| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 6 | 6 | 11 | 15 |
| Reserves | 10 | 10 | 14 | 16 | 65 |
| Borrowings | 42 | 43 | 45 | 46 | 35 |
| Other Liabilities | 25 | 21 | 28 | 31 | 35 |
| Total Liabilities | 83 | 80 | 93 | 104 | 150 |
| AssetsFixed Assets | 7 | 7 | 6 | 7 | 10 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 1 | 0 |
| Other Assets | 76 | 73 | 87 | 96 | 141 |
| Total Assets | 83 | 80 | 93 | 104 | 150 |
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ActivitiesCash from Operating | -48 | 1 | 6 | 3 | -23 |
| Cash from Investing | -8 | 0 | 0 | -2 | -3 |
| Cash from Financing | 56 | -1 | -3 | 1 | 23 |
| SummaryCapital Expenditure | — | — | — | — | — |
| Free Cash Flow | -56 | 1 | 5 | 1 | -26 |
| 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.
DACHEPALLI · CYCLICAL_UNMODELABLE
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