| Line item | FY09 | FY10 | FY11 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 24 | 24 | 32 | 24 | 28 | 28 | 28 | 28 |
| Reserves | -1 | -10 | -10 | 37 | 31 | 34 | 35 | 37 |
| Borrowings | 36 | 32 | 21 | 22 | 22 | 22 | 23 | 27 |
| Other Liabilities | 40 | 28 | 22 | 39 | 47 | 57 | 58 | 54 |
| Total Liabilities | 100 | 74 | 64 | 122 | 128 | 141 | 145 | 145 |
| AssetsFixed Assets | 58 | 39 | 33 | 61 | 66 | 65 | 64 | 59 |
| CWIP | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 |
| Investments | 4 | 4 | 4 | 0 | 0 | 0 | 0 | 1 |
| Other Assets | 38 | 31 | 27 | 61 | 62 | 76 | 79 | 85 |
| Total Assets | 100 | 74 | 64 | 122 | 128 | 141 | 145 | 145 |
| Line item | FY08 | FY09 | FY10 | FY11 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 1 | 0 | -10 | -4 | 2 | 4 | 5 | -4 |
| Cash from Investing | 0 | 0 | 14 | 11 | -4 | -2 | -1 | 3 |
| Cash from Financing | -1 | 0 | -4 | -3 | 1 | -3 | -3 | 1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | 0 | -10 | -4 | -1 | 3 | 4 | -1 |
| 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.
INDOKEM · CYCLICAL_UNMODELABLE
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