Gujarat-based integrated stainless steel manufacturer producing SS ingots, round bars, bright bars, custom profiles, forgings and fasteners.
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| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 18 | 19 | 19 | 19 | 25 | 25 | 25 | 25 |
| Reserves | 50 | 45 | 50 | 60 | 105 | 118 | 130 | 133 |
| Borrowings | 151 | 168 | 164 | 154 | 151 | 178 | 184 | 296 |
| Other Liabilities | 107 | 81 | 68 | 99 | 110 | 139 | 159 | 80 |
| Total Liabilities | 326 | 312 | 301 | 332 | 390 | 460 | 498 | 534 |
| AssetsFixed Assets | 83 | 78 | 82 | 77 | 96 | 90 | 88 | 85 |
| CWIP | 0 | 0 | 0 | 6 | 0 | 0 | 0 | 11 |
| Investments | 19 | 19 | 19 | 0 | 0 | 0 | 1 | 1 |
| Other Assets | 223 | 215 | 199 | 248 | 295 | 369 | 410 | 437 |
| Total Assets | 326 | 312 | 301 | 332 | 390 | 460 | 498 | 534 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 12 | 5 | 31 | 13 | 9 | 1 | -4 |
| Cash from Investing | -13 | -20 | -2 | -12 | 17 | -18 | -1 | -11 |
| Cash from Financing | 13 | 8 | -3 | -18 | -29 | 10 | 1 | 14 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -13 | -8 | 3 | 18 | 5 | -11 | -1 | -17 |
| 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.
MAL · CYCLICAL_UNMODELABLE
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