| Line item | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 8 | — | 40 |
| Reserves | 2 | 8 | — | 4 |
| Borrowings | 0 | 1 | — | 44 |
| Other Liabilities | 0 | 10 | — | 116 |
| Total Liabilities | 3 | 27 | — | 204 |
| AssetsFixed Assets | 0 | 0 | — | 13 |
| CWIP | 0 | 0 | — | 0 |
| Investments | 0 | 12 | — | 23 |
| Other Assets | 3 | 14 | — | 168 |
| Total Assets | 3 | 27 | — | 204 |
| Line item | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 2 | — | — |
| Cash from Investing | 0 | -12 | — | — |
| Cash from Financing | 0 | 14 | — | — |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | 0 | 2 | — | — |
| 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.
VEL · CAPITAL_INTENSIVE
Guides on how to read this kind of business and the numbers that matter.