Flashman skulks through India in various disguises, narrowly avoiding death several times and witnessing first-hand the carnage of the Sepoy Mutiny.
After being knocked out during the British attack on the Rani's camp, he awakens to something that makes Hugh Rose later wonder that Flashman did not lose his mind - he is gagged and tied to the muzzle of a cannon, about to be executed with other mutineers.
In an uncharacteristically humane act, he orders the Indian mutineers who were going to be blown away alongside him, to be freed saying "the way things are hereabouts, one of 'em's probably Lord Canning."
At the end of the book Flashman receives the Victoria Cross and finds out he is to be knighted, continuing his knack for being rewarded for heroics despite his efforts to avoid doing anything dangerous.
Therefore, this is the first time that one could argue, he did in fact deserve the Victoria Cross and his knighthood, not only for the feats of (unintentional) bravery, but for the horrors he was forced to endure and the initiative he showed in trying to complete his mission.