| Line item | FY12 | FY13 | FY14 | FY15 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 10 | 10 | 19 | 22 | 23 | 29 |
| Reserves | 9 | 9 | 9 | 9 | 218 | 435 | 458 | 595 |
| Borrowings | 2 | 3 | 0 | 0 | 110 | 195 | 381 | 455 |
| Other Liabilities | 7 | 3 | 1 | 0 | 309 | 553 | 444 | 608 |
| Total Liabilities | 28 | 25 | 20 | 19 | 656 | 1.2k | 1.3k | 1.7k |
| AssetsFixed Assets | 13 | 13 | 13 | 13 | 16 | 199 | 176 | 126 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65 |
| Investments | 1 | 1 | 0 | 0 | 30 | 9 | 9 | 9 |
| Other Assets | 14 | 12 | 7 | 6 | 610 | 998 | 1.1k | 1.5k |
| Total Assets | 28 | 25 | 20 | 19 | 656 | 1.2k | 1.3k | 1.7k |
| Line item | FY11 | FY12 | FY13 | FY14 | FY15 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -3 | 1 | 2 | 5 | 0 | -123 | -145 | 97 |
| Cash from Investing | 0 | -1 | 0 | 0 | 0 | 20 | -105 | -440 |
| Cash from Financing | 2 | -1 | -2 | -6 | 0 | 171 | 188 | 339 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -3 | 1 | 2 | 5 | 0 | -123 | -242 | 30 |
| 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.
HAZOOR · CYCLICAL_UNMODELABLE
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