Cash 360

The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and covenant headroom.

Nippon Life India Asset Management · FY26 (modeled)

Top 5 Indian AMC by AUM

1,200 employees · 0+ US sites · 2 countries

▲ Executive read· the answer, then the moves

Liquidity is sound at $2100M (≈ 194 weeks cover), but $-324.9M of working capital is trapped in receivables — pull DSO from 17d to 48d to self-fund the next deal rather than draw the $9990M of covenant capacity.

5 of 5 headline metrics improving vs prior · still off target: Liquidity $2.10B vs $2.20B, Free Cash Flow $1.53B vs $1.60B, Average DSO 17d vs 15d

Do now — ranked by urgency

1
Deploy $9990M of deal capacity to the 5.5× covenantAct now
Why it matters
Headroom to the 5.5× ceiling buys ≈ $999M of acquirable EBITDA at ~10× — idle firepower against the roll-up thesis.
What's driving it
Net-debt capacity $9990M to 5.5×
13-wk cash trough $16.82M vs $20M minimum
FYI
Liquidity $2100M ≈ 194 weeks cover
FCF $1530M = 83% EBITDA conversion
See deleveraging →
2
Reliance Industries Staff Superannuation Fund credit exposureAct now
Why it matters
Move to credit hold pending paydown; reforecast ARR net of likely churn.
What's driving it
Overdue AR
Signal: Alert
FYI
Distress filings + overdue AR; churn risk High on $6.4M account.
Act →▤ open the overdue book
3
Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
Why it matters
Sets deal capacity and refinancing risk.
What's driving it
Q1 (act)
Signal: Threshold
FYI
Net-debt/EBITDA 4.6× against a 5.5× ceiling.
Owner: CFO · Treasury
Act →
4
3 brands running DSO > 65 daysWatch
Why it matters
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
What's driving it
DSO
Signal: Alert
FYI
ISC (67d), Nippon Wealth Management (66d), Reliance Industries Staff Superannuation Fund account (67d) lifting blended DSO.
Act →▤ open the overdue book

💎 Value creation → exitStep 5 of 7 · cash conversion, leverage, covenant◀ Finance 360 Brand / M&A 360 ▶All journeys

🌐 Enterprise 360 modules· on Cash 360Browse all 31 views ▾

✅ Todayyour decision queue 📨 Activity & Digestaudit trail · @mentions 🧭 360 Directoryall views by persona 🗺 Guided Journeyspersona flows · step-by-step 🛰 Control Towercommand center 🎯 Strategy & Goals4 pillars · OKRs 💎 Value Creation PlanPE thesis · exit 🤖 AI Agentsrecommend & act 🌐 Enterprise 360the consolidated pane 📈 Sales / Pipeline 360funnel · forecast 🛰 Market Intel & M&Asignals · targets 🏛 Company Hierarchyorg · brands · entities 🗂 Org Roll-up 360region · brand · office 📍 Site / Asset 360office twin · health · NFPA 👥 Customer 360accounts · cross-sell 🧩 Customer Mastergolden record · MDM 🧾 Quote / CPQ 360federated quoting 🔄 Quote-to-Cash 360order-to-cash cycle 🔁 Service / Contract 360recurring · renewals 🔧 Project / Job 360delivery · job margin 👷 Workforce 360field force · utilization 🏷 Brand / M&A 360roll-up · synergy 🧩 Integration 360PMO · workstreams · 100-day 🤝 M&A Deal 360pipeline · diligence · MOIC 🚪 Exit Readinessdebt · QoE · equity bridge 🚚 Supplier 360spend · terms · risk 💰 Finance 360P&L · cohorts 💵 Cash 360DSO · AR · treasury 🧬 Ontology & Meshlogical layer · data products ▤ Evidencedrill-to-record · export 🩺 Data Healthfreshness · lineage

↗ Where this connects — act / drill across

▤Evidence· open the overdue-invoice list 🧩Customer Master· term conflicts driving AR 👥Customer 360· DSO by account 🚪Exit Readiness· debt & deleverage path

Liquidity

$2100M

≈ 194 weeks cover

Free cash flow

$1530M

83% EBITDA conversion

Cash conversion cycle

-4d

DSO 17 + DIO 18 − DPO 21

Working-capital unlock

$-324.9M

DSO 17→48d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $16.82M.

Breach risk

$19.92M

Opening cash

$143M

13-wk collections

$141M

13-wk disbursements

$21.74M

Closing cash

Exhibit 2

EBITDA → Free cash flow

$1850M EBITDA converts to $1530M FCF (83%).

Exhibit 3

Cash collected

Monthly, $M.

Cash conversion cycle

Working-capital days

DSO — receivables17d

DIO — inventory18d

DPO — payables (offset)(21d)

Cash conversion cycle-4d

Where cash is trapped

Working-capital cash unlock

$5.0M

Normalizing laggard brands to 50-day DSO releases ~$5.0M one-time.

Debt Portfolio: Hybrid Fund67d

$1.1M

Equity Portfolio: Hybrid Fund61d

$1.0M

Nippon Hybrid Fund56d

$0.9M

Nippon Wealth Management66d

$0.7M

Nippon AIF Growth Opportunities60d

$0.6M

Nippon Large Cap Fund58d

$0.4M

Nippon Tax Saver Fund54d

$0.1M

Collections

AR aging

Total AR $68M

Current days$31.94M

1-30 days$16.99M

31-60 days$7.91M

61-90 days$5.74M

90+ days$5.45M

Overdue (>60d) = $11.2M.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
Reliance Industries Staff Superannuation Fund	$3.75M	67d	High
Brookfield Corporation	$7.56M	63d	Medium
Aditya Birla Sun Life Insurance	$2.4M	59d	Medium
Rajiv Mehra	$8.32M	58d	Low
ICICI Prudential Life	$4.22M	55d	Medium
IBM	$5.68M	52d	Medium
UPS	$6.62M	49d	Low

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
SEBI	$37.5M	45d	96%	Low
Market Data Provider	$33.99M	42d	93%	Low
Fund Admin System	$24.03M	38d	90%	Medium
Risk Engine	$15.82M	36d	89%	Medium
CRM	$13.48M	40d	95%	Low
Portfolio Management	$11.13M	44d	92%	Low