Operating Cash Flow SoftnessA noted decline in operating cash flow, even if slight, signals potential working capital or revenue timing issues. If the trend persists it could limit capital allocation flexibility and pressure investment, dividends or marketing spend vital for long-term growth.
Margin Sensitivity To Sourcing & Transfer PricingDependence on transfer pricing, third‑party supply terms and promotional spend creates structural margin exposure. Changes in supplier costs, transfer pricing policies, or required marketing intensity can compress margins and reduce predictability of long‑term profitability.
Concentrated India Market ExposureHeavy reliance on the Indian market concentrates regulatory, pricing and demand risks. Local policy, pricing controls or competitive shifts would materially affect growth and returns, limiting geographic diversification benefits and making outcomes sensitive to domestic conditions.