Antifragile Thinking

Antifragile Thinking

Building in Cubes, Valued in Lines

Sajal Kapoor's avatar
Sajal Kapoor
Jun 03, 2026
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ROCE fell from 18% to 1%.

Interest costs rose from ₹4 crore to ₹92 crore.

Free cash flow remained largely negative.

Debt increased.

Dilution followed.

On the surface, this looked like a business destroying value.

Yet beneath those numbers, something very different was happening.

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