| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| Reserves | 1 | 10 | 17 | 20 | 31 | 33 | 35 | 30 |
| Borrowings | 20 | 27 | 32 | 43 | 54 | 11 | 31 | 26 |
| Other Liabilities | 33 | 80 | 114 | 32 | 13 | 6 | 54 | 43 |
| Total Liabilities | 70 | 131 | 178 | 111 | 113 | 66 | 135 | 115 |
| AssetsFixed Assets | 2 | 2 | 1 | 1 | 1 | 1 | 3 | 3 |
| CWIP | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Investments | 23 | 63 | 86 | 50 | 27 | 16 | 16 | 16 |
| Other Assets | 43 | 66 | 90 | 59 | 84 | 49 | 117 | 96 |
| Total Assets | 70 | 131 | 178 | 111 | 113 | 66 | 135 | 115 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -20 | 18 | 31 | 6 | -44 | -37 | 25 | -13 |
| Cash from Investing | -2 | -9 | -26 | -7 | 39 | 37 | 19 | 3 |
| Cash from Financing | 22 | -8 | -6 | 0 | 6 | 3 | -48 | 9 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -21 | 18 | 31 | 6 | -44 | -37 | 25 | -15 |
| 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.
EKANSH · CYCLICAL_UNMODELABLE
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