| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 7 | 0 | 0 | -4 | -4 | 3 | 6 | 30 |
| Borrowings | 13 | 25 | 31 | 38 | 40 | 45 | 20 | 17 |
| Other Liabilities | 3 | 5 | 4 | 5 | 4 | 6 | 46 | 12 |
| Total Liabilities | 28 | 36 | 40 | 44 | 46 | 60 | 78 | 65 |
| AssetsFixed Assets | 16 | 17 | 25 | 30 | 30 | 32 | 35 | 23 |
| CWIP | 4 | 7 | 7 | 2 | 2 | 2 | 2 | 7 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 9 | 11 | 9 | 12 | 14 | 26 | 41 | 35 |
| Total Assets | 28 | 36 | 40 | 44 | 46 | 60 | 78 | 65 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -2 | 2 | -5 | 5 | -3 | 3 | 2 | 5 |
| Cash from Investing | -2 | -3 | -6 | -9 | -1 | -1 | -3 | 26 |
| Cash from Financing | 4 | 0 | 10 | 3 | 4 | -1 | 1 | -31 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -4 | 0 | -10 | -4 | -4 | 1 | 0 | 30 |
| 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.
LAXMIPATI · CYCLICAL_UNMODELABLE
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