| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 15 | 20 | 20 |
| Reserves | 11 | 23 | 62 | 68 |
| Borrowings | 4 | 1 | 4 | 4 |
| Other Liabilities | 2 | 3 | 4 | 6 |
| Total Liabilities | 21 | 42 | 90 | 98 |
| AssetsFixed Assets | 0 | 1 | 3 | 8 |
| CWIP | 1 | 1 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets | 20 | 40 | 86 | 89 |
| Total Assets | 21 | 42 | 90 | 98 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | -8 | -3 | -28 |
| Cash from Investing | -1 | -2 | -7 |
| Cash from Financing | 8 | 10 | 42 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | -9 | -5 | -35 |
| 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.
BHARATROHAN · CYCLICAL_UNMODELABLE
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