Weak Operating Cash ConversionOperating cash flow covering only ~0.46x of net income in FY2025 highlights a persistent cash-earnings mismatch. That raises risks funding working capital, timing vendor/customer cycles, and constrains flexibility for capex, dividends or opportunistic investments during downturns.
Choppy Free Cash FlowInconsistent free cash flow, including multi-year declines, suggests working-capital or timing volatility in a project-based model. This makes capital allocation harder, reduces predictability for buybacks/dividends, and raises sensitivity to contract timing and client payment terms.
Moderate Margins And Growth VariabilityAlthough margins improved, they remain moderate versus higher‑margin services peers and past revenue has been variable. This indicates ongoing project-cyclicality and contract concentration risk, lowering earnings predictability and making long-term returns dependent on sustained execution.