| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 20 | 21 | 21 | 21 | 21 | 27 | 29 | 30 |
| Borrowings | 1 | 1 | 42 | 109 | 194 | 120 | 130 | 120 |
| Other Liabilities | 0 | 0 | 22 | 76 | 117 | 42 | 21 | 30 |
| Total Liabilities | 34 | 35 | 99 | 220 | 345 | 203 | 194 | 194 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 6 | 5 | 5 | 18 |
| CWIP | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
| Investments | 28 | 27 | 1 | 3 | 15 | 19 | 24 | 1 |
| Other Assets | 6 | 8 | 98 | 214 | 324 | 179 | 166 | 175 |
| Total Assets | 34 | 35 | 99 | 220 | 345 | 203 | 194 | 194 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -2 | 3 | -64 | -60 | -49 | 90 | 12 |
| Cash from Investing | 2 | -3 | 30 | -5 | -16 | -1 | 4 |
| Cash from Financing | 0 | 0 | 39 | 60 | 66 | -89 | -13 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | -2 | 3 | -64 | -62 | -51 | 90 | 12 |
| 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.
RATNABHUMI · CYCLICAL_UNMODELABLE
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