FINANCIAL M

A PROJECT REPORT ON VALU

BY: G

OBJECTIVE: To find the Valuation of ALLCARGO LOGISTICS

PROCEDURE FOLLOWED:
1) All the financial data for ALLCARGO LOGISTICS Data is collected like balance sheet, P&L statement, cash flow statement, sha
2) The last 5 year monthy Market conditions data like risk free rate, and Nifty index were collected on date 01 March
3) Leveraged Beta is calculated by finding the slope of Risk premium for company and market risk premium for the last 5 years
4) Cost of leveraged Equity is found using the CAPM formula and Unlevered Beta subsiquently Cost of unleaverd Equity is foun
5) Using Balance sheet and annual statement Value of debt, equity, no of shares are found. (no preference shares)

RESULTS OBTAINED: As present value calculated per share is Rs. 284.53 which is less than current market price of Rs. 130.65,

S.NO COMPANY METRICS VALUES ANALYIS

1 Cost of Levered Equity 17.21% Click Here
2 Cost of Unlevered Equity 94.76% Click Here
3 Business Risk Premium 6.58% Click Here
 4 Financial Risk Premium 3.90% Click Here
5 Cost of Debt 10.48% Click Here
6 Debt to Value Ratio 0.44 Click Here
7 Equity to Value Ratio 0.56 Click Here
8 Debt to Equity Ratio 0.79 Click Here
9 Weighted Average Cost of Capital 13.08% Click Here
10 Cash Flows Click Here
11 Value of the Company - WACC/FCF (in Crores) 71730.96 Click Here
12 Value of the Company - APV method (in Crores) 73996.36 Click Here
13 Present Value of Share Price Calculated Rs. 284.53 Click Here
14 Bibiliograpgy Click Here
 FINANCIAL MANGEMENT -2
A PROJECT REPORT ON VALUATION OF ALLCARGO LOGISTICS
BY: GROUP 9

ement, cash flow statement, share price data, Annual Reports

cted on date 01 March
risk premium for the last 5 years monthly data (CAPM formula)
Cost of unleaverd Equity is found
o preference shares)

rent market price of Rs. 130.65, so we should buy the stock.

