.0 ₹ 1,154.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 511.0 ₹ 346.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 906.0 ₹ 3,945.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 7,115.0 ₹ 14,410.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0

₹ 0.0 ₹ 58.0 ₹ 678.8 ₹ 678.8 ₹ 721.5 ₹ 838.5

₹ 510.0 ₹ 3,508.0 ₹ 2,100.6 ₹ 2,100.6 ₹ 2,232.7 ₹ 2,594.9
₹ 3.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 395.0 ₹ 521.0 ₹ 521.0 ₹ 521.0 ₹ 521.0 ₹ 521.0
₹ 0.0 ₹ 2,495.0 ₹ 2,495.0 ₹ 2,495.0 ₹ 2,495.0 ₹ 2,495.0
₹ 258.0 ₹ 463.0 ₹ 463.0 ₹ 463.0 ₹ 463.0 ₹ 463.0
₹ 8,281.0 ₹ 21,455.0 ₹ 6,258.5 ₹ 6,258.5 ₹ 6,433.2 ₹ 6,912.4

₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0

₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0

₹ 7,872.0 ₹ 8,554.0 ₹ 8,554.0 ₹ 8,554.0 ₹ 8,554.0 ₹ 8,554.0

₹ 212,919.0 ₹ 247,129.0 ₹ 247,129.0 ₹ 247,129.0 ₹ 247,129.0 ₹ 247,129.0
(₹ 67,286.0) (₹ 75,089.0) (₹ 75,089.0) (₹ 75,089.0) (₹ 62,857.4) (₹ 29,321.1)
(₹ 229.0) (₹ 190.0) (₹ 190.0) (₹ 190.0) (₹ 190.0) (₹ 190.0)
₹ 11,779.0 ₹ 14,194.0 ₹ 14,194.0 ₹ 14,194.0 ₹ 14,194.0 ₹ 14,194.0
₹ 165,055.0 ₹ 194,598.0 ₹ 194,598.0 ₹ 194,598.0 ₹ 206,829.6 ₹ 240,365.9

(₹ 66.0) (₹ 66.0) (₹ 66.0) (₹ 66.0) (₹ 66.0) (₹ 66.0)

₹ 164,989.0 ₹ 194,532.0 ₹ 194,532.0 ₹ 194,532.0 ₹ 206,763.6 ₹ 240,299.9

₹ 173,270.0 ₹ 215,987.0 ₹ 200,790.5 ₹ 200,790.5 ₹ 213,196.9 ₹ 247,212.3

₹ 3,923.0 ₹ 2,181.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0

₹ 45,734.0 ₹ 47,053.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 16,317.0 ₹ 44,850.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 65,974.0 ₹ 94,084.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
 ₹ 1,599.0 ₹ 4,569.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 1,714.0 ₹ 4,889.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 3,750.0 ₹ 4.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 7,063.0 ₹ 9,462.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0

₹ 397.0 ₹ 827.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0

₹ 222.0 ₹ 417.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 1,794.0 ₹ 3,520.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
₹ 75,450.0 ₹ 108,310.0 ₹ 115,898.9 ₹ 107,210.2 ₹ 95,720.6 ₹ 107,547.4

₹ 2,041.0 ₹ 7,975.0 ₹ 8,905.3 ₹ 9,965.6 ₹ 11,018.3 ₹ 12,051.5

(₹ 884.0) (₹ 1,543.0) (₹ 2,186.2) (₹ 2,858.1) (₹ 3,568.9) (₹ 4,313.8)
₹ 1,157.0 ₹ 6,432.0 ₹ 6,719.1 ₹ 7,107.5 ₹ 7,449.4 ₹ 7,737.7

₹ 30,860.0 ₹ 22,796.0 -276.51355664 ₹ 8,023.7 ₹ 31,577.9 ₹ 53,478.2

₹ 12,093.0 ₹ 47,166.0 ₹ 47,166.0 ₹ 47,166.0 ₹ 47,166.0 ₹ 47,166.0
₹ 799.0 ₹ 9,905.0 ₹ 9,905.0 ₹ 9,905.0 ₹ 9,905.0 ₹ 9,905.0
- - - - - -
₹ 52,911.0 ₹ 21,378.0 ₹ 21,378.0 ₹ 21,378.0 ₹ 21,378.0 ₹ 21,378.0
₹ 173,270.0 ₹ 215,987.0 ₹ 200,790.5 ₹ 200,790.5 ₹ 213,196.9 ₹ 247,212.3

