| Line item | FY25 | FY26 | FY26 |
|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 13 | 13 |
| Reserves | 7 | 89 | 89 |
| Borrowings | 5 | 3 | 10 |
| Other Liabilities | 7 | 7 | 12 |
| Total Liabilities | 24 | 112 | 123 |
| AssetsFixed Assets | 1 | 70 | 69 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 2 | 2 |
| Other Assets | 24 | 41 | 52 |
| Total Assets | 24 | 112 | 123 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | — | — |
| Cash from Investing | — | — |
| Cash from Financing | — | — |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | — | — |
| 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.
GVL · CYCLICAL_UNMODELABLE
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