Sahil specialises in infrastructure finance and valuation, with a focus on the energy, telecoms and transport sectors. He has advised companies and investors on a range of issues including valuation and investment returns analysis, cash-flow modelling, project discount rates, and profitability assessments. He also presents on finance topics at Oxera’s Utility Finance and Utility Regulation courses. Prior to joining Oxera, Sahil worked in private equity in India. In this role, he contributed to identifying investment opportunities and conducting due diligence in the defence, aerospace and pre-fabricated construction markets.

Selected project experience

  • Advising a nuclear power generator in the UK on its economic submission to the government (2017–)
  • Advised BT on a ‘fair bet’ framework for the regulation of fibre broadband services (2017)
  • Strategic advice to a major UK private health insurer looking to develop a fairness pricing framework (2017)
  • Led Oxera’s strategic and financial analysis in the context of a restructuring plan for a technically insolvent eastern European airline (2016)
  • Led Oxera’s state aid advice to a major European air traffic services provider in the context of a merger with a large aerospace and defence company (2016)
  • Commercial advice to a major UK airport in the context of striking long-term bilateral contracts with airlines (2016)
  • Developed a framework and financial analysis to demonstrate long-term financial resilience for a UK water company (2016)
  • Theoretical and practical analysis to demonstrate the optimal point estimate within a cost of capital range for the telecoms businesses in New Zealand (2015)
  • Cost of capital analysis for BT ahead of the leased-line market review (2015)
  • Financial analysis and scenario-based risk modelling for Gatwick Airport in order to establish a long-term passenger charge price cap for the airport to commit to while earning a commercial rate of return, in light of building the second runway (2015)
  • Buy-side regulatory and financial due diligence for an infrastructure investor seeking to acquire an Italian airport operator (2014)
  • Advised a group of Italian water companies on their strategy for re-financing debt while also meeting financeability thresholds (2014)
  • Buy-side regulatory due diligence for a consortium of investors who purchased a UK rolling-stock company (2014)
  • Theoretical and practical analysis to demonstrate the optimal point estimate within a cost of capital range for electricity distribution businesses in New Zealand (2014)
  • Advised the Commerce Commission of New Zealand on the asset beta, optimal capital structure and target credit rating for a hypothetical telecoms operator in New Zealand (2014)
  • Cost modelling in line with the DfT’s webTAG guidelines for a new runway at a UK airport (2014)
  • Principles of profitability assessment for various European airports facing state aid investigations (2014)
  • Cost of capital analysis for an Electricity Supply Board Network in its interim WACC review (2013)
  • Ex ante valuation and cash flow analysis for a large European energy utility facing state aid allegations (2013)
  • MEIP analysis for a European government to assess the risk of state aid in a business proposal for a major train concession (2013)
  • Financial modelling in order to provide strategic advice to a client in the betting industry (2013)
  • Profitability analysis of contractual agreements between Ryanair and several European airports based on MEIP guidelines, in order to assess state aid allegations (2013)
  • Financial modelling and due diligence regarding the impact of Ofwat’s future price regulation framework on the cash flows of a water company (2013)
  • Assessing the cost of capital for Gatwick Airport and conducting detailed historical and forward-looking profitability risk modelling (2012)
  • Assessing the appropriate rate of return for an associate company of a UK water and sewerage firm to establish whether cross-subsidy existed (2012)
  • Cost of capital (with the inclusion of a trigger mechanism) and financeability analysis of Bord Gáis Networks for the Commission for Energy Regulation (2012)
  • Analysis on quantification of sovereign risk as an input into the cost of capital for Bord Gáis Networks (2012)
  • Review of airport till model for removing commercial business units from the regulatory asset base (2012)
  • Advice on regulatory issues to Network Rail on the PR13 price control review (2011)
  • Financial modelling of the valuation of damages for an Asian power company in a breach of contract case (2011)
  • Financial modelling for profitability analysis of an energy utility in the Caribbean (2011)


  • MSc Finance and Economics, London School of Economics
  • BSc Mathematics (Double Hons), St Xavier’s College, University of Mumbai