Mumbai-based infrastructure contractor building highways, expressways, turnkey roads, bridges and tunnels — asset-light with no owned manufacturing facility, executing via joint ventures and sub-contracting.
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| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 22 | 43 | 43 | 43 | 40 | 60 | 60 | 60 |
| Reserves | 154 | 134 | 136 | 133 | 113 | 184 | 196 | 207 |
| Borrowings | 19 | 30 | 13 | 26 | 0 | 1 | 2 | 68 |
| Other Liabilities | 35 | 70 | 120 | 112 | 103 | 140 | 132 | 125 |
| Total Liabilities | 230 | 277 | 313 | 314 | 256 | 384 | 389 | 460 |
| AssetsFixed Assets | 11 | 10 | 8 | 7 | 9 | 11 | 12 | 12 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Investments | 0 | 14 | 14 | 14 | 15 | 23 | 17 | 14 |
| Other Assets | 219 | 253 | 290 | 293 | 231 | 349 | 360 | 434 |
| Total Assets | 230 | 277 | 313 | 314 | 256 | 384 | 389 | 460 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 9 | -18 | -5 | 39 | -30 | 28 | -83 | -86 |
| Cash from Investing | 25 | 9 | -9 | -11 | 15 | -6 | -19 | 20 |
| Cash from Financing | -36 | 18 | 9 | -17 | 5 | -26 | 104 | 64 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 10 | -18 | -5 | 39 | -30 | 24 | -87 | -88 |
| FCF Margin | — | — | — | — | — | — | — | — |
For capital-heavy businesses (telecom, power, heavy manufacturing) reported profit ignores the cash needed just to stand still. We'd systematically overvalue it, so we don't show a number.
NIRAJ · CAPITAL_INTENSIVE
Guides on how to read this kind of business and the numbers that matter.