Ahmedabad-based renewable-energy EPC contractor building ground-mounted and rooftop solar projects, an emerging independent power producer, and a trader of solar PV modules, with a growing export footprint in Africa.
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| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 7 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| Reserves | 16 | 13 | 18 | 21 | 33 | 81 | 86 | 102 |
| Borrowings | 6 | 13 | 18 | 46 | 41 | 175 | 178 | 243 |
| Other Liabilities | 14 | 16 | 28 | 13 | 27 | 67 | 51 | 123 |
| Total Liabilities | 43 | 56 | 79 | 95 | 116 | 339 | 330 | 482 |
| AssetsFixed Assets | 1 | 2 | 3 | 3 | 4 | 92 | 151 | 131 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 7 | 1 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 8 |
| Other Assets | 43 | 53 | 76 | 92 | 111 | 239 | 174 | 341 |
| Total Assets | 43 | 56 | 79 | 95 | 116 | 339 | 330 | 482 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -6 | 0 | -4 | 2 | -23 | 16 | -49 | 16 |
| Cash from Investing | 1 | -1 | -2 | -4 | -3 | -5 | -105 | -54 |
| Cash from Financing | 3 | 1 | 6 | 3 | 25 | -10 | 153 | 50 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -5 | 0 | -5 | 1 | -23 | 14 | -147 | -27 |
| 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.
ZODIAC · CAPITAL_INTENSIVE
Guides on how to read this kind of business and the numbers that matter.