Cash-Flow VolatilityOperating cash flow has been uneven across years and FCF fell in FY2026, reflecting working-capital swings and project timing. Persistent cash volatility complicates funding of launches, increases reliance on external financing at times, and makes capital allocation planning less predictable.
Asset-Heavy Business & Project SensitivityLarge inventory and upfront capital requirements make returns highly sensitive to execution, sales timing and funding availability. Even moderate absolute debt levels mean delays or funding stress can quickly pressure margins, cash flows, and project ROIs across the portfolio.
Geographic Concentration RiskConcentration in the Mumbai region concentrates demand, regulatory and macro exposure. Localized downturns, policy shifts or land/regulatory headwinds in MMR would disproportionately impact revenues and project economics versus more geographically diversified developers.