03 · Projection
Forecast Model FY2026–FY2028
FY2025 actuals are the base year. Each forecast year = prior-year revenue × (1 + growth), then margins, depreciation, tax and capex are applied from the active scenario.
Actual + Forecast
FY2018–FY2025 actual · FY2026–FY2028 forecast
Income Statement Forecast
₹ Crore · Forecast_Model rows 13–22
| ₹ Crore | FY2025 A | FY2026 F | FY2027 F | FY2028 F |
|---|---|---|---|---|
| Revenue | 2,55,324 | 2,75,750 | 2,99,189 | 3,26,116 |
| Revenue Growth % | 6.0% | 8.0% | 8.5% | 9.0% |
| EBITDA | 71,369 | 77,210 | 84,371 | 92,943 |
| EBITDA Margin % | 28.0% | 28.0% | 28.2% | 28.5% |
| Depreciation | 5,234 | 5,791 | 6,283 | 6,848 |
| EBIT (Operating Profit) | 66,135 | 71,419 | 78,088 | 86,095 |
| Tax Expense | n/a | 18,212 | 19,913 | 21,954 |
| Net Profit | 48,797 | 53,207 | 58,176 | 64,140 |
| Net Profit Margin % | 19.1% | 19.3% | 19.4% | 19.7% |
| EPS (₹) | ₹134.20 | ₹146.98 | ₹160.71 | ₹177.18 |
Free Cash Flow Projection
Forecast_Model rows 26–30
| ₹ Crore | FY2025 A | FY2026 F | FY2027 F | FY2028 F |
|---|---|---|---|---|
| Net Profit | 48,797 | 53,207 | 58,176 | 64,140 |
| (+) Depreciation | 5,234 | 5,791 | 6,283 | 6,848 |
| (−) Capex | -6,255 | -6,894 | -7,480 | -8,153 |
| Free Cash Flow | 47,776 | 52,104 | 56,979 | 62,836 |
| FCF Margin % | 18.7% | 18.9% | 19.0% | 19.3% |
Growth Metrics Summary
Year-on-year
| ₹ Crore | FY2025 A | FY2026 F | FY2027 F | FY2028 F |
|---|---|---|---|---|
| Revenue Growth | 6.0% | +8.0% | +8.5% | +9.0% |
| Net Profit Growth | — | +9.0% | +9.3% | +10.3% |
| EPS Growth | — | +9.5% | +9.3% | +10.3% |
| FCF Growth | — | +9.1% | +9.4% | +10.3% |
Forecast Net Profit is derived as EBIT − Tax; it does not include Other Income. This is why FY26 net margin steps down versus the FY25 actual (which includes Other Income).
Forecast EPS = Net Profit ÷ assumed shares (362 Cr). FY25 EPS is the official diluted figure (₹134.20).