Hyderabad firm designing and manufacturing Kavach, India's indigenous train-collision-avoidance system.
Price
Market Cap
Sector
Services
Rank
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 12 | 12 | 12 | 15 | 17 | 17 | 17 | 17 |
| Reserves | 46 | 50 | 36 | 67 | 90 | 141 | 157 | 231 |
| Borrowings | 11 | 20 | 18 | 11 | 28 | 40 | 89 | 162 |
| Other Liabilities | 16 | 12 | 14 | 11 | 27 | 42 | 199 | 509 |
| Total Liabilities | 85 | 95 | 80 | 104 | 161 | 240 | 461 | 919 |
| AssetsFixed Assets | 33 | 32 | 25 | 24 | 24 | 25 | 34 | 34 |
| CWIP | 0 | 0 | 0 | 3 | 2 | 7 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 53 | 63 | 55 | 78 | 135 | 208 | 427 | 885 |
| Total Assets | 85 | 95 | 80 | 104 | 161 | 240 | 461 | 919 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -23 | -11 | 3 | -5 | -36 | -71 | 15 | -100 |
| Cash from Investing | 26 | 25 | -12 | -7 | -1 | -5 | -9 | -8 |
| Cash from Financing | -2 | -6 | -1 | 0 | 45 | 64 | 5 | 94 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 6 | 12 | 3 | 1 | -37 | -76 | 6 | -107 |
| 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.
KERNEX · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.