Rising LiabilitiesAlthough equity and leverage metrics look reasonable, growing liabilities can increase financing costs and reduce headroom for operational shocks. If liabilities rise faster than cash generation, liquidity and covenant risks could constrain investment and growth over the medium term.
Investing VolatilityVolatile investing cash flows suggest uneven capex or acquisition timing that can strain free cash flow predictability. This undermines planning for capacity upgrades and can force short-term financing, complicating steady growth and margin improvement paths over several quarters.
Input/Supply ExposureBusiness is concentrated in PV manufacturing and depends on procuring inputs and operating lines efficiently. Exposure to raw-material price swings, wafer/cell supply constraints or logistics disruption could materially affect volumes, margins and delivery reliability over the medium term.