| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 11 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 2 | 6 | 11 | 16 | 20 | 21 | 21 | 23 |
| Borrowings | 1 | 4 | 8 | 8 | 10 | 8 | 17 | 15 |
| Other Liabilities | 2 | 10 | 5 | 10 | 6 | 16 | 7 | 9 |
| Total Liabilities | 15 | 31 | 40 | 50 | 51 | 61 | 60 | 63 |
| AssetsFixed Assets | 1 | 3 | 4 | 3 | 11 | 10 | 9 | 10 |
| CWIP | 0 | 0 | 0 | 2 | 0 | 0 | 2 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 14 | 28 | 36 | 45 | 40 | 51 | 49 | 53 |
| Total Assets | 15 | 31 | 40 | 50 | 51 | 61 | 60 | 63 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -5 | 3 | -3 | -6 | 4 | 8 | 4 | 0 |
| Cash from Investing | 0 | -1 | -2 | -3 | -2 | -7 | -1 | 0 |
| Cash from Financing | 5 | -2 | 6 | 8 | -2 | -1 | -3 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -5 | 1 | -5 | -8 | 2 | 8 | 4 | 0 |
| 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.
SANINFRA · CYCLICAL_UNMODELABLE
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