| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 39 | 49 | 56 | 57 | 58 | 60 | 59 | 62 |
| Borrowings | 16 | 10 | 3 | 6 | 12 | 17 | 9 | 8 |
| Other Liabilities | 30 | 21 | 18 | 32 | 37 | 23 | 20 | 22 |
| Total Liabilities | 88 | 92 | 88 | 106 | 118 | 112 | 100 | 104 |
| AssetsFixed Assets | 32 | 31 | 33 | 37 | 40 | 45 | 46 | 47 |
| CWIP | 0 | 1 | 1 | 2 | 1 | 3 | 4 | 3 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 56 | 60 | 53 | 66 | 77 | 64 | 49 | 54 |
| Total Assets | 88 | 92 | 88 | 106 | 118 | 112 | 100 | 104 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 12 | 21 | 23 | 2 | 12 | 4 | 10 | 22 |
| Cash from Investing | -4 | -5 | -3 | 7 | -10 | -7 | -11 | -9 |
| Cash from Financing | -5 | -17 | -7 | -12 | -2 | 3 | 1 | -12 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 7 | 17 | 19 | -4 | 3 | -4 | -2 | 14 |
| 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.
SMRUTHIORG · CYCLICAL_UNMODELABLE
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