Every DCF for an Indian IT services company begins with the same question: how much of the terminal value are you willing to place on a business model that is, at heart, a labour arbitrage that keeps getting narrower?
This model doesn't dodge the question. It builds the answer from the ground up: headcount pyramid, wage inflation, utilisation, and the dollar-rupee sensitivity that quietly does half the work in every DCF that gets published on this sector.
What's inside the preview
The FCF projection chart you see above is the output of a fully linked cohort revenue build. Every fresher hire enters the pyramid at a specific salary band; every promotion cycle rolls them up; every attrition assumption pulls them out. The revenue is what falls out of billed headcount times utilisation times realised rate — no top-down growth assumption.