Deteriorating Cash GenerationNegative operating and free cash flow in FY2025 signal working-capital strain from billing, retainers or receivables timing. Persisting cash weakness reduces self-funding ability for new projects, raises reliance on external liquidity, and undermines the quality and sustainability of reported earnings.
Margin Compression TrendDeclining net margins point to rising input costs, tougher bidding or adverse project mix. If structural, this compresses free cash flow and return metrics, forcing either higher prices, tighter cost control, or riskier project acceptance to preserve historical profitability.
Recent Revenue Growth WeaknessA recent negative revenue-growth reading indicates lumpy order flows or execution slowdowns in a project-driven business. Reduced top-line momentum lowers visibility into future margins and cash conversion, making medium-term revenue sustainability contingent on consistent new contract awards.