Steady
Biscuits, FMCG
Swings
Jewellery
Operating cash flow for every ₹1 of profit, three years each.
Profit is an opinion. Cash is a fact.
A gap is a question, not a verdict.
When cash and profit split,
ask where the cash went.
Here the answer is inventory: a jewellery business ties up cash in gold as it grows. A reason, not a red flag.
Operating cash flow / net profit, full year, consolidated. Public data. Educational only, not investment advice.