API manufacturer of Metformin, Sertraline and Tramadol for regulated export markets (US, EU, Brazil), alongside a legacy branded acute-therapy formulations business in India
Price
Market Cap
Sector
Healthcare
Rank
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 24 | 24 | 25 | 25 | 33 | 33 | 33 | 33 |
| Reserves | -208 | -233 | -168 | -181 | -56 | -66 | -5 | 26 |
| Borrowings | 250 | 260 | 190 | 192 | 100 | 95 | 116 | 179 |
| Other Liabilities | 207 | 236 | 232 | 253 | 276 | 241 | 199 | 176 |
| Total Liabilities | 273 | 286 | 279 | 289 | 353 | 304 | 343 | 414 |
| AssetsFixed Assets | 178 | 172 | 164 | 167 | 167 | 167 | 167 | 201 |
| CWIP | 10 | 9 | 14 | 11 | 2 | 2 | 3 | 5 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 84 | 105 | 101 | 111 | 183 | 135 | 174 | 208 |
| Total Assets | 273 | 286 | 279 | 289 | 353 | 304 | 343 | 414 |
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 32 | 30 | 44 | 17 | 41 | 20 | 4 | 26 |
| Cash from Investing | -1 | -3 | 64 | 8 | 1 | -9 | -17 | -51 |
| Cash from Financing | -33 | -27 | -108 | -17 | -29 | -32 | 15 | 26 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 30 | 25 | 36 | 12 | 42 | 7 | -10 | -23 |
| 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.
WANBURY · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.