₹ 75,450.0 ₹ 108,310.0
₹ 7,115.0 ₹ 14,410.0
₹ 68,335.0 ₹ 93,900.0 ₹ 115,898.9 ₹ 107,210.2 ₹ 95,720.6 ₹ 107,547.4
163.0% 132.6% 100.0% 70.0% 50.0% 45.0%

₹ 32,007.0 ₹ 25,565.0 ₹ 21,998.9 (₹ 8,688.7) (₹ 11,489.6) ₹ 11,826.9

 Mar-28 E Assumptions

₹ 0.0
₹ 0.0 Adjusted With Net Working Capital and
₹ 0.0 balance amount shown on current asstes side
₹ 0.0
₹ 0.0
₹ 0.0
₹ 0.0

₹ 1,025.8 Derived From Debt Schedule

₹ 3,174.4 Derived From Debt Schedule
₹ 0.0 Same as Last Year
₹ 521.0 Same as Last Year
₹ 2,495.0 Same as Last Year
₹ 463.0 Same as Last Year
₹ 7,679.3

₹ 0.0
₹ 0.0

₹ 8,554.0 Assumed Company will not issue new share

₹ 247,129.0 Same as Last Year
₹ 24,351.7 Last Year Reserve and retained earning
(₹ 190.0) Same as Last Year
₹ 14,194.0 Same as Last Year
₹ 294,038.7

(₹ 66.0) Same as Last Year

₹ 293,972.7

₹ 301,652.0

₹ 0.0
₹ 0.0
₹ 0.0
₹ 0.0

Current assets(including Cash & equivalents)

and liabilities are adjusted and here balance
amount shown
 ₹ 0.0
₹ 0.0 Current assets(including Cash & equivalents)
and liabilities are adjusted and here balance
₹ 0.0 amount shown
₹ 0.0

₹ 0.0
₹ 0.0
₹ 0.0
₹ 116,303.1

₹ 13,551.5
(₹ 5,087.6) Deriverd From Capex Schedule
₹ 8,463.9

₹ 98,436.0 Balance Amount of Assets and liabilities

₹ 47,166.0 Same as Last Year
₹ 9,905.0 Same as Last Year
- Same as Last Year
₹ 21,378.0 Same as Last Year
₹ 301,652.0

₹ 116,303.1 Taken as a percent of revenue and a

35.0% conservative estimate % of revenue taken 11%
as compare to last year's 9.9%

₹ 8,755.6
Calculation for Terminal Growth Rate
Mar-24 E Mar-25 E Mar-26 E Mar-27 E Mar-28 E

Equity Capital ₹ 194,532.0 ₹ 194,532.0 ₹ 206,763.6 ₹ 240,299.9 ₹ 293,972.7

Total Nong Term Debt ₹ 678.8 ₹ 678.8 ₹ 721.5 ₹ 838.5 ₹ 1,025.8
Total Long term Lease ₹ 2,100.6 ₹ 2,100.6 ₹ 2,232.7 ₹ 2,594.9 ₹ 3,174.4
Net working Capital ₹ 115,898.9 ₹ 107,210.2 ₹ 95,720.6 ₹ 107,547.4 ₹ 116,303.1
Total Capital Employed ₹ 313,210.3 ₹ 304,521.7 ₹ 305,438.4 ₹ 351,280.7 ₹ 414,476.1

EBIT(1-T) (₹ 11,669.8) (₹ 6,042.5) ₹ 4,077.9 ₹ 19,590.9 ₹ 47,447.9

Return on Capital Employed -3.73% -1.98% 1.34% 5.58% 11.45%

Net Reinvestment ₹ 22,285.97 -₹ 8,300.25 -₹ 11,147.74 ₹ 12,115.11 ₹ 9,481.87
Reinvestment Rate -190.97% 137.36% -273.37% 61.84% 19.98%
Growth Rate 7.12% -2.73% -3.65% 3.45% 2.29%

