| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 13 |
| Reserves | 74 | 91 | 107 | 113 | 100 | 88 | 75 | 80 |
| Borrowings | 140 | 140 | 113 | 128 | 171 | 221 | 275 | 227 |
| Other Liabilities | 128 | 123 | 175 | 180 | 263 | 209 | 207 | 230 |
| Total Liabilities | 346 | 357 | 399 | 423 | 538 | 522 | 561 | 550 |
| AssetsFixed Assets | 202 | 210 | 243 | 248 | 298 | 299 | 315 | 313 |
| CWIP | 10 | 9 | 3 | 22 | 11 | 22 | 4 | 4 |
| Investments | 3 | 5 | 6 | 11 | 15 | 19 | 20 | 23 |
| Other Assets | 131 | 133 | 147 | 143 | 214 | 181 | 221 | 210 |
| Total Assets | 346 | 357 | 399 | 423 | 538 | 522 | 561 | 550 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 23 | 43 | 35 | 73 | 22 | 40 | -33 | 38 |
| Cash from Investing | -35 | -23 | -21 | -34 | -29 | -60 | 4 | -19 |
| Cash from Financing | 12 | -21 | -14 | -39 | 6 | 20 | 30 | -20 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -38 | 23 | 15 | 38 | -6 | -20 | -31 | 18 |
| 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.
SAYAJIIND · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.