| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 34 | 34 | 34 | 34 | 119 | 119 | 119 | 119 |
| Reserves | 89 | 41 | -43 | -98 | 83 | 86 | 81 | 74 |
| Borrowings | 178 | 226 | 230 | 245 | 6 | 32 | 33 | 31 |
| Other Liabilities | 178 | 127 | 120 | 115 | 86 | 74 | 56 | 83 |
| Total Liabilities | 479 | 429 | 340 | 296 | 295 | 312 | 289 | 309 |
| AssetsFixed Assets | 126 | 117 | 109 | 102 | 141 | 147 | 138 | 141 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Other Assets | 352 | 312 | 231 | 193 | 153 | 165 | 151 | 167 |
| Total Assets | 479 | 429 | 340 | 296 | 295 | 312 | 289 | 309 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 45 | 25 | 5 | 32 | 12 | 12 | -43 | -3 |
| Cash from Investing | -5 | 25 | 6 | -1 | 0 | 4 | -8 | 1 |
| Cash from Financing | -40 | -53 | -5 | -37 | -14 | 18 | 24 | -4 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 40 | 48 | 6 | 32 | 11 | 16 | -53 | -3 |
| 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.
KISAN · CYCLICAL_UNMODELABLE
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