One of the Investing mantras which I have been following over the years: 
Top line is vanity 
Bottom line is sanity but 
Cash in bank is reality 

Cash flow is a crucial factor when it comes to avoiding big mistakes and identifying compounders. By focusing on cash flows, one can gain valuable insights into the financial health and sustainability of a business.

However as investors, dilemma always has been whether Operating cash flows (OCF) more relevant than Free Cash flow (FCF) in India or vice versa?

Most investors in India hunt for companies growing at 15%+. But for businesses to consistently grow at 15%+, companies need growing OCF pools to reinvest in growth (capacities, brands, etc.). In a way, quality of OCF, decides the quantum of growth. 

In India, across time-periods, pools of OCF compounders (CAGR>20%) have shown a 10% higher strike rate in unearthing multi-baggers (5Y=3x; 10Y=10x), versus pools of FCF compounders. OCF-funded earnings growth, combined with valuation re-ratings, have led to multibagger returns over years, even when FCF has been negligible. (Source:Nuvama) 

More so, the average returns of multibaggers emerging from the OCF pools are also meaningfully higher than multibaggers from the FCF pool. 

As a practitioner I can vouch that during times of downturn and earning recession, strong cash flows serves as a reliable indicator of a company's ability to sustain and expand its operations, paving the way for substantial value appreciation over the long term.