| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 17 | 17 | 17 | 17 | 17 | 19 | 19 | 21 |
| Reserves | -7 | -2 | -1 | -1 | 12 | 38 | 39 | 35 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 10 |
| Other Liabilities | 0 | 1 | 4 | 2 | 6 | 8 | 7 | 14 |
| Total Liabilities | 10 | 17 | 19 | 18 | 35 | 64 | 72 | 80 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 4 | 11 | 17 | 7 | 21 | 40 | 36 | 45 |
| Other Assets | 5 | 5 | 2 | 10 | 14 | 24 | 36 | 34 |
| Total Assets | 10 | 17 | 19 | 18 | 35 | 64 | 72 | 80 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | 0 | 7 | 6 | -9 | 15 | -10 | -3 |
| Cash from Investing | 0 | -0 | -7 | -5 | 10 | -15 | -12 | -15 |
| Cash from Financing | -2 | -0 | 0 | -0 | 0 | 0 | 22 | 18 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 2 | 0 | 7 | 6 | -9 | 15 | -10 | -3 |
| 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.
BALGOPAL · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.