Date AlCargo Logistics Share Price AlCargo Change % Annualized AllCargo Nifty 50 Nifty Change %
Mar-21 123.4 -4.19% -0.40 14,690.70 1.11%
Feb-21 128.8 -1.38% -0.15 14,529.15 6.56%
Jan-21 130.6 -2.36% -0.25 13,634.60 -2.48%
Dec-20 133.75 5.86% 0.98 13,981.75 7.81%
Nov-20 126.35 7.17% 1.30 12,968.95 11.39%
Oct-20 117.9 -5.19% -0.47 11,642.40 3.51%
Sep-20 124.35 7.06% 1.27 11,247.55 -1.23%
Aug-20 116.15 24.03% 12.25 11,387.50 2.84%
Jul-20 93.65 18.24% 6.47 11,073.45 7.49%
Jun-20 79.2 15.54% 4.66 10,302.10 7.53%
May-20 68.55 -8.84% -0.67 9,580.30 -2.84%
Apr-20 75.2 28.66% 19.57 9,859.90 14.68%
Mar-20 58.45 -46.20% -1.00 8,597.75 -23.25%
Feb-20 108.65 -3.59% -0.36 11,201.75 -6.36%
Jan-20 112.7 15.65% 4.72 11,962.10 -1.70%
Dec-19 97.45 4.50% 0.70 12,168.45 0.93%
Nov-19 93.25 -10.21% -0.73 12,056.05 1.50%
Oct-19 103.85 -2.94% -0.30 11,877.45 3.51%
Sep-19 107 18.10% 6.36 11,474.45 4.09%
Aug-19 90.6 -6.16% -0.53 11,023.25 -0.85%
Jul-19 96.55 -9.39% -0.69 11,118.00 -5.69%
Jun-19 106.55 -6.29% -0.54 11,788.85 -1.12%
May-19 113.7 5.52% 0.91 11,922.80 1.49%
Apr-19 107.75 -6.39% -0.55 11,748.15 1.07%
Mar-19 115.1 15.62% 4.71 11,623.90 7.70%
Feb-19 99.55 -4.33% -0.41 10,792.50 -0.36%
Jan-19 104.05 -2.72% -0.28 10,830.95 -0.29%
Dec-18 106.96 3.33% 0.48 10,862.55 -0.13%
Nov-18 103.51 3.65% 0.54 10,876.75 4.72%
Oct-18 99.86 -0.83% -0.10 10,386.60 -4.98%
Sep-18 100.7 -13.47% -0.82 10,930.45 -6.42%
Aug-18 116.37 -1.09% -0.12 11,680.50 2.85%
Jul-18 117.66 12.86% 3.27 11,356.50 5.99%
Jun-18 104.25 -15.20% -0.86 10,714.30 -0.20%
May-18 122.93 -10.80% -0.75 10,736.15 -0.03%
Apr-18 137.82 -5.03% -0.46 10,739.35 6.19%
Mar-18 145.11 -18.11% -0.91 10,113.70 -3.61%
Feb-18 177.2 -6.87% -0.57 10,492.85 -4.85%
Jan-18 190.26 -7.57% -0.61 11,027.70 4.72%
Dec-17 205.84 17.50% 5.93 10,530.70 2.97%
Nov-17 175.18 2.36% 0.32 10,226.55 -1.05%
Oct-17 171.14 1.88% 0.25 10,335.30 5.59%
Sep-17 167.98 1.70% 0.22 9,788.60 -1.30%
Aug-17 165.17 -2.36% -0.25 9,917.90 -1.58%
Jul-17 169.16 -0.06% -0.01 10,077.10 5.84%
Jun-17 169.26 -1.18% -0.13 9,520.90 -1.04%
May-17 171.28 -8.26% -0.64 9,621.25 3.41%
Apr-17 186.71 12.50% 3.11 9,304.05 1.42%
Mar-17 165.96 -1.06% -0.12 9,173.75 3.31%
Feb-17 167.73 -2.94% -0.30 8,879.60 3.72%
Jan-17 172.81 -2.53% -0.26 8,561.30 4.59%
Dec-16 177.3 1.27% 0.16 8,185.80 -0.47%
Nov-16 175.08 -5.98% -0.52 8,224.50 -4.65%
Oct-16 186.22 4.60% 0.72 8,625.70 0.17%
Sep-16 178.04 -2.27% -0.24 8,611.15 -1.99%
Aug-16 182.18 -12.56% -0.80 8,786.20 1.71%
Jul-16 208.35 15.87% 4.86 8,638.50 4.23%
Jun-16 179.81 13.19% 3.42 8,287.75 1.56%
May-16 158.86 4.57% 0.71 8,160.10 3.95%
Apr-16 151.91 0.72% 0.09 7,849.80 1.44%
Annualized Nifty Change Bond Yeild Price Bond yeild Change % 10 y bond yield
0.14 6.177 -0.01 6.88 GM
1.14 6.229 0.05 6.77 Share Price Variance
-0.26 5.949 0.01 6.68 Co Variance
1.47 5.894 0.00 6.45 Beta
2.65 5.911 0.01 6.33
0.51 5.881 -0.02 6.39 therefore, RM =
-0.14 6.015 -0.01 6.22 Beta Levered=
0.40 6.078 0.04 6.22 average Rf=
1.38 5.837 -0.01 6.20 Rm-Rf=
1.39 5.888 -0.02 6.05
-0.29 6.013 -0.02 6.02 cost of equity=
4.17 6.11 0.00 6.03 cost of debt=
-0.96 6.138 -0.04 6.18 cost of unlevered equity=
-0.55 6.371 -0.03 6.23
-0.19 6.599 0.01 5.95
0.12 6.554 0.01 5.89
0.20 6.46 -0.03 5.91
0.51 6.643 -0.01 5.88
0.62 6.695 0.02 6.02
-0.10 6.556 0.03 6.08
-0.50 6.369 -0.07 5.84
-0.13 6.879 -0.02 5.89
0.19 7.032 -0.05 6.01
0.14 7.414 0.01 6.11
1.44 7.346 -0.03 6.14
-0.04 7.591 0.01 6.37
-0.03 7.483 0.02 6.60
-0.02 7.37 -0.03 6.55
0.74 7.607 -0.03 6.46
-0.46 7.853 -0.02 6.64
-0.55 8.024 0.01 6.70
0.40 7.951 0.02 6.56
1.01 7.772 -0.02 6.37
-0.02 7.903 0.01 6.88
0.00 7.826 0.01 7.03
1.06 7.767 0.05 7.41
-0.36 7.398 -0.04 7.35
-0.45 7.726 0.04 7.59
0.74 7.43 0.01 7.48
0.42 7.326 0.04 7.37
-0.12 7.058 0.03 7.61
0.92 6.862 0.03 7.85
-0.15 6.663 0.02 8.02
-0.17 6.525 0.01 7.95
0.98 6.465 -0.01 7.77
-0.12 6.511 -0.02 7.90
0.50 6.661 -0.04 7.83
0.18 6.961 0.05 7.77
0.48 6.658 -0.03 7.40
0.55 6.87 0.07 7.73
0.71 6.407 -0.02 7.43
-0.05 6.512 0.04 7.33
-0.44 6.243 -0.09 7.06
0.02 6.885 -0.01 6.86
-0.21 6.958 -0.02 6.66
0.23 7.11 -0.01 6.53
0.64 7.163 -0.04 6.47
0.20 7.448 0.00 6.51
0.59 7.471 0.00 6.66
0.19 7.435 -0.0032 6.96
6.66
 Nifty AllCargo
0.136745073230839 -0.039385356207549
0.0028
0.0042
1.50887419384787
0.052459
13.67%
1.50887419384787
6.73%
6.94%

