Elevated LeverageHigh leverage typical of NBFC growth increases sensitivity to funding costs, market dislocations and asset-quality shocks. With debt elevated relative to equity, refinancing or tighter liquidity could compress margins and constrain growth or require higher provisioning under stress over the coming months.
Volatile Operating Cash FlowInconsistent OCF and free cash flow history forces reliance on external funding during expansion, raising liquidity and rollover risk. Even with FY2026 recovery, the pattern reduces visibility into sustainable cash conversion and heightens financing vulnerability over a 2–6 month horizon.
Margin And Profitability VolatilityProfitability swings indicate sensitivity to credit costs, funding rate moves and operating leverage. Such variability complicates forecasting, capital planning and dividend/cash-return policies, and could pressure capital cushions if adverse cycles recur in the medium term.