Current compensation - X Fixed + Ylpa ESOPs
Company - Swiggy(Edited)

Company - Games 24x7
Tentative offer - 45lpa + 12% performance variable on avg(after a year, excluding hike) + 3lac around joining bonus ( No stocks)
Stocks might be provided after 6 months (not sure, might depend on manager and performance)
2/3 days a week office

YoE - 4 years
Current CTC is definitely same or greater than the offer.
Is it a lowballed offer?

Edit: HR was adamant on not increasing a single penny. Declined the offer as after a year only component i have will be fixed component. Masking current comp