17.207%
10.48%
evered equity= 0.94756

CRP 2.18%
DRP 1.57%
Cost of Equity (CAPM)
risk free rate 6.732%
market rate (Nifty) 13.67% Dividends
Beta caculated (BL) 1.509 retention
ROE
Return on Equity (Re) 17.21% growth each year
GM of growth (average growth)

(dividend yield on internet is 1.03% based on share price of 631

Bu = BL/(1+(1-t)*(D/E))
Bu 0.9475575
(considering tax rate to be 25%)

Debt/Value
Gordon's method= D1/P0 + g g= retention rate*ROE Equity/value
Debt/Equity

D1 0.0
P0 170.4
r 12.79%
 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
0 0 0 0 0
100.00% 100.00% 100.00% 100.00% 100.00%
12.79% 8.65% 11.98% 10.27% 6.61%
12.79% 8.65% 11.98% 10.27% 6.61%
12.79%

03% based on share price of 631)

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

0.245419507362918 0.1930846883 0.228534755436028 0.424651184964668 0.441291973984462
0.754580492637082 0.8069153117 0.771465244563972 0.575348815035332 0.558708026015538
0.325239665956954 0.2392874265 0.296234674272585 0.738076057284642 0.789843627505344
-2020 2021
Return on Equity (Re) 17.21% risk free rate 6.73%
Cost of debt (Rd) 10.48% market rate (Nifty) 13.67%
Debt/Value 0.44 Unlevered Beta 0.948
Equity/value 0.56 Business risk premium 6.58%
Debt/Equity 0.79 Financial risk premium 3.90%
Tax rate 25.00%
WACC 13.08%

