Declining Revenue TrendMaterial year-over-year revenue decline signals potential pressure on project wins, slower execution or reduced public investment. Prolonged top-line contraction undermines fixed-cost absorption, risks margin erosion and limits organic capacity to rebuild growth without new contract wins.
Elevated Financial LeverageSubstantial leverage increases interest and refinancing sensitivity, reducing financial flexibility for capex or bid financing. In a capital-intensive industry, higher debt levels constrain the firm's ability to absorb shocks or pursue large incremental projects without increasing funding costs.
Weak Cash Conversion And Negative FCFNegative free cash flow and poor cash conversion suggest difficulty turning reported profits into spendable cash, stressing working capital on large contracts. This hampers debt servicing, reinvestment capacity and dividend sustainability absent improved collections or lower capex.