Weak Cash ConversionDespite profitability, operating cash flow and free cash flow turned negative, indicating earnings are not converting to cash. Persistent cash conversion gaps can strain liquidity, limit bid capacity for new orders, and require external funding for working capital.
Cash Flow VolatilityVolatile operating cash flow and a poor OCF-to-net-income relationship signal unpredictable cash cycles from project billing and receivables. Structural volatility increases working-capital needs and raises the risk that growth cannot be financed internally during project peaks.
End‑market CyclicalityRevenue depends on cyclical capex in oil, petrochemicals and fertilizers. Structural sensitivity to industry investment cycles can cause uneven order flows and margin pressure during downturns, making long-term revenue visibility and utilization rates more uncertain.