#VALUE!
Balance Sheet (FY2020 - FY2024)
Assets FY2020 FY2021 FY2022 FY2023
Non-current assets
Property, plant and equipment ₹ 2,499.57 ₹ 796.97 ₹ 823.95 ₹ 1,111.17
Capital work-in-progress ₹ 129.27 ₹ 66.35 ₹ 119.32 ₹ -
Intangible assets ₹ 33.59 ₹ 33.50 ₹ 21.56 ₹ 10.73
Intangible assets under development ₹ 10.97 ₹ 5.42 ₹ 6.04 ₹ 20.82
Right-of-use assets ₹ 14,246.14 ₹ 17,986.17 ₹ 20,438.15 ₹ 26,536.50
Other investments ₹ 0.08 ₹ 0.08 ₹ 0.01 ₹ 0.07
Other loans ₹ 1,275.95 ₹ - ₹ - ₹ -
Other financial assets ₹ 5.83 ₹ 1,582.23 ₹ 2,091.12 ₹ 2,449.97
Deferred tax assets (net) ₹ 299.28 ₹ 302.69 ₹ 294.94 ₹ 294.94
Income Tax Assets ₹ 429.67 ₹ 514.01 ₹ 711.92 ₹ 1,099.79
Other non-current assets ₹ 714.27 ₹ 949.81 ₹ 1,226.70 ₹ 1,497.13
Total Non-current Assets ₹ 19,644.62 ₹ 22,237.24 ₹ 25,733.72 ₹ 33,021.10
Current Assets
Inventories ₹ 286.13 ₹ 316.42 ₹ 408.06 ₹ 591.07
Investments ₹ 9,499.17 ₹ 7,339.41 ₹ 8,106.47 ₹ 11,558.03
Trade receivables ₹ 259.42 ₹ 218.98 ₹ 332.92 ₹ 519.90
Cash and cash equivalents ₹ 719.07 ₹ 508.89 ₹ 1,015.33 ₹ 1,267.97
Other bank balances ₹ 10,153.36 ₹ 10,718.78 ₹ 9,104.81 ₹ 10,571.72
Other loans ₹ 455.12
Other financial assets ₹ 623.13 ₹ 747.89 ₹ 328.11 ₹ 1,039.77
Other current assets ₹ 461.08 ₹ 818.22 ₹ 933.17 ₹ 600.26
Assets Held for sale ₹ - ₹ 145.34 ₹ - ₹ -
Total Current Assets ₹ 22,456.47 ₹ 20,813.92 ₹ 20,228.88 ₹ 26,148.71
TOTAL ASSETS ₹ 42,101.09 ₹ 43,051.15 ₹ 45,962.60 ₹ 59,169.82
Equity & Liabilities
Equity
Equity Share Capital ₹ 384.80 ₹ 384.91 ₹ 385.26 ₹ 385.55
Other Equity ₹ 5,493.14 ₹ -274.05 ₹ -6,373.32 ₹ -6,632.06
Total Equity ₹ 5,877.94 ₹ 110.86 ₹ -5,988.06 ₹ -6,246.52
Liabilities
Non-Current Liabilities
Lease Liabilities ₹ 15,579.10 ₹ 20,280.53 ₹ 25,058.66 ₹ 32,224.61
Borrowings ₹ 346.59 ₹ 381.63 ₹ 416.17 ₹ -
Other Financial Liabilities ₹ 3,038.90 ₹ 2,604.93 ₹ 3,309.30 ₹ 7,881.11
Provisions ₹ 563.50 ₹ 552.29 ₹ 589.69 ₹ 1,336.45
Deferred Incentives ₹ 220.63 ₹ 173.03 ₹ 125.42 ₹ 77.82
Other non-current liabilities ₹ 36.98 ₹ 24.19 ₹ 34.28 ₹ 45.20
Total Non-current Liabilities ₹ 19,785.69 ₹ 24,016.60 ₹ 29,533.52 ₹ 41,565.19
Current Liabilities
Lease Liabilities ₹ 6,454.43 ₹ 7,073.50 ₹ 7,922.44 ₹ 10,377.27
Borrowings ₹ - ₹ 2,124.00 ₹ 3,480.57 ₹ 2,252.34
Trade Payables ₹ 1,567.58 ₹ 1,551.33 ₹ 3,151.82 ₹ 3,208.99
