| Line item | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 13 | 13 | 14 | 14 | 14 |
| Reserves | 51 | 63 | 69 | 72 | 71 |
| Borrowings | 32 | 47 | 62 | 62 | 64 |
| Other Liabilities | 34 | 30 | 43 | 51 | 64 |
| Total Liabilities | 129 | 153 | 189 | 198 | 213 |
| AssetsFixed Assets | 54 | 64 | 84 | 83 | 94 |
| CWIP | 0 | 0 | 1 | 8 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 76 | 88 | 103 | 107 | 117 |
| Total Assets | 129 | 153 | 189 | 198 | 213 |
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | -4 | 11 | — |
| Cash from Investing | -9 | -17 | -26 | — |
| Cash from Financing | 10 | 22 | 15 | — |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | -9 | -19 | -12 | — |
| 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.
CALCOM · CYCLICAL_UNMODELABLE
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