| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 66 | 106 | 147 | 170 | 214 | 235 | 240 | 234 |
| Borrowings | 2 | 1 | 0 | 0 | 5 | 4 | 9 | 7 |
| Other Liabilities | 6 | 10 | 11 | 7 | 11 | 8 | 5 | 6 |
| Total Liabilities | 76 | 120 | 162 | 180 | 233 | 250 | 257 | 249 |
| AssetsFixed Assets | 10 | 10 | 18 | 26 | 26 | 29 | 28 | 26 |
| CWIP | 0 | 1 | 2 | 1 | 0 | 0 | 0 | 0 |
| Investments | 39 | 76 | 87 | 116 | 169 | 0 | 200 | 183 |
| Other Assets | 26 | 33 | 55 | 38 | 37 | 221 | 30 | 40 |
| Total Assets | 76 | 120 | 162 | 180 | 233 | 250 | 257 | 249 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 13 | 15 | 6 | 8 | 43 | 2 | -2 | 10 |
| Cash from Investing | -12 | -6 | -9 | -7 | -38 | -8 | 186 | -195 |
| Cash from Financing | -1 | -2 | -2 | -2 | -2 | 4 | -3 | 1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 8 | 19 | 5 | -3 | 33 | -1 | -8 | 9 |
| 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.
DHPIND · CYCLICAL_UNMODELABLE
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