| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 11 | 12 | 12 | 12 | 12 | 15 | 15 | 15 |
| Reserves | 46 | 59 | 71 | 77 | 91 | 196 | 206 | 195 |
| Borrowings | 7 | 4 | 6 | 7 | 46 | 80 | 75 | 77 |
| Other Liabilities | 20 | 28 | 16 | 18 | 20 | 38 | 46 | 33 |
| Total Liabilities | 84 | 103 | 105 | 113 | 169 | 329 | 342 | 320 |
| AssetsFixed Assets | 30 | 28 | 29 | 29 | 129 | 128 | 127 | 127 |
| CWIP | 2 | 4 | 2 | 6 | 1 | 1 | 1 | 2 |
| Investments | 2 | 2 | 4 | 5 | 16 | 108 | 110 | 87 |
| Other Assets | 50 | 68 | 69 | 74 | 23 | 92 | 104 | 104 |
| Total Assets | 84 | 103 | 105 | 113 | 169 | 329 | 342 | 320 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -4 | 1 | 2 | 3 | 4 | 90 | -2 | -8 |
| Cash from Investing | 11 | 5 | 1 | -6 | -3 | -90 | -29 | 16 |
| Cash from Financing | -7 | -6 | 3 | -3 | -1 | -1 | 30 | -8 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 1 | 1 | -1 | 2 | -2 | -7 | -2 | -10 |
| 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.
NTCIND · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.