| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 4 | 5 | 6 | 7 | 7 |
| Reserves | -2 | 1 | 21 | 56 | 109 | 189 | 209 |
| Borrowings | 39 | 54 | 53 | 38 | 42 | 24 | 37 |
| Other Liabilities | 14 | 23 | 16 | 25 | 28 | 12 | 41 |
| Total Liabilities | 54 | 81 | 94 | 124 | 186 | 232 | 294 |
| AssetsFixed Assets | 5 | 6 | 12 | 12 | 18 | 16 | 18 |
| CWIP | 1 | 1 | 0 | 0 | 0 | 0 | 18 |
| Investments | 0 | 0 | 4 | 4 | 7 | 61 | 19 |
| Other Assets | 48 | 75 | 79 | 107 | 160 | 155 | 239 |
| Total Assets | 54 | 81 | 94 | 124 | 186 | 232 | 294 |
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -9 | — | -4 | -5 | -25 | 14 |
| Cash from Investing | -6 | — | -8 | -2 | -9 | -31 |
| Cash from Financing | 14 | — | 14 | 6 | 39 | 69 |
| SummaryCapital Expenditure | — | — | — | — | — | — |
| Free Cash Flow | -9 | — | -5 | -7 | -33 | -11 |
| 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.
SHREEREF · CYCLICAL_UNMODELABLE
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