| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 9 | 9 | 9 | 9 | 9 | 24 | 24 | 25 |
| Reserves | -3 | -3 | -3 | -3 | 22 | 18 | 18 | 29 |
| Borrowings | 0 | 0 | 0 | 0 | 7 | 7 | 2 | 3 |
| Other Liabilities | 0 | 0 | 0 | 0 | 2 | 4 | 3 | 22 |
| Total Liabilities | 7 | 7 | 7 | 7 | 40 | 53 | 48 | 80 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 13 | 17 | 19 | 23 |
| CWIP | 0 | 0 | 0 | 0 | 2 | 3 | 4 | 10 |
| Investments | 1 | 1 | 1 | 1 | 7 | 1 | 1 | 1 |
| Other Assets | 6 | 6 | 6 | 6 | 19 | 32 | 24 | 46 |
| Total Assets | 7 | 7 | 7 | 7 | 40 | 53 | 48 | 80 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -0 | 0 | -0 | -0 | -1 | -13 | 11 |
| Cash from Investing | 0 | 0 | 0 | -0 | 0 | -18 | -1 | -14 |
| Cash from Financing | 0 | 0 | 0 | -0 | 0 | 20 | 13 | 11 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -0 | 0 | -0 | -0 | -11 | -20 | -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.
MADHUVEER · CYCLICAL_UNMODELABLE
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