| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 10 | 24 | 24 | 24 | 24 | 24 |
| Reserves | 10 | 13 | 20 | 77 | 88 | 107 | 116 | 131 |
| Borrowings | 21 | 30 | 31 | 34 | 105 | 171 | 219 | 285 |
| Other Liabilities | 18 | 47 | 77 | 97 | 67 | 100 | 148 | 202 |
| Total Liabilities | 58 | 99 | 138 | 232 | 283 | 402 | 507 | 642 |
| AssetsFixed Assets | 6 | 6 | 6 | 20 | 26 | 24 | 53 | 104 |
| CWIP | 0 | 0 | 1 | 0 | 2 | 6 | 28 | 3 |
| Investments | 0 | 0 | 0 | 12 | 14 | 30 | 2 | 0 |
| Other Assets | 53 | 93 | 131 | 200 | 242 | 342 | 424 | 534 |
| Total Assets | 58 | 99 | 138 | 232 | 283 | 402 | 507 | 642 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 1 | 3 | -4 | -29 | 6 | 35 | -2 |
| Cash from Investing | -3 | -1 | -1 | -26 | -5 | -20 | -78 |
| Cash from Financing | 0 | -1 | 4 | 66 | -12 | -14 | 79 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | -4 | 1 | -5 | -43 | 2 | 30 | -51 |
| 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.
SUDARSHAN · CYCLICAL_UNMODELABLE
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