| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 6 | 6 | 7 | 7 | 8 | 23 | 33 | 41 |
| Borrowings | 1 | 0 | 1 | 0 | 3 | 33 | 45 | 85 |
| Other Liabilities | 0 | 0 | 1 | 1 | 4 | 9 | 69 | 159 |
| Total Liabilities | 10 | 10 | 11 | 11 | 18 | 68 | 150 | 289 |
| AssetsFixed Assets | 0 | 0 | 1 | 1 | 1 | 36 | 76 | 189 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 25 | 26 |
| Investments | 2 | 3 | 3 | 4 | 4 | 9 | 7 | 9 |
| Other Assets | 8 | 7 | 8 | 7 | 13 | 21 | 42 | 65 |
| Total Assets | 10 | 10 | 11 | 11 | 18 | 68 | 150 | 289 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -2 | 1 | 0 | 2 | -2 | 4 | 129 |
| Cash from Investing | 1 | 0 | 0 | 1 | -1 | -1 | -44 | -182 |
| Cash from Financing | 0 | 1 | 0 | 0 | 0 | 2 | 41 | 57 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -2 | 0 | -1 | 1 | -2 | -34 | -55 |
| FCF Margin | — | — | — | — | — | — | — | — |
For capital-heavy businesses (telecom, power, heavy manufacturing) reported profit ignores the cash needed just to stand still. We'd systematically overvalue it, so we don't show a number.
TRISHAKT · CAPITAL_INTENSIVE
Guides on how to read this kind of business and the numbers that matter.