| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 16 | 16 | 20 |
| Reserves | 45 | 57 | 64 | 79 | 87 | 82 | 86 | 145 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 35 | 52 | 57 | 77 | 44 | 75 | 79 | 68 |
| Total Liabilities | 85 | 114 | 126 | 161 | 137 | 173 | 181 | 234 |
| AssetsFixed Assets | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 3 | 0 | 0 | 8 | 8 |
| Other Assets | 84 | 112 | 125 | 156 | 135 | 172 | 172 | 225 |
| Total Assets | 85 | 114 | 126 | 161 | 137 | 173 | 181 | 234 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 5 | 26 | 1 | 14 | -3 | -33 | 15 |
| Cash from Investing | 1 | 1 | 2 | -1 | 3 | -2 | 1 |
| Cash from Financing | 0 | 0 | 0 | 0 | 0 | 0 | 54 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | 5 | 26 | 0 | 10 | -3 | -37 | 15 |
| 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.
BHAVIK · CYCLICAL_UNMODELABLE
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