| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves | -249 | -373 | 2 | 275 | 309 | 349 | 363 | 372 |
| Borrowings | 228 | 242 | 295 | 245 | 211 | 175 | 194 | 176 |
| Other Liabilities | 89 | 209 | 95 | 94 | 98 | 155 | 180 | 162 |
| Total Liabilities | 92 | 102 | 415 | 637 | 642 | 702 | 760 | 732 |
| AssetsFixed Assets | 63 | 41 | 2 | 3 | 3 | 20 | 19 | 19 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 6 | 6 | 7 | 7 | 1 | 1 | 1 | 1 |
| Other Assets | 23 | 55 | 406 | 627 | 638 | 682 | 740 | 712 |
| Total Assets | 92 | 102 | 415 | 637 | 642 | 702 | 760 | 732 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -9 | -4 | -17 | -85 | 22 | -3 | 42 | -4 |
| Cash from Investing | 0 | 0 | 3 | 40 | 25 | 8 | -14 | 2 |
| Cash from Financing | 9 | 4 | 13 | 46 | -40 | -12 | -29 | 2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -9 | -4 | -14 | -44 | 47 | 5 | 28 | -2 |
| 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.
BARODARY · CYCLICAL_UNMODELABLE
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