Unlevered Cost Of Equity ke = Rf + Bu(Rm-Rf)

ke 13.310%
Allcargo Logistics Limited (BSE:532749) > Financials > Balance Sheet
In Millions of the reported currency, except per share items. Template: Standard  
Period Type: Annual  
Currency: Reported Currency  
Units: S&P Capital IQ (Default 
Source: Capital IQ & Proprietar  

Balance Sheet
Balance Sheet as of: Reclassified Restated
Mar-31-2017 Mar-31-2018 Mar-31-2019
Currency INR INR INR
ASSETS
Cash And Equivalents 1,691.7 2,342.2 1,895.2
Short Term Investments 75.8 97.6 506.0
Trading Asset Securities 851.5 1,106.3 251.1
Total Cash & ST Investments 2,619.0 3,546.1 2,652.3

Accounts Receivable 8,205.7 8,904.0 11,205.4

Other Receivables 313.3 375.9 228.6
Notes Receivable 212.1 389.4 419.9
Total Receivables 8,731.1 9,669.3 11,853.9

Inventory 101.4 95.8 88.8

Prepaid Exp. 436.2 518.1 599.1
Restricted Cash 99.3 - -
Other Current Assets 341.2 278.2 1,535.4
Total Current Assets 12,328.2 14,107.5 16,729.5

Gross Property, Plant & Equipment 14,454.2 14,809.1 17,871.2

Accumulated Depreciation (2,581.2) (3,834.2) (4,857.7)
Net Property, Plant & Equipment 11,873.0 10,974.9 13,013.5

Long-term Investments 2,057.8 2,143.7 2,142.7

Goodwill 2,603.6 2,880.0 2,850.1
Other Intangibles 1,205.1 1,393.4 1,311.2
Loans Receivable Long-Term 388.3 277.7 323.7
Deferred Tax Assets, LT 737.7 974.0 1,097.0
Deferred Charges, LT 92.2 88.0 82.4
Other Long-Term Assets 1,252.6 1,252.9 1,608.2
Total Assets 32,538.5 34,092.1 39,158.3

LIABILITIES
Accounts Payable 6,165.0 6,850.8 6,990.5
Accrued Exp. 1,625.4 1,809.7 2,434.9
Short-term Borrowings 1,746.8 1,120.6 1,189.2
Curr. Port. of LT Debt 748.0 918.8 1,012.0
Curr. Port. of Leases 14.5 1.6 -
Curr. Income Taxes Payable 147.3 111.2 166.0
Unearned Revenue, Current 121.9 320.9 2,818.6
Other Current Liabilities 366.8 316.0 196.2
Total Current Liabilities 10,935.7 11,449.6 14,807.4

Long-Term Debt 3,386.0 2,700.6 3,781.2

Long-Term Leases 1.1 - -
Pension & Other Post-Retire. Benefits 4.2 4.5 7.3
Def. Tax Liability, Non-Curr. 16.8 43.1 14.6
Other Non-Current Liabilities 65.3 78.8 353.0
Total Liabilities 14,409.1 14,276.6 18,963.5

Common Stock 491.4 491.4 491.4

Additional Paid In Capital 3,296.3 3,296.3 3,290.7
Retained Earnings 14,326.6 15,496.6 15,973.0
Treasury Stock - - -
Comprehensive Inc. and Other (192.1) 359.5 232.7
Total Common Equity 17,922.2 19,643.8 19,987.8