As per GDP
Terminal Growth Rate Projection After 2028 In trillion $
Years Gap 5 7 17 27
Years 2023 2028 2030 2040 2050
India GDP 3.7 5.994 6.6 13.2 22.2
10% 9% 8% 7%

Growth Rate 6.52%

Terminal Growth Rate 4.40%

1. GDP estimations has been taken from Goldman Sachs Report

2. we have provided equal weight to GDP growth and Firm Growth rate to Calculate Terminal Growth
Amount in crores
Years Mar-19 A Mar-20 A Mar-21 A Mar-22 A Mar-23 A Mar-24 E Mar-25 E Mar-26 E

Long-Term Debt 13.14 13774.05 0 0 58 679 679 722

Long-Term Leases 742.59 564.24 530 510 3508 2,101 2,101 2,233
Total Borrowings 756 14,338 530 510 3,566 2,779 2,779 2,809

New Debt Raised (787) - 175

Existing Debt Repaid - - -
Net Debt Raised (787) - 175

Interest Cost (70) (110) (86) (102) (452) 260 228 229
Cost of Debt -1.5% -1.2% -19.6% -22.2% 8.2% 8.2% 8.2%

Proportion of Debt
Long-Term Debt 2% 96% 0% 0% 2% 24% 24% 24%
Long-Term Leases 98% 4% 100% 100% 98% 76% 76% 76%

Debt / Equity 3.25% 318.01% 0.69% 0.31% 1.83% 1.43% 1.43% 1.43%
Debt / Capital 3.15% 76.08% 0.69% 0.31% 1.80% 1.41% 1.41% 1.41%

2,779 2,779 2,954

Mar-27 E Mar-28 E

839 1,026
2,595 3,174
2,956 3,231

479 767
- -
479 767

236 254
8.2% 8.2%

24% 24%
76% 76%

1.43% 1.43%
1.41% 1.41%

3,433 4,200
Amount in crores
Capex Schedule and projections
Amount in crores Mar-19 A Mar-20 A Mar-21 A Mar-22 A Mar-23 A Mar-24 E

Gross Long Term Assets 1,885 1,773 1,742 2,041 7,975 8,905
Accumulated Depreciation (560) (739) (904) (884) (1,543) (2,186)
Net Long Term Assets 1,325 1,034 838 1,157 6,432 6,719

Capital Expenditure 5,934 930

on Account of Wear and Tear -
On Account of New Capacity 930

Depreciation 431 842 1,377 1,503 4,369 643

Depreciation as % of GFA 22.9% 47.5% 79.0% 73.6% 54.8% 7.2%
Depreciation as % of NFA (previous year) 63.6% 133.1% 179.4% 377.6% 10.0%

Assumptions:
1. Capex on the account of wear and tear is rqd as per data
2. Capex on the account of new capacity is taken from Consensus Estimates
3. we have taken Depreciation of Net Fixed Assets average of last 3 years
Mar-25 E Mar-26 E Mar-27 E Mar-28 E

