Improved Cash GenerationThe shift to positive operating and free cash flow in FY2025 demonstrates the company can generate real cash from project execution. Sustained cash conversion reduces refinancing pressure, supports working-capital needs on long-duration contracts, and provides a base to deleverage or fund new bids.
Return To ProfitabilityRecovering to net profit and stronger EBITDA indicates operational improvements and better cost control on recent projects. If maintained, this improves internal funding for growth, strengthens contract bidding credibility, and shows management can restore margins after multi-year setbacks.
Government/public-sector Contract ModelA business model focused on government and public-sector infrastructure contracts provides durable demand and predictable procurement cycles. Long-term public investment programs and repeatable tender processes offer sustained revenue opportunities and contract visibility versus cyclical private work.