Other financial liabilities ₹ 4,589.74 ₹ 4,723.46 ₹ 3,692.86 ₹ 2,590.16
Provisions ₹ 1,396.25 ₹ 1,608.36 ₹ 760.28 ₹ 289.65
Current Tax Liabilities ₹ 3.08 ₹ 3.08 ₹ 3.08 ₹ 3.08
Deferred Incentives ₹ 47.61 ₹ 47.60 ₹ 47.60 ₹ 47.60
Other Current Liabilities ₹ 2,378.78 ₹ 1,792.37 ₹ 3,358.50 ₹ 5,082.06
Total Current Liabilities ₹ 16,437.46 ₹ 18,923.69 ₹ 22,417.14 ₹ 23,851.15
Total Equity & Liabilities ₹ 42,101.09 ₹ 43,051.15 ₹ 45,962.60 ₹ 59,169.82
)
FY2024
₹ 1,902.91
₹ 0.14
₹ 48.33
₹ 1.34
₹ 34,202.31
₹ 974.84
₹ -
₹ 5,296.22
₹ 419.19
₹ 1,610.10
₹ 1,916.03
₹ 46,371.40
₹ 624.80
₹ 15,571.12
₹ 642.52
₹ 695.28
₹ 16,025.33
₹ 1,728.19
₹ 565.88
₹ -
₹ 35,853.12
₹ 82,224.517
₹ 385.98
₹ 1,610.45
₹ 1,996.43
₹ 37,863.46
₹ -
₹ 9,234.27
₹ 2,230.11
₹ 30.22
₹ 71.71
₹ 49,429.77
₹ 11,524.85
₹ 1,891.71
₹ 3,157.62
₹ 7,050.99
₹ 588.97
₹ 3.08
₹ 47.60
₹ 6,533.51
₹ 30,798.32
₹ 82,224.52
Income Statement (FY2020 - FY2024)
FY2020 FY2021
Income
Revenue from Operations ₹ 35,756.00 ₹ 14,640.63
Other Income ₹ 1,535.51 ₹ 1,036.96
Total Income ₹ 37,291.51 ₹ 15,677.60
Expenses
Aircraft fuel expenses ₹ 12,453.79 ₹ 3,831.28
Aircraft & Engine Rentals ₹ 496.66 ₹ 280.46
Supplementary rentals and aircraft repair and maintenance (net) ₹ 5,867.24 ₹ 4,191.26
Airport Fees and Charges ₹ 2,911.68 ₹ 1,612.88
Purchase of Stock-in-Trade (in flight) ₹ 180.91 ₹ 54.32
Changes in stocks and inventories ₹ -3.05 ₹ 1.16
Employee Benefit Expenses ₹ 4,709.96 ₹ 3,295.49
Other Expenses ₹ 3,534.00 ₹ 1,910.41
Total Expenses ₹ 30,151.19 ₹ 15,177.26
Earnings before interest, tax, dep., & amort. ₹ 7,140.32 ₹ 500.33
Less: Finance Costs ₹ 1,875.87 ₹ 2,141.98
Earnings before tax, dep., amort., after Interest ₹ 5,264.45 ₹ -1,641.65
Less: Depreciation & Amortization Expenses ₹ 3,973.93 ₹ 4,699.45
Earnings before Exceptional items & Tax ₹ 1,290.52 ₹ -6,341.10
Foreign Exchange Loss (exceptional item) ₹ -1,546.12 ₹ 523.03
Earnings before Tax ₹ -255.60 ₹ -5,818.07
Less: Tax expenses for the year ₹ -21.99 ₹ -11.64
Earnings after Tax ₹ -233.61 ₹ -5,806.43
Add: Share of net profit from Joint ventures ₹ - ₹ -
Add: Other comprehensive income (net of tax) ₹ 1.10 ₹ 0.58
Net Earnings for the Year ₹ -232.51 ₹ -5,805.85
Cash flow from op. activity ₹ 6,943.00 ₹ -1,620.00
Cash flow from inv. activity ₹ -4,573.00 ₹ 3,228.00
