| Line item | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 15 | 15 | 19 | 19 | 19 |
| Reserves | 71 | 80 | 124 | 207 | 225 | 226 |
| Borrowings | 15 | 10 | 40 | 0 | 5 | 8 |
| Other Liabilities | 90 | 83 | 115 | 64 | 108 | 145 |
| Total Liabilities | 181 | 188 | 294 | 291 | 357 | 398 |
| AssetsFixed Assets | 1 | 2 | 2 | 2 | 3 | 7 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 72 | 98 | 131 | 0 | 0 | 0 |
| Other Assets | 107 | 88 | 161 | 288 | 355 | 391 |
| Total Assets | 181 | 188 | 294 | 291 | 357 | 398 |
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ActivitiesCash from Operating | -37 | -9 | 109 | -188 | 65 |
| Cash from Investing | 76 | 1 | -97 | 140 | -7 |
| Cash from Financing | -18 | -8 | -3 | 19 | 3 |
| SummaryCapital Expenditure | — | — | — | — | — |
| Free Cash Flow | -38 | -10 | 108 | -189 | 60 |
| 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.
RIKHAV · CYCLICAL_UNMODELABLE
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