| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 3 | 3 | 9 | 9 | 44 |
| Reserves | 1 | 3 | 2 | 2 | 1 | 69 | 110 | 120 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 0 | 0 | 0 | 6 | 8 | 13 | 49 | 37 |
| Total Liabilities | 5 | 7 | 6 | 17 | 39 | 125 | 301 | 479 |
| AssetsFixed Assets | 0 | 0 | 0 | 5 | 4 | 3 | 3 | 3 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 2 | 0 | 0 | 0 | 15 | 0 | 0 |
| Other Assets | 4 | 5 | 6 | 12 | 35 | 107 | 298 | 476 |
| Total Assets | 5 | 7 | 6 | 17 | 39 | 125 | 301 | 479 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | 0 | -1 | 0 | -4 | -16 | -29 | -190 |
| Cash from Investing | 2 | 0 | 1 | 1 | 0 | 0 | -16 | 14 |
| Cash from Financing | -1 | 0 | 0 | 0 | 4 | 17 | 52 | 208 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | 0 | -1 | 0 | -5 | -16 | -30 | -192 |
| 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.
UCIL · CYCLICAL_UNMODELABLE
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