Minority Interest 207.2 171.7 207.0

Total Equity 18,129.4 19,815.5 20,194.8

Total Liabilities And Equity 32,538.5 34,092.1 39,158.3

Supplemental Items
Total Shares Out. on Filing Date 245.7 245.7 245.7
Total Shares Out. on Balance Sheet Date 245.7 245.7 245.7
Book Value/Share 72.94 79.95 81.35
Tangible Book Value 14,113.5 15,370.4 15,826.5
Tangible Book Value/Share 57.44 62.56 64.42
Total Debt 5,896.4 4,741.6 5,982.4
Net Debt 3,277.4 1,195.5 3,330.1
Debt Equiv. of Unfunded Proj. Benefit Obligation 11.0 14.0 12.2
Debt Equivalent Oper. Leases 7,537.6 7,312.8 7,728.8
Total Minority Interest 207.2 171.7 207.0
Equity Method Investments 2,056.8 2,139.0 2,137.1
Inventory Method FIFO FIFO FIFO
Finished Goods Inventory NA NA NA
Other Inventory Accounts 101.4 95.8 88.8
Land 1,921.9 1,921.9 3,296.5
Buildings 3,559.5 4,246.5 4,553.4
Machinery 8,278.2 8,209.4 8,037.4
Construction in Progress 364.9 97.3 1,645.2
Leasehold Improvements 267.0 273.6 292.5
Full Time Employees 4,423 4,488 4,881
Assets under Cap. Lease, Gross 62.7 60.4 46.2
Accum. Allowance for Doubtful Accts 641.8 952.1 824.7
Filing Date Aug-13-2018 Jul-12-2019 Aug-18-2020
Restatement Type RD NC RS
Calculation Type REP REP REP

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are AD
ce Sheet
Restatement: Latest Filings
Order: Latest on Right
Conversion: Historical
Decimals: Capital IQ (Default)

Reclassified
Mar-31-2020 Mar-31-2021
INR INR

2,492.8 3,068.4
792.6 704.4
70.5 311.4
3,355.9 4,084.2

14,524.7 25,988.1
494.2 159.6
570.2 667.6
15,589.1 26,815.3

77.6 97.1
773.2 1,075.8
- -
3,077.5 3,083.1
22,873.3 35,155.5

18,736.7 20,884.0
(5,359.5) (6,818.4)
13,377.2 14,065.6

5,027.1 2,930.8
3,364.6 5,664.3
1,867.3 5,336.3
491.8 986.3
1,219.7 1,921.7
2.1 0.5
4,913.7 8,541.1
53,136.8 74,602.1

8,527.3 13,888.6
2,377.6 4,202.0
4,395.1 6,911.8
1,617.3 3,458.1
616.8 602.6
195.4 961.1
3,098.1 4,470.8
703.6 2,248.0
21,531.2 36,743.0

7,966.7 7,166.9
1,437.4 2,514.3
 7.1 122.9
127.4 1,470.8
343.9 435.1
31,413.7 48,453.0

491.4 491.4
3,290.7 3,290.7
17,098.7 18,302.3
- -
576.2 751.0
21,457.0 22,835.4

266.1 3,313.7

21,723.1 26,149.1

53,136.8 74,602.1

245.7 245.7
245.7 245.7
87.33 92.94
16,225.1 11,834.8
66.04 48.17
16,033.3 20,653.7
12,677.4 16,569.5
9.2 89.6
2,627.2 6,389.6
266.1 3,313.7
4,133.7 2,534.2
FIFO FIFO
NA 38.9
77.6 59.6
1,793.4 2,188.9
4,656.8 5,270.3
7,259.5 8,395.4
2,689.8 1,678.6
311.4 292.3
1,025 932
NA NA
1,009.9 1,657.0
Sep-07-2021 Sep-07-2021
RD O
REP REP

ADRs, total share counts are ADR-equivalent.

