| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 24 | 35 | 54 | 58 |
| Reserves | 19 | 24 | 74 | 76 |
| Borrowings | 0 | 3 | 1 | 1 |
| Other Liabilities | 0 | 5 | 7 | 17 |
| Total Liabilities | 43 | 67 | 136 | 151 |
| AssetsFixed Assets | 0 | 1 | 8 | 8 |
| CWIP | 0 | 6 | 3 | 0 |
| Investments | 0 | 0 | 0 | 15 |
| Other Assets | 43 | 60 | 125 | 128 |
| Total Assets | 43 | 67 | 136 | 151 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | -1 | -51 | -42 |
| Cash from Investing | 0 | 1 | -10 |
| Cash from Financing | 44 | 11 | 67 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | -1 | -51 | -43 |
| FCF Margin | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
AZADIND · CYCLICAL_UNMODELABLE
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