Cash flow from fin. activity ₹ -2,407.00 ₹ -1,775.00
Net Cash Inflow / outflow ₹ -37.00 ₹ -167.00
20 - FY2024)
FY2022 FY2023 FY2024
₹ 25,930.93 ₹ 54,446.45 ₹ 68,904.34
Income Statement Ite
₹ 725.60 ₹ 1,434.97 ₹ 2,326.82 ₹ 250,000.00
₹ 26,656.53 ₹ 55,881.42 ₹ 71,231.16
₹ 200,000.00
₹ 9,695.24 ₹ 23,646.02 ₹ 23,904.58
₹ 311.68 ₹ 325.84 ₹ 1,075.20 ₹ 150,000.00
₹ 6,089.78 ₹ 8,044.96 ₹ 9,931.62
₹ 2,286.84 ₹ 3,646.80 ₹ 4,623.94 ₹ 100,000.00
₹ 118.14 ₹ 287.24 ₹ 336.86
₹ -1.68 ₹ -1.24 ₹ 5.41 ₹ 50,000.00
₹ 3,486.44 ₹ 4,794.75 ₹ 6,461.86
₹ 2,456.31 ₹ 4,246.96 ₹ 5,529.91
₹-
₹ 24,442.76 ₹ 44,991.33 ₹ 51,869.37 FY2020 FY2021 FY
₹ 2,213.77 ₹ 10,890.09 ₹ 19,361.79
Revenue from Operations EBITDA
₹ 2,358.02 ₹ 3,131.73 ₹ 4,169.35 Profit after tax Revenue
₹ -144.25 ₹ 7,758.36 ₹ 15,192.44 Finance Costs Profit afte
₹ 5,068.60 ₹ 5,102.97 ₹ 6,425.73
₹ -5,212.85 ₹ 2,655.39 ₹ 8,766.71
₹ -940.84 ₹ -2,959.77 ₹ -717.40
₹ -6,153.68 ₹ -304.39 ₹ 8,049.31
₹ 8.16 ₹ 1.40 ₹ -123.16 Cash Flow Statement I
₹ -6,161.84 ₹ -305.79 ₹ 8,172.47 ₹ 25,000.00
₹ - ₹ - ₹ -
₹ 1.07 ₹ 7.72 ₹ -14.59 ₹ 20,000.00
₹ -6,160.78 ₹ -298.07 ₹ 8,157.88
₹ 15,000.00
₹ 2,064.00 ₹ 12,703.00 ₹ 21,183.00
₹ 1,527.00 ₹ -4,039.00 ₹ -11,759.00
₹ 10,000.00
₹ -3,088.00 ₹ -8,432.00 ₹ -9,979.00
₹ 503.00 ₹ 232.00 ₹ -555.00
₹ 5,000.00
₹ 0.00
FY2020 FY2021 FY2
₹ -5,000.00
Cash flow from op. activity
Cash flow from fin. activity
me Statement Items (in crores)
FY2021 FY2022 FY2023 FY2024
m Operations EBITDA Finance Costs
ax Revenue from Operations EBITDA
ts Profit after tax
low Statement Items (in crores)
FY2021 FY2022 FY2023 FY2024
ash flow from op. activity Cash flow from inv. activity
ash flow from fin. activity Net Cash Inflow / outflow
Case
Selected
2 Analysis & Forecast of Balance Sheet's
Actual Figures
Particulars
FY2020 FY2021 FY2022
Trade Receivables ₹ 259.42 ₹ 218.98 ₹ 332.92
Debtor Conversion Period 2.54 5.10 4.56
Trade Payables ₹ 1,567.58 ₹ 1,551.33 ₹ 3,151.82
Creditor Conversion Period 45.29 145.73 117.23
Inventories ₹ 286.13 ₹ 316.42 ₹ 408.06
Inventory Conversion Period 8.27 29.72 15.18
Fixed Assets ₹ 19,644.62 ₹ 22,237.24 ₹ 25,733.72
Fixed Assets Turnover Ratio 1.82 0.66 1.01
Working Capital ₹ -1,022.04 ₹ -1,015.93 ₹ -2,410.83
Analysis & Forecast of Income Sheet's
Actual Figures
Particulars
3/31/2020 3/31/2021 3/31/2022
