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-october_201
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

55.00 192.50 288.75 360.94

250% 50% 25% 15%
1,925,000,000.00 2,887,500,000.00 3,609,375,000.00

7.40%
8%
1.43
6.55%
25.13200%
 415.08 464.89
12.00%
4,150,781,250.00 4,648,875,000.00
References (line by Line )

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

http://expandedramblings.com/index.php/business-directory/19718/coursera/
#REF!
 2014-15a
in INR
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 1,925,000,000.00 2,887,500,000.00 3,609,375,000.00
1274% 341% 50% 25%

55% 55% 50% 45%

239,476,996.00 1,058,750,000.00 1,443,750,000.00 1,624,218,750.00
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 21,175,000.00 28,875,000.00 32,484,375.00
28% 25% 20% 20%
123,835,743.00 481,250,000.00 577,500,000.00 721,875,000.00
- 113,103,770.00 - 182,894,169.00 153,976,038.75 461,973,043.59
3% 3% 3% 3%
13,333,871.00 57,750,000.00 86,625,000.00 108,281,250.00
- 240,644,169.00 67,351,038.75 353,691,793.59
0.00 0.00 0.00
- 240,644,169.00 67,351,038.75 353,691,793.59
0.00 20,205,311.63 106,107,538.08
- 240,644,169.00 47,145,727.13 247,584,255.52

- 146,160,989.20 98,336,867.68 235,782,450.45

633,825,858.83
24,016,283,096.61
14,912,222,275.31
15,546,048,134.14 243 million dollars
2020-21e 2021-22e
4 5
4,150,781,250.00 4,648,875,000.00
15% 12%

45% 45%
1,867,851,562.50 2,091,993,750.00
845,706,214.55 930,276,836.00
10% 10%
2% 2%
37,357,031.25 41,839,875.00
20% 20%
830,156,250.00 929,775,000.00
569,710,191.70 654,989,539.00
3% 3%
124,523,437.50 139,466,250.00
445,186,754.20 515,523,289.00
0.00 0.00
445,186,754.20 515,523,289.00
133,556,026.26 154,656,986.70
311,630,727.94 360,866,302.30

232,370,206.93 213,497,322.97
EQUITY AND LIABILITIES 2016-17 2017-18 2018-19
Shareholders Funds
Share Capital #REF! #REF! #REF!
Reserves and Surplus 0.00 47,145,727.13 294,729,982.64
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!
606,360,710.58 967,227,012.88
1.00 1.00

#REF! #REF!

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

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