9,966 11,018 12,051 13,551

(2,858) (3,569) (4,314) (5,088)
7,108 7,449 7,738 8,464

1,060 1,053 1,033 1,500

- - - -
1,060 1,053 1,033 1,500

672 711 745 774

6.7% 6.5% 6.2% 5.7%
10.0% 10.0% 10.0% 10.0%
 Zomato Weekly Return Nifty Return
Date Closing Price Weekly Return Closing Price Weekly Return
8/2/2021 131.350006 15885.150391 131.350006
8/9/2021 137.350006 4.57% 16130.75 (1.52%) Beta
8/16/2021 139.300003 1.42% 16258.799805 (0.79%)
8/23/2021 124.699997 (10.48%) 16294.599609 (0.22%)
8/30/2021 147.75 18.48% 16238.200195 0.35%
9/6/2021 141.600006 (4.16%) 16258.25 (0.12%)
9/13/2021 137.899994 (2.61%) 16280.099609 (0.13%)
9/20/2021 136.649994 (0.91%) 16282.25 (0.01%)
9/27/2021 138 0.99% 16364.400391 (0.50%)
10/4/2021 136.149994 (1.34%) 16529.099609 (1.00%)
10/11/2021 135 (0.84%) 16563.050781 (0.20%)
10/18/2021 137.75 2.04% 16614.599609 (0.31%)
10/25/2021 131.550003 (4.50%) 16568.849609 0.28%
11/1/2021 131.350006 (0.15%) 16450.5 0.72%
11/8/2021 153 16.48% 16496.449219 (0.28%)
11/15/2021 154.699997 1.11% 16624.599609 (0.77%)
11/22/2021 148.149994 (4.23%) 16634.650391 (0.06%)
11/29/2021 144.899994 (2.19%) 16636.900391 (0.01%)
12/6/2021 140.550003 (3.00%) 16705.199219 (0.41%)
12/13/2021 135.350006 (3.70%) 16931.050781 (1.33%)
12/20/2021 131.449997 (2.88%) 17132.199219 (1.17%)
12/27/2021 137.399994 4.53% 17076.25 0.33%
1/3/2022 129.25 (5.93%) 17234.150391 (0.92%)
1/10/2022 133.600006 3.37% 17323.599609 (0.52%)
1/17/2022 113.650002 (14.93%) 17377.800781 (0.31%)
1/24/2022 29.550003 (74.00%) 17362.099609 0.09%
1/31/2022 94.199997 218.78% 17353.5 0.05%
2/7/2022 88.699997 (5.84%) 17369.25 (0.09%)
2/14/2022 85.900002 (3.16%) 17355.300781 0.08%
2/21/2022 78.800003 (8.27%) 17380 (0.14%)
2/28/2022 80.199997 1.78% 17519.449219 (0.80%)
3/7/2022 79.900002 (0.37%) 17629.5 (0.62%)
3/14/2022 80.849998 1.19% 17585.150391 0.25%
3/21/2022 80.599998 (0.31%) 17396.900391 1.08%
3/28/2022 84.300003 4.59% 17562 (0.94%)
4/4/2022 83.400002 (1.07%) 17546.650391 0.09%
4/11/2022 83.900002 0.60% 17822.949219 (1.55%)
4/18/2022 90.199997 7.51% 17853.199219 (0.17%)
4/25/2022 71.75 (20.45%) 17855.099609 (0.01%)
5/2/2022 60.5 (15.68%) 17748.599609 0.60%
5/9/2022 56.849998 (6.03%) 17711.300781 0.21%
5/16/2022 58.049999 2.11% 17618.150391 0.53%
 5/23/2022 62.049999 6.89% 17532.050781 0.49%
5/30/2022 72.150002 16.28% 17691.25 (0.90%)
6/6/2022 69 (4.37%) 17822.300781 (0.74%)
6/13/2022 67.050003 (2.83%) 17646 1.00%
6/20/2022 70.5 5.15% 17790.349609 (0.81%)
6/27/2022 50.150002 (28.87%) 17895.199219 (0.59%)
7/4/2022 54.799999 9.27% 17945.949219 (0.28%)
7/11/2022 53.900002 (1.64%) 17991.949219 (0.26%)
7/18/2022 53.650002 (0.46%) 18161.75 (0.93%)
7/25/2022 46.799999 (12.77%) 18338.550781 (0.96%)
8/1/2022 54.599998 16.67% 18477.050781 (0.75%)
8/8/2022 61.75 13.10% 18418.75 0.32%
8/15/2022 61.450001 (0.49%) 18266.599609 0.83%
8/22/2022 61.849998 0.65% 18178.099609 0.49%
8/29/2022 59.75 (3.40%) 18114.900391 0.35%
9/5/2022 62.799999 5.10% 18125.400391 (0.06%)
9/12/2022 63.200001 0.64% 18268.400391 (0.78%)
9/19/2022 60.799999 (3.80%) 18210.949219 0.32%
9/26/2022 62.349998 2.55% 17857.25 1.98%