Revenue from Operations ₹ 37,291.51 ₹ 15,677.60 ₹ 26,656.53
Growth in RfO (%) - -57.96% 70.03%
Cost of Goods Sold ₹ 12,634.70 ₹ 3,885.60 ₹ 9,813.38
COGS (%) of sales 33.88% 24.78% 36.81%
Employee benefit expenses ₹ 4,709.96 ₹ 3,295.49 ₹ 3,486.44
EBE (%) of sales 12.63% 21.02% 13.08%
Depreciation & Amortn. ₹ 3,973.93 ₹ 4,699.45 ₹ 5,068.60
D&A as a % of FA 20.23% 21.13% 19.70%
Other expenses ₹ 3,534.00 ₹ 1,910.41 ₹ 2,456.31
OE as a % of sales 9.48% 12.19% 9.21%
Tax Expenses 8.60% 0.20% -0.13%
EBITDA ₹ 7,140.32 ₹ 500.33 ₹ 2,213.77
Revenue from Operations ₹ 37,291.51 ₹ 15,677.60 ₹ 26,656.53
Finance costs ₹ 1,875.87 ₹ 2,141.98 ₹ 2,358.02
Profit after tax ₹ -232.51 ₹ -5,805.85 ₹ -6,160.78
f Balance Sheet's Items (relevant items only)
ual Figures Forecasted Figures
FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029
₹ 519.90 ₹ 642.52 ₹ 810.77 ₹ 891.85 ₹ 981.03 ₹ 1,079.13 ₹ 1,187.05
3.40 3.29 3.78 3.78 3.78 3.78 3.78
₹ 3,208.99 ₹ 3,157.62 ₹ 7,124.32 ₹ 7,836.75 ₹ 8,620.42 ₹ 9,482.46 ₹ 10,430.71
48.94 47.54 80.94 80.94 80.94 80.94 80.94
₹ 591.07 ₹ 624.80 ₹ 1,260.16 ₹ 1,386.18 ₹ 1,524.80 ₹ 1,677.27 ₹ 1,845.00
9.01 9.41 14.32 14.32 14.32 14.32 14.32
₹ 33,021.10 ₹ 46,371.40 ₹ 59,359.30 ₹ 65,295.23 ₹ 71,824.76 ₹ 79,007.23 ₹ 86,907.95
1.65 1.49 1.32 1.32 1.32 1.32 1.32
₹ -2,098.02 ₹ -1,890.29 ₹ -5,053.39 ₹ -5,558.72 ₹ -6,114.60 ₹ -6,726.06 ₹ -7,398.66
f Income Sheet's Items (relevant items only)
ual Figures Forecasted Figures
3/31/2023 3/31/2024 3/31/2025 3/31/2026 3/31/2027 3/31/2028 3/31/2029
₹ 55,881.42 ₹ 71,231.16 ₹ 78,354.28 ₹ 86,189.71 ₹ 94,808.68 ₹ 104,289.55 ₹ 114,718.50
109.64% 27.47% 10.00% 10.00% 10.00% 10.00% 10.00%
₹ 23,933.26 ₹ 24,241.44 ₹ 32,125.25 ₹ 35,337.78 ₹ 38,871.56 ₹ 42,758.71 ₹ 47,034.59
42.83% 34.03% 41.00% 41.00% 41.00% 41.00% 41.00%
₹ 4,794.75 ₹ 6,461.86 ₹ 10,029.35 ₹ 11,032.28 ₹ 12,135.51 ₹ 13,349.06 ₹ 14,683.97
8.58% 9.07% 12.80% 12.80% 12.80% 12.80% 12.80%
₹ 5,102.97 ₹ 6,425.73 ₹ 377.30 ₹ 403.71 ₹ 431.97 ₹ 462.21 ₹ 494.56
15.45% 13.86% 18.07% 18.07% 18.07% 18.07% 18.07%
₹ 4,246.96 ₹ 5,529.91 ₹ 3,917.71 ₹ 15,574.48 ₹ 17,131.93 ₹ 18,845.12 ₹ 20,729.63
7.60% 7.76% 5.00% 18.07% 18.07% 18.07% 18.07%
-0.46% -1.53% 26.00% 26.00% 26.00% 26.00% 26.00%
₹ 10,890.09 ₹ 19,361.79 ₹ 20,585.45 ₹ 24,420.88 ₹ 28,256.31 ₹ 32,091.73 ₹ 35,927.16
