Balance-sheet ConservatismZero reported debt materially reduces refinancing and interest-rate risk, raising financial flexibility. For a cyclical developer, a debt-free capital structure supports funding project completion, opportunistic land buys or shareholder returns without relying on volatile external credit markets.
Material FY2025 Revenue And Margin LiftA large step-up in revenue and high gross/net margins indicates stronger execution or better project mix, improving sustainable cash generation. If maintained, these structural improvements support operating leverage, funding of new developments and resilience across project cycles.
Strong Cash Generation In FY2025Free cash flow nearly matching net income shows earnings are converting to cash, enabling reinvestment, dividend capacity or deleveraging without external financing. Durable cash conversion strengthens balance-sheet optionality for project funding and lowers liquidity risk.