| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 106 | 107 | 109 | 110 | 115 | 134 | 146 | 140 |
| Borrowings | 8 | 16 | 21 | 50 | 55 | 73 | 62 | 72 |
| Other Liabilities | 28 | 20 | 19 | 18 | 29 | 21 | 24 | 23 |
| Total Liabilities | 152 | 152 | 158 | 188 | 209 | 238 | 242 | 245 |
| AssetsFixed Assets | 41 | 51 | 49 | 47 | 56 | 64 | 62 | 135 |
| CWIP | 13 | 3 | 11 | 46 | 52 | 56 | 78 | 17 |
| Investments | 30 | 37 | 23 | 23 | 20 | 19 | 18 | 13 |
| Other Assets | 68 | 62 | 75 | 71 | 82 | 99 | 84 | 80 |
| Total Assets | 152 | 152 | 158 | 188 | 209 | 238 | 242 | 245 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | 30 | 5 | -6 | 33 | -20 | 13 | 30 |
| Cash from Investing | -10 | -22 | -8 | -9 | -42 | -4 | -15 | -28 |
| Cash from Financing | 6 | 1 | 7 | 3 | 13 | 25 | 11 | -10 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -9 | 29 | 3 | -15 | -3 | -38 | -3 | -7 |
| 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.
KESARPE · CYCLICAL_UNMODELABLE
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