₹ 55,881.42 ₹ 71,231.16 ₹ 78,687.62 ₹ 94,754.14 ₹ 102,928.91 ₹ 118,277.12 ₹ 126,451.88
₹ 3,131.73 ₹ 4,169.35 ₹ 4,540.93 ₹ 6,244.60 ₹ 7,282.22 ₹ 8,319.85 ₹ 9,357.47
₹ -298.07 ₹ 8,157.88 ₹ 10,057.95 ₹ 12,400.56 ₹ 15,288.81 ₹ 18,849.76 ₹ 23,240.10
14.94%
12.59%
19.81%
20.00%
Balance Sheet items
Items Opt (1) Norm (2) Pess. (3)
DCP 2.54 3.78 5.10
CCP 145.73 80.94 45.29
ICP 20.00 14.32 100.00
FATR 1.82 1.32 0.66
Fo
Income Sheet items ₹ 250,000.00
Items Opt (1) Norm (2) Pess. (3)
₹ 200,000.00
RFO growth 20.00% 10.00% 8.00%
COGS 35.00% 41.00% 45.00%
₹ 150,000.00
EBE 18.00% 12.80% 24.00%
Amount
D&A 8.00% 18.07% 11.00%
OE 4.00% 5.00% 6.00% ₹ 100,000.00
Tax 20.00% 26.00% 30.00%
₹ 50,000.00
₹-
3/31/2025
Revenue from O
Forecasted Values (in crores)
250,000.00
200,000.00
150,000.00
100,000.00
₹ 50,000.00
₹-
3/31/2025 3/31/2026 3/31/2027 3/31/2028 3/31/2029
Forecast years
Revenue from Operations EBITDA Finance costs Profit after tax
Assessment of Working Capital Changes
Particulars 2025 2026 2027 2028
Fixed Assets ₹ 46,371.40 ₹ 59,359.30 ₹ 65,295.23 ₹ 71,824.76
Depreciation ₹ 377.30 ₹ 403.71 ₹ 431.97 ₹ 462.21
Capital Expenditure ₹ 13,365.20 ₹ 6,339.64 ₹ 6,961.49 ₹ 7,644.68
Ending Value of FA ₹ 59,359.30 ₹ 65,295.23 ₹ 71,824.76 ₹ 79,007.23
Accounts Receivables ₹ 810.77 ₹ 891.85 ₹ 981.03 ₹ 1,079.13
Inventories ₹ 1,260.16 ₹ 1,386.18 ₹ 1,524.80 ₹ 1,677.27
Accounts Payables ₹ 7,124.32 ₹ 7,836.75 ₹ 8,620.42 ₹ 9,482.46
Working Capital ₹ -5,053.39 ₹ -5,558.72 ₹ -6,114.60 ₹ -6,726.06
Changes in WC ₹ -3,163.09 ₹ -505.34 ₹ -555.87 ₹ -611.46
Calculation of Net Operating Profit after Tax
Particulars 2025 2026 2027 2028
Net Revenue from Operations ₹ 78,354.28 ₹ 86,189.71 ₹ 94,808.68 ₹ 104,289.55
Less: COGS ₹ 32,125.25 ₹ 35,337.78 ₹ 38,871.56 ₹ 42,758.71
Gross Margin ₹ 46,229.02 ₹ 50,851.93 ₹ 55,937.12 ₹ 61,530.83
Less: Employee Benefits ₹ 10,029.35 ₹ 11,032.28 ₹ 12,135.51 ₹ 13,349.06
Less: Other Expenses ₹ 3,917.71 ₹ 15,574.48 ₹ 17,131.93 ₹ 18,845.12
EBITDA ₹ 32,281.96 ₹ 24,245.16 ₹ 26,669.68 ₹ 29,336.65
Less: Deprn. & Amortn. ₹ 377.30 ₹ 403.71 ₹ 431.97 ₹ 462.21
EBIT ₹ 32,659.26 ₹ 24,648.87 ₹ 27,101.65 ₹ 29,798.86
Less: Taxes ₹ 8,491.41 ₹ 6,408.71 ₹ 7,046.43 ₹ 7,747.70
NOPAT ₹ 24,167.85 ₹ 18,240.17 ₹ 20,055.22 ₹ 22,051.15
Particulars Amt (in ₹ cr.)