10/3/2022 71.550003 14.76% 17671.650391 1.05%
10/10/2022 61.900002 (13.49%) 17929.650391 (1.44%)
10/17/2022 61.799999 (0.16%) 17888.949219 0.23%
10/24/2022 62.599998 1.29% 17829.199219 0.34%
10/31/2022 63.9447 2.15% 17916.800781 (0.49%)
11/7/2022 72.800003 13.85% 18068.550781 (0.84%)
11/14/2022 67.150002 (7.76%) 18044.25 0.13%
11/21/2022 64 (4.69%) 18017.199219 0.15%
11/28/2022 68.550003 7.11% 17873.599609 0.80%
12/5/2022 64.150002 (6.42%) 18102.75 (1.27%)
12/12/2022 62.150002 (3.12%) 18109.449219 (0.04%)
12/19/2022 53.650002 (13.68%) 17999.199219 0.61%
12/26/2022 59.299999 10.53% 17898.650391 0.56%
1/2/2023 55.25 (6.83%) 17764.800781 0.75%
1/9/2023 53.25 (3.62%) 17416.550781 2.00%
1/16/2023 51.450001 (3.38%) 17503.349609 (0.50%)
1/23/2023 46.950001 (8.75%) 17415.050781 0.51%
1/30/2023 48.75 3.83% 17536.25 (0.69%)
2/6/2023 53.299999 9.33% 17026.449219 2.99%
2/13/2023 51.799999 (2.81%) 17053.949219 (0.16%)
2/20/2023 54.450001 5.12% 16983.199219 0.42%
2/27/2023 53.650002 (1.47%) 17166.900391 (1.07%)
3/6/2023 53.849998 0.37% 17401.650391 (1.35%)
3/13/2023 54.900002 1.95% 17196.699219 1.19%
3/20/2023 50.650002 (7.74%) 16912.25 1.68%
3/27/2023 51.3345 1.35% 17176.699219 (1.54%)
 4/3/2023 52.150002 1.59% 17469.75 (1.68%)
4/10/2023 53.849998 3.26% 17516.849609 (0.27%)
4/17/2023 56.049999 4.09% 17511.300781 0.03%
4/24/2023 64.900002 15.79% 17368.25 0.82%
5/1/2023 65.400002 0.77% 17324.900391 0.25%
5/8/2023 62.599998 (4.28%) 17221.400391 0.60%
5/15/2023 64.5 3.04% 17248.400391 (0.16%)
5/22/2023 67.25 4.26% 16985.199219 1.55%
5/29/2023 71.150002 5.80% 16614.199219 2.23%
6/5/2023 77.599998 9.07% 16770.849609 (0.93%)
6/12/2023 74.449997 (4.06%) 16955.449219 (1.09%)
6/19/2023 74.150002 (0.40%) 17072.599609 (0.69%)
6/26/2023 75.050003 1.21% 17003.75 0.40%
7/3/2023 73.25 (2.40%) 17086.25 (0.48%)
7/10/2023 82.550003 12.70% 17233.25 (0.85%)
7/17/2023 80.300003 (2.73%) 17213.599609 0.11%
7/24/2023 86.800003 8.09% 17203.949219 0.06%
7/31/2023 95.400002 9.91% 17354.050781 (0.86%)
8/7/2023 93.449997 (2.04%) 17625.699219 (1.54%)
8/14/2023 89.349998 (4.39%) 17805.25 (1.01%)
8/21/2023 91 1.85% 17925.25 (0.67%)
8/28/2023 97.199997 6.81% 17745.900391 1.01%
9/4/2023 99.599998 2.47% 17812.699219 (0.38%)
9/11/2023 102.949997 3.36% 18003.300781 (1.06%)
9/18/2023 99.900002 (2.96%) 18055.75 (0.29%)
9/25/2023 101.5 1.60% 18212.349609 (0.86%)
10/2/2023 104.449997 2.91% 18257.800781 (0.25%)
10/9/2023 111 6.27% 18255.75 0.01%
10/16/2023 113.349998 2.12% 18308.099609 (0.29%)
10/23/2023 105.650002 (6.79%) 18113.050781 1.08%
10/30/2023 116.5 10.27% 17938.400391 0.97%
11/6/2023 121.300003 4.12% 17757 1.02%
11/13/2023 122.199997 0.74% 17617.150391 0.79%
11/20/2023 113.25 (7.32%) 17149.099609 2.73%
11/27/2023 116.300003 2.69% 17277.949219 (0.75%)
12/4/2023 119.949997 3.14% 17110.150391 0.98%
12/11/2023 123.599998 3.04% 17101.949219 0.05%
12/18/2023 128.5 3.96% 17339.849609 (1.37%)
12/25/2023 125 (2.72%) 17576.849609 (1.35%)
12/27/2023 127.050003 1.64% 17780 (1.14%)
0.560
Peer Comps
Debt/
Name of the Comp Share Price Shares O/S Total Debt Total Equity Tax Rate 1 Equity

