Improving MarginsMargin expansion from ~24% to ~33% (gross) and net margin rising to ~13.7% reflects durable improvements in pricing and operational efficiency. This sustained uplift strengthens underlying earnings power, supports higher cash generation, and underpins reinvestment and dividend capacity over the medium term.
High And Consistent ROEConsistently high ROE (~19%–29%) combined with substantial equity growth since 2020 indicates the company converts shareholder capital into returns efficiently. Persistent capital efficiency supports scalable renewable projects, reduces need for dilutive financing, and enhances long-term shareholder value creation.
Material Free Cash Flow ImprovementA >100% jump in free cash flow in 2025 and FCF approximating net income in 2024–2025 show improving cash conversion. Strong FCF supports capex for solar projects, funds dividends or buybacks, and reduces dependence on external financing, strengthening medium-term financial flexibility.