Gross Value of the Enterprize ₹ 141,804.54
Less: Debt ₹ 1,891.71
Add: Investments ₹ 16,545.96
Add: Loans and Advances ₹ 0.00
Add: Other Current Assets ₹ 565.88
Add: Non-operating Fin. Assets ₹ 1,728.19
Net Value of Equity ₹ 158,752.86
No. of Equity Shares (in crores) 38.60
Intrinsic Value of Shares ₹ 4,113.00
Estimation of Free Cash Flows
2029 Particulars 2025 2026
₹ 79,007.23 Net Opn. Profit after Tax ₹ 24,167.85 ₹ 18,240.17
₹ 494.56 Add: Deprn. & Amortn. ₹ 377.30 ₹ 403.71
₹ 8,395.28 Gross Cash Flows ₹ 24,545.15 ₹ 18,643.87
₹ 86,907.95 Less: Capital Expenditure ₹ 13,365.20 ₹ 6,339.64
₹ 1,187.05 Less: Working Cap. Changes ₹ 3,163.09 ₹ 505.34
₹ 1,845.00 Free Cash Flow to the Firm ₹ 14,343.04 ₹ 12,809.57
₹ 10,430.71
₹ -7,398.66 Capital Structure Analysis
₹ -672.61 Capital Structure Amount Rate %
Equity Capital ₹ 1,996.43 12.51%
Debt Capital ₹ 1,891.71 8.0%
ax Total Capital ₹ 3,888.14 WACC =
2029
₹ 114,718.50 Risk Free Rate 7.20%
₹ 47,034.59 Beta (long term) 0.47
₹ 67,683.92 Market Return 18.50%
₹ 14,683.97 Risk Premium 11.30%
₹ 20,729.63 Cost of Equity (ke) 12.51%
₹ 32,270.31 Growth Rate (perp) 4.00%
₹ 494.56
₹ 32,764.87 Discounting & Enterprize Valuation
₹ 8,518.87 Years forecasted ahead --> 1 2
₹ 24,246.01 Free Cash flow to the firm ₹ 14,343.04 ₹ 12,809.57
Present Value Factor 0.91 0.84
Discounted Cash Flows ₹ 13,122.13 ₹ 10,721.62
Terminal value (discounted) ₹ 85,425.49
Sum of Disc. Cash Flows ₹ 56,379.05
Free Cash Flows
2027 2028 2029
₹ 20,055.22 ₹ 22,051.15 ₹ 24,246.01
₹ 431.97 ₹ 462.21 ₹ 494.56
₹ 20,487.19 ₹ 22,513.36 ₹ 24,740.57
₹ 6,961.49 ₹ 7,644.68 ₹ 8,395.28
₹ 555.87 ₹ 611.46 ₹ 672.61
₹ 14,081.57 ₹ 15,480.14 ₹ 17,017.89
cture Analysis
Post Tax Weight % Wtd. Cap
12.51% 51.35% 6.42%
5.92% 48.65% 2.88%
WACC = 9.30%
terprize Valuation
3 4 5
₹ 14,081.57 ₹ 15,480.14 ₹ 17,017.89
0.77 0.70 0.64
₹ 10,783.00 ₹ 10,844.92 ₹ 10,907.37
₹ 85,425.49
₹ 56,379.05
