| Line item | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 12 | 17 | 17 | 17 |
| Reserves | 13 | 3 | 18 | 20 | 25 |
| Borrowings | 14 | 17 | 15 | 23 | 21 |
| Other Liabilities | 4 | 9 | 8 | 12 | 9 |
| Total Liabilities | 31 | 41 | 58 | 73 | 71 |
| AssetsFixed Assets | 4 | 16 | 16 | 15 | 15 |
| CWIP | 10 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 17 | 25 | 43 | 58 | 56 |
| Total Assets | 31 | 41 | 58 | 73 | 71 |
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | 9 | 5 | -15 | -6 |
| Cash from Investing | -14 | -2 | 0 | -1 |
| Cash from Financing | 5 | -3 | 15 | 5 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | -5 | 3 | -16 | -7 |
| 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.
SHIVAM · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.