| Line item | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 10 | 10 | 10 | 10 |
| Reserves | 38 | 44 | 51 | 53 | 58 |
| Borrowings | 90 | 154 | 136 | 136 | 110 |
| Other Liabilities | 33 | 19 | 34 | 37 | 33 |
| Total Liabilities | 169 | 227 | 230 | 235 | 210 |
| AssetsFixed Assets | 55 | 93 | 98 | 92 | 134 |
| CWIP | 46 | 27 | 40 | 44 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 68 | 107 | 92 | 98 | 76 |
| Total Assets | 169 | 227 | 230 | 235 | 210 |
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | 23 | -34 | 49 | 42 |
| Cash from Investing | -25 | -32 | -26 | -7 |
| Cash from Financing | 9 | 59 | -24 | -35 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | -3 | -65 | 22 | 35 |
| 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.
TIRUSTA · CYCLICAL_UNMODELABLE
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