Allcargo Logistics Limited (BSE:532749) > Financials > Income Statement
In Millions of the reported currency, except per share items. Template: Standard  
Period Type: Annual  
Currency: Reported Currency  
Units: S&P Capital IQ (Default 
Source: Capital IQ & Proprietar  

Income Statement
Reclassified Reclassified Reclassified
For the Fiscal Period Ending 12 months 12 months 12 months
Mar-31-2017 Mar-31-2018 Mar-31-2019
Currency INR INR INR

Revenue 55,833.6 60,491.9 68,948.6

Other Revenue
Total Revenue 55,833.6 60,491.9 68,948.6

Cost Of Goods Sold 47,482.3 52,647.7 60,711.1

Gross Profit 8,351.3 7,844.2 8,237.5

Selling General & Admin Exp. 1,190.8 1,195.8 1,214.2

Provision for Bad Debts 41.7 - 136.7
R & D Exp. - - -
Depreciation & Amort. 1,645.1 1,574.5 1,540.3
Other Operating Expense/(Income) 2,451.9 2,796.3 2,401.9

Other Operating Exp., Total 5,329.5 5,566.6 5,293.1

Operating Income 3,021.8 2,277.6 2,944.4

Interest Expense (306.5) (299.1) (295.2)

Interest and Invest. Income 53.8 26.2 44.4
Net Interest Exp. (252.7) (272.9) (250.8)

Income/(Loss) from Affiliates 37.8 48.0 52.1

Currency Exchange Gains (Loss) 107.5 2.2 13.7
Other Non-Operating Inc. (Exp.) 73.6 73.4 35.7
EBT Excl. Unusual Items 2,988.0 2,128.3 2,795.1

Restructuring Charges - - -
Impairment of Goodwill - (68.6) -
Gain (Loss) On Sale Of Invest. 69.7 51.1 67.8
Gain (Loss) On Sale Of Assets 69.3 52.4 108.5
Asset Writedown - - -
Insurance Settlements - 77.7 -
Legal Settlements - - -
Other Unusual Items 27.2 11.3 49.4
EBT Incl. Unusual Items 3,154.2 2,252.2 3,020.8

Income Tax Expense 776.3 512.6 542.4

Earnings from Cont. Ops. 2,377.9 1,739.6 2,478.4

Earnings of Discontinued Ops. - - -

Extraord. Item & Account. Change - - -
 Net Income to Company 2,377.9 1,739.6 2,478.4

Minority Int. in Earnings (59.7) (26.1) (58.8)

Net Income 2,318.2 1,713.5 2,419.6
me Statement
Restatement: Latest Filings
Order: Latest on Right
Conversion: Historical
Decimals: Capital IQ (Default)

Reclassified
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Mar-31-2020 Mar-31-2021 March-31-2022 March-31-2023 March-31-2024 March-31-2025 March-31-2026
INR INR INR INR INR INR INR

73,462.4 104,981.0 125,977.20 151,172.64 181,407.17 217,688.60 261,226.32

- - - - -
73,462.4 104,981.0 125,977.2 151,172.6 181,407.2 217,688.6 261,226.3

64,928.3 94,065.7 110,859.94 133,031.92 159,638.31 191,565.97 229,879.16

8,534.1 10,915.3 15,117.3 18,140.7 21,768.9 26,122.6 31,347.2

592.8 915.9 1,415.1 2,186.4 3,378.1 5,219.2 5,741.2

54.0 41.7 50 50 50 50 50
- -- - - - -
2,299.9 3,044.9 4,031.23 5,337.05 7,065.86 9,354.69 12,384.93
2,814.2 3,619.4 4,162.31 4,786.66 5,504.65 6,330.35 7,279.91

5,760.9 7,621.9 9,658.6 12,360.1 15,998.6 20,954.3 25,456.0

2,773.2 3,293.4 5,458.6 5,780.6 5,770.3 5,168.3 5,891.2

(684.6) (1,356.2) (778.7) (939.8) (1,024.9) (914.5) (959.7)

129.2 111.9 95.2 112.1 106.4 104.5 107.7
(555.4) (1,244.3) (683.5) (827.7) (918.5) (809.9) (852.1)

60.7 170.0 198.06 230.75 268.84 313.22 364.93

7.4 38.1 19.7 21.7 26.5 22.7 23.6
81.3 148.5 88.5 106.1 114.4 103.0 107.8
2,367.2 2,405.7 5,081.4 5,311.5 5,261.5 4,797.3 5,535.5

