| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 15 | 15 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 74 | 95 | 135 | 164 | 197 | 240 | 239 | 275 |
| Borrowings | 153 | 204 | 182 | 225 | 209 | 212 | 208 | 192 |
| Other Liabilities | 212 | 176 | 173 | 174 | 166 | 186 | 105 | 149 |
| Total Liabilities | 454 | 491 | 507 | 581 | 590 | 656 | 569 | 633 |
| AssetsFixed Assets | 106 | 102 | 100 | 204 | 203 | 198 | 196 | 193 |
| CWIP | 35 | 60 | 91 | 1 | 2 | 2 | 2 | 2 |
| Investments | 2 | 1 | 1 | 0 | 0 | 7 | 7 | 11 |
| Other Assets | 310 | 328 | 314 | 375 | 385 | 449 | 363 | 427 |
| Total Assets | 454 | 491 | 507 | 581 | 590 | 656 | 569 | 633 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 35 | 155 | -71 | 87 | 47 | 56 | 68 | 0 |
| Cash from Investing | -10 | -35 | -22 | -36 | -54 | -29 | 81 | 0 |
| Cash from Financing | -24 | -121 | 88 | -39 | 18 | -41 | -22 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 22 | 139 | -98 | 50 | 25 | 45 | 62 | 0 |
| 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.
INDSUCR · CYCLICAL_UNMODELABLE
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