Gujarat-based manufacturer of TMT reinforcement steel bars, marketed under a Kamdhenu brand license, with backward-integrated billet production from scrap.
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Industrials
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| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 10 | 10 | 13 | 13 | 35 | 50 | 50 |
| Reserves | 1 | 2 | 9 | 18 | 33 | 39 | 183 | 178 |
| Borrowings | 17 | 63 | 118 | 163 | 198 | 276 | 299 | 231 |
| Other Liabilities | 3 | 5 | 21 | 33 | 40 | 63 | 52 | 60 |
| Total Liabilities | 27 | 79 | 158 | 227 | 284 | 412 | 584 | 519 |
| AssetsFixed Assets | 5 | 5 | 71 | 76 | 74 | 174 | 182 | 178 |
| CWIP | 0 | 49 | 0 | 4 | 52 | 0 | 1 | 43 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 22 | 25 | 86 | 148 | 159 | 238 | 402 | 298 |
| Total Assets | 27 | 79 | 158 | 227 | 284 | 412 | 584 | 519 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | 4 | -31 | -11 | 37 | -18 | -10 |
| Cash from Investing | 0 | -49 | -18 | -27 | -50 | -55 | -47 |
| Cash from Financing | -2 | 45 | 49 | 41 | 19 | 66 | 57 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | 2 | -46 | -49 | -23 | -13 | -74 | -65 |
| 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.
VMSTMT · CYCLICAL_UNMODELABLE
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