| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 8 | 8 | 18 | 18 | 18 | 18 | 20 |
| Reserves | -77 | -81 | -76 | -63 | -48 | -9 | -6 | 32 |
| Borrowings | 81 | 92 | 121 | 130 | 133 | 92 | 82 | 50 |
| Other Liabilities | 45 | 53 | 69 | 83 | 60 | 53 | 57 | 55 |
| Total Liabilities | 57 | 72 | 121 | 168 | 163 | 155 | 151 | 156 |
| AssetsFixed Assets | 20 | 53 | 47 | 123 | 125 | 126 | 127 | 125 |
| CWIP | 18 | 0 | 53 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 19 | 19 | 21 | 45 | 38 | 29 | 25 | 32 |
| Total Assets | 57 | 72 | 121 | 168 | 163 | 155 | 151 | 156 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 6 | 12 | 2 | 9 | 13 | 14 | 45 | 26 |
| Cash from Investing | -17 | -13 | -13 | -48 | -26 | -7 | -6 | -5 |
| Cash from Financing | 11 | 1 | 12 | 38 | 13 | -7 | -40 | -21 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -5 | 3 | -15 | -38 | -13 | 7 | 39 | 21 |
| 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.
SHRIGANG · CYCLICAL_UNMODELABLE
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