Institutional-grade equity research, DCF valuations, and financial analysis papers — authored by Sarthak Shridhar Pande. All data from primary sources only.
Revenue CAGR 6.3%, EBITDA margins ~27%, Debt-to-Equity 0.09x. The FY2020 CFO/PAT divergence (0.30x) reveals Discom receivables risk invisible in the Income Statement. Full ratio analysis FY2019–FY2025.
Intrinsic value ₹635/share vs market price ₹1,384 — a 118% premium. Full CAPM, FCFE projections, sensitivity matrix and optionality discussion.
Blended fair value ₹1,000 vs CMP ₹906 — a 10–12% discount. DCF, EV/EBITDA & P/E valuation with full financials, peer comps, and 5-year projections. EBITDA margins expand to 14.5% by FY29.
⚠ DISCLAIMER: All research papers are prepared solely for educational and informational purposes. They do not constitute financial advice, buy/sell recommendations, or investment research under SEBI (Research Analysts) Regulations, 2014. The author is not a SEBI-registered Research Analyst. Consult a qualified, SEBI-registered financial advisor before making any investment decision.