(103.5) - - - - - -
- - - - - - -
35.9 13.9 - - - - -
94.2 90.6 - - - - -
- (977.6) - - - - -
- - - - - - -
- - - - - - -
660.6 58.2 - - - - -
3,054.4 1,590.8 5,081.4 5,311.5 5,261.5 4,797.3 5,535.5

711.0 639.7 1,270.36 1,327.87 1,315.38 1,199.33 1,383.87

2,343.4 951.1 3,811.1 3,983.6 3,946.1 3,598.0 4,151.6

- - - - - - -
- - - - - - -
2,343.4 951.1 3,811.1 3,983.6 3,946.1 3,598.0 4,151.6

(113.4) 777.9 (66.1) -79.43 -86.31 -77.28 -81.01

2,230.0 1,729.0 3,745.0 3,904.2 3,859.8 3,520.7 4,070.6
 Reclassifie Reclassifie Reclassifie
d d d Reclassified 12 months
12 months 12 months 12 months 12 months 12 months March-31-
Particulars Mar-31-2017 Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021 2022
INR INR INR INR INR INR
Earnings After Tax 2318.20 1713.50 2419.60 2230.00 1729.00 3744.97
Add: Depriciation 1645.10 1574.50 1540.30 2299.90 3044.90 4031.23
Net Income 3963.30 3288.00 3959.90 4529.90 4773.90 7776.19
CAPEX -1387.40 -489.10 -3638.00 -6946.50 -2033.40 -4205.97
Changes in Account Receivab -1733.70 -265.20 -1315.20 -1840.30 -8231.70 -3795.73
Changes in Account Payable 1183.30 -239.60 5322.10 1279.80 7126.80 4576.23
Changes in Operating Assets 73.30 28.00 -4694.80 -1214.00 -1565.70 -2491.50

FCFFs 5827.80 4253.90 8285.80 13250.90 9477.90 13693.16

Discounted FCFFs 12108.93

PV 71730.96 Using WACC

Equity Value 284.53

Using APV
Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Debt financing 12108.93 12268.38 11489.73 11553.58 12171.11
tax shield 317.3264 321.505 301.0997 302.77285 318.956
PV of tax shields 287.219 263.3914 223.2703 203.20979 193.7606
total PV of tax shields 1170.851

FCFFs 5827.80 4253.90 8285.80 13250.90 9477.90 13693.16

Discounted FCFFs 12084.64

Adjusted Present value 73996.36

share price valuation 293.5199

PV 73996.36
Equity Value 293.52
12 months 12 months 12 months 12 months
March-31- March-31- March-31- March-31- Terminal
2023 2024 2025 2026 Year
INR INR INR INR INR
3904.18 3859.82 3520.70 4070.61
5337.05 7065.86 9354.69 12384.93
9241.23 10925.68 12875.39 16455.54
-4395.29 -3544.89 -4048.71 -3996.30
-4622.58 -5550.00 -4656.10 -4942.90
4327.61 5343.55 4749.13 4806.76
-1757.07 -1938.09 -2062.22 -1919.12

15688.55 16615.11 18893.30 22507.09 25385.07

12268.38 11489.73 11553.58 12171.11 12139.24

Unlevered cost of equity (Ro)= 13.31%

March 2021 Debt-to-Equity= 0.79
Desired amount= 15427.97
Discount rate tax shield= 10.48%
tax= 25.00%

15688.55 16615.11 18893.30 22507.09 25385.07

12219.21 11420.72 11461.14 12049.52 13590.28
Bibiliography
1) Bloomaberg to retrive Rm and Rf values
2) Capital IQ to retrive all the financial statements
3) Annual report of from years 2017-2021
4) Annual report of years 2017, 2019, 2021
5) Ashwath Damodaran data set to get CRP and DRP