Bangalore-based defence-tech firm building software-driven command-and-control and situational-awareness platforms (MAGI-C4ISR/CIX) for militaries, plus dual-use Industry 4.0 automation systems for factories.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 1 | 2 | 12 | 17 | 17 | 17 |
| Reserves | 0 | -2 | 1 | 64 | 181 | 205 | 220 |
| Borrowings | 2 | 6 | 10 | 1 | 46 | 48 | 55 |
| Other Liabilities | 5 | 4 | 6 | 8 | 19 | 23 | 82 |
| Total Liabilities | 8 | 9 | 18 | 86 | 262 | 293 | 374 |
| AssetsFixed Assets | 1 | 1 | 4 | 4 | 14 | 14 | 13 |
| CWIP | 3 | 3 | 0 | 0 | 26 | 26 | 27 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 4 | 5 | 15 | 82 | 223 | 253 | 334 |
| Total Assets | 8 | 9 | 18 | 86 | 262 | 293 | 374 |
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | -4 | -5 | -35 | -115 |
| Cash from Investing | -3 | 0 | 0 | -1 | -28 |
| Cash from Financing | 1 | 4 | 5 | 52 | 129 |
| SummaryCapital Expenditure | — | — | — | — | — |
| Free Cash Flow | -1 | -4 | -5 | -35 | -144 |
| 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.
C2C · CYCLICAL_UNMODELABLE
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