Hi Sachit,
Here is my sample calculations of IRR for old stations (post migration fees) and new frequencies. ENIL_IRR.xlsx (13.3 KB)One can put in specific numbers for a city such OTEF (cash out flow), capacity utilization, realizations etc. It is important to note that the IRR is as right or wrong as our assumptions. 
Hence the critical thing is to get our assumptions right. Following is the basis of my assumotions
Capacity utilization: Conservative than Phase-II utilization in initial years (50-60% in 2 years)
Number of slots: 17 hours a day- 14 minutes (@100%) in an hour – 6 10 second slots in a minute
Realizations: Lower/equivalent than existing realization from the city or based on other player’s realization
EBIDTA: conservative than estimated Phase-III EBIDTA margins
Tax rate: 30% flat
It is important to remember that this is all equity IRR. Any leverage will improve the IRR. You will also notice that migration has come at very low rates and IRRs are excellent going forward. Even management has acknowledged the same.
Though, I have not calaculated IRR on overall basis, one can replicate this sheet and change assumptions/variables to arrive at cumulative IRR.
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