INFOedge 5,149.0 85.0 1247.3 437,665.0 30.00% 0.00

one97 634.1 124.4 92246.85 78,844.1 30.00% 1.17
justdail 790.0 27.4 288.41 21,622.3 30.00% 0.01
indiamart 2,793.0 47.5 22375.58 132,695.4 30.00% 0.17
Zomat0 123.0 83.0 567.54 10,209.0 30.00% 0.06

Average 30.00% 0.28

Median 30.00% 0.06

Cost Of Debt Cost of Equity

Rated bond risk Spread 1.00% Risk free rate
Pre-tax cost of debt 8.20% Equity risk premium
tax rate 30.00% Levered Beta 4
Post tax cost of Debt 5.74% Cost of Equity

Capital Structure Levered Beta

Amount Current Target levered Beta
Total Debt 567.54 5.27% 1.43% Beta Unleavered
Market Capitalization 10,209.00 94.73% 98.57% Target Debt/Equity
Total Capital 10,776.54 100.00% 100.00% tax Rate
Levered Beta
Debt/Equity Ratio 5.56% 1.45%
Weighted Average Cost of Ca
Notes
1. Tax Rate considered as marginal tax rate for the country Cost of Equity/Debt
2. Levered Beta is based on 3 year monthly data Respective Weights
3. Unlevered Beta = Levered beta/(1+(1-Tax Rate)*Debt/Equity WACC
4. Levered Beta=Unlevered Beta*(1+(1-Tax Rate)*(Debt/Equity)
5. We have taken country market risk premium from Aswatth Damodharn
 Debt/ Levered Unlevered
Capital Beta 2 Beta 3

0.00 0.69 0.69

0.54 0.79 0.43
0.01 1.20 1.19
0.14 0.89 0.80
0.05 0.82 0.79
y
0.15 0.88 0.78
0.05 0.82 0.79

Cost of Equity
Risk free rate 7.20%
Equity risk premium 9.70%
Levered Beta 4 0.54
Cost of Equity 10.16%

Levered Beta
levered Beta 0.56
Beta Unleavered 0.54
Target Debt/Equity 1.45%
30.00%
Levered Beta 0.54

Weighted Average Cost of Capital

Equity Debt
Cost of Equity/Debt 10.16% 5.74%
Respective Weights 98.57% 1.43%
10.10%
Amount in crores
Calculation of PV of FCFF
Mar-23 A Mar-24 E Mar-25 E Mar-26 E Mar-27 E

EBIT (16,472.0) (15,477.2) (8,022.1) 5,417.1 26,024.6

Tax Rate 3.75% 0.00% 0.00% 0.00% 0.00%
EBIT(1-t) (15,854.6) (15,477.2) (8,022.1) 5,417.1 26,024.6
Add Depriciation 4,369.0 643.2 671.9 710.8 744.9
Less Change in Capex 5,934.0 930.3 1,060.3 1,052.7 1,033.2
Less Change In net working Capital 25,565.0 21,998.9 (8,688.7) (11,489.6) 11,826.9

Free cash flow to firm (FCFF) (42,984.6) (37,763.2) 278.2 16,564.9 13,909.5
Year Convention 1 2 3 4
Discounting Factor 0.91 0.82 0.75 0.68
PV of FCFF (34,300.0) 229.5 12,412.6 9,467.0

Terminal Growth 4.40%

WACC 10.10%

Calculation of Terminal Value

FCFF (n+1) 39,637.7

WACC 10.10%
Terminal Growth rate 4.40%

Terminal Value 696,143.9

Calculation of Present Value

PV of FCFF 11,279.6
PV of terminal Value 430,352.8
Total Enterprise Value 441,632.4

Add: Cash 94,084.0

Less: Debt 3,566.0
Value of Equity 532,150.4
No of Share 8,521.4
Value per share 62.4
Mar-28 E

63,029.8
24.72%
47,447.9
773.8
1,500.0
8,755.6

37,966.1
5
0.62
23,470.4