Market growth rate

Revenue (2015-16) - manufactured good and services

Revenue (2014-15) - manufactured good and services
Growth rate (actual basis - 2014-2016)
Average revenue per customer

Number of installations
Growth rate
revenue

Equity Risk premium

Additional risk preimuim (start-ups)
Beta
risk free rate
CAPM

References
http://www.grantthornton.in/globalassets/1.-member-firms/india/assets/pdfs/grant_thornton-valuation_insights-octob
http://www.ey.com/Publication/vwLUAssets/ey-cost-of-capital-india-survey-2017/$FILE/ey-cost-of-capital-india-survey-2017.p
 11.6%
436,188,048.00
31,754,105.00
1274%
10,000,000.00

55.00 220.00 330.00 412.50

300% 50% 25% 15%
2,200,000,000.00 3,300,000,000.00 4,125,000,000.00

7.40%
8%
1.43
6.55%
25.13200%
 474.38 531.30
12.00%
4,743,750,000.00 5,313,000,000.00
References (line by Line )

https://www.census.gov/popclock/

http://expandedramblings.com/index.php/business-directory/19718/coursera/
#REF!
 2014-15A
in INR Millions
Total operating revenue 31,754,105.00
Growth rate
Expenses
COGS (asa % of revenue) 73%
COGS 23,054,127.00
Employee benefit expense 23,352,509.00
Growth rate - employee benefits
Power and fuel (as a % of COGS) 5%
Power and fuel 1,168,020.00
Other expenses (as a % of revenue) 51%
Other expenses 16,039,047.00
EBITDA - 31,859,598.00
Depreciation (as a % of revenue) 12%
Depreciation 3,848,894.00
EBIT
Finance cost
PBT (Profit Before Tax)
Tax (@30%)
PAT
Valuation
EBITDA- Present value
Explicit forecast period - value
Terminal Forecast
PV - Terminal forecast
Value
 2015-16A 2017-18E 2018-19E 2019-20E
1 2 3
436,188,048.00 2,200,000,000.00 3,300,000,000.00 4,125,000,000.00
1274% 404% 50% 25%

55% 55% 50% 45%

239,476,996.00 1,210,000,000.00 1,650,000,000.00 1,856,250,000.00
182,239,723.00 546,719,169.00 683,398,961.25 768,823,831.41
680% 200% 25% 13%
2% 2% 2% 2%
3,739,356.00 24,200,000.00 33,000,000.00 37,125,000.00
28% 25% 20% 20%
123,835,743.00 550,000,000.00 660,000,000.00 825,000,000.00
- 113,103,770.00 - 130,919,169.00 273,601,038.75 637,801,168.59
3% 3% 3% 3%
13,333,871.00 66,000,000.00 99,000,000.00 123,750,000.00
- 196,919,169.00 174,601,038.75 514,051,168.59
0.00 0.00 0.00
- 196,919,169.00 174,601,038.75 514,051,168.59
0.00 52,380,311.63 154,215,350.58
- 196,919,169.00 122,220,727.13 359,835,818.02

- 104,624,851.36 174,735,428.72 325,521,855.69

997,791,124.72
49,361,545,183.91
30,649,635,943.84
31,647,427,068.56 300 million dollars
 2020-21E 2021-22E
4 5
4,743,750,000.00 5,313,000,000.00
15% 12%

45% 45%
2,134,687,500.00 2,390,850,000.00
845,706,214.55 930,276,836.00
10% 10%
2% 2%
42,693,750.00 47,817,000.00
20% 20%
948,750,000.00 1,062,600,000.00
771,912,535.45 881,456,164.00
3% 3%
142,312,500.00 159,390,000.00
629,600,035.45 722,066,164.00
0.00 0.00
629,600,035.45 722,066,164.00
188,880,010.64 216,619,849.20
440,720,024.82 505,446,314.80

314,843,368.09 287,315,323.57
EQUITY AND LIABILITIES 2016-17 2017-18 2018-19
Shareholders Funds
Share Capital #REF! #REF! #REF!
Reserves and Surplus 0.00 ### 482,056,545.14
Face value of each share 1.00 1.00 1.00
Current Liabilities
Trade Payables
TOTAL #REF! #REF! #REF!
ASSETS
Non Current Assets
Fixed Assets
Tangible Assets #REF! #REF! #REF!
Intangible assets #REF! #REF! #REF!
Current Assets
Trade Receivables
Cash and Bank equivalents #REF! #REF! #REF!
TOTAL #REF! #REF! #REF!
 2019-20 2020-21

#REF! #REF!
922,776,569.96 ###
1.00 1.00

#REF! #REF!

#REF! #REF!
#REF! #REF!

#REF! #REF!
#REF! #REF!