Bengaluru defence-electronics manufacturer: cable harness, PCB assembly & system integration for global OEMs
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 15 | 19 | 22 | 22 | 22 | 22 |
| Reserves | 43 | 102 | 547 | 1.1k | 1.4k | 1.4k | 1.5k |
| Borrowings | 136 | 503 | 509 | 291 | 4 | 4 | 3 |
| Other Liabilities | 610 | 322 | 143 | 430 | 525 | 642 | 588 |
| Total Liabilities | 793 | 943 | 1.2k | 1.8k | 1.9k | 2.1k | 2.1k |
| AssetsFixed Assets | 16 | 15 | 15 | 60 | 347 | 418 | 484 |
| CWIP | 0 | 0 | 5 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 778 | 928 | 1.2k | 1.8k | 1.6k | 1.7k | 1.6k |
| Total Assets | 793 | 943 | 1.2k | 1.8k | 1.9k | 2.1k | 2.1k |
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 114 | -134 | -590 | 4 | 496 | 2 |
| Cash from Investing | 21 | 21 | 22 | -1 | -239 | -108 |
| Cash from Financing | -2 | 364 | 364 | 242 | -95 | 26 |
| SummaryCapital Expenditure | — | — | — | — | — | — |
| Free Cash Flow | 113 | -135 | -598 | -40 | 196 | -151 |
| 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.
DCXINDIA · CYCLICAL_UNMODELABLE
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