Negative Free Cash FlowPersistently negative free cash flow and a FCF-to-net-income ratio of -1.75 indicate earnings are not being converted to cash. This strains liquidity for ongoing construction, increases reliance on external funding, and raises refinancing and execution risk over the medium term.
Weak Operational Efficiency (EBITDA)An EBITDA margin near 1% shows limited operating profit before non-cash and financing items. Such thin operational cushions reduce tolerance for cost overruns or slower sales, making long-term margin sustainability and cash generation vulnerable during cyclical downturns.
Reliance On Debt / Moderate LeverageA debt-to-equity of 0.73 and equity ratio ~31% show meaningful reliance on borrowed funds. In a capital-intensive, cyclical sector this elevates interest and refinancing exposure, constrains strategic flexibility, and increases vulnerability to rising rates or tighter credit conditions.