| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 16 | 15 | 39 | 39 | 49 | 57 | 71 |
| Borrowings | 38 | 109 | 123 | 158 | 190 | 201 | 246 |
| Other Liabilities | 8 | 39 | 27 | 25 | 35 | 54 | 51 |
| Total Liabilities | 72 | 174 | 200 | 233 | 285 | 322 | 378 |
| AssetsFixed Assets | 27 | 79 | 84 | 77 | 71 | 70 | 70 |
| CWIP | 0 | 0 | 1 | 4 | 2 | 1 | 0 |
| Investments | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Other Assets | 45 | 94 | 115 | 152 | 212 | 251 | 308 |
| Total Assets | 72 | 174 | 200 | 233 | 285 | 322 | 378 |
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -16 | -23 | -20 | -19 | -19 | — |
| Cash from Investing | -1 | -57 | -13 | -5 | 1 | — |
| Cash from Financing | 14 | 81 | 34 | 24 | 18 | — |
| SummaryCapital Expenditure | — | — | — | — | — | — |
| Free Cash Flow | -17 | -80 | -33 | -23 | -18 | — |
| 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.
HPBL · CYCLICAL_UNMODELABLE
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