| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 11 | 11 | 35 | 38 | 38 | 42 |
| Reserves | 2 | 7 | 24 | 25 | 68 | 68 | 143 |
| Borrowings | 1 | 6 | 9 | 13 | 34 | 48 | 49 |
| Other Liabilities | 4 | 5 | 10 | 13 | 10 | 16 | 19 |
| Total Liabilities | 17 | 28 | 54 | 86 | 150 | 170 | 253 |
| AssetsFixed Assets | 6 | 7 | 7 | 14 | 51 | 53 | 80 |
| CWIP | 0 | 0 | 2 | 4 | 8 | 17 | 23 |
| Investments | 0 | 0 | 0 | 0 | 1 | 0 | 19 |
| Other Assets | 11 | 21 | 45 | 67 | 90 | 100 | 131 |
| Total Assets | 17 | 28 | 54 | 86 | 150 | 170 | 253 |
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | -5 | 0 | -13 | -17 | -14 |
| Cash from Investing | -2 | -2 | -3 | -18 | -30 | -63 |
| Cash from Financing | 0 | 8 | 14 | 20 | 47 | 83 |
| SummaryCapital Expenditure | — | — | — | — | — | — |
| Free Cash Flow | 0 | -8 | -2 | -24 | -51 | -61 |
| 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.
SHISHIND · CYCLICAL_UNMODELABLE
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