Revenue TrendA substantial reported revenue decline signals potential order-book timing, project completion mismatch or slower new awards. Sustained top-line weakness can erode scale advantages, pressure fixed-cost absorption and reduce ability to invest in bidding capacity and long-term growth initiatives.
Capitalization (low Equity)A relatively low equity ratio limits the company’s balance-sheet buffer against project setbacks and raises reliance on debt or SPV financing for new concessions. Even with moderate leverage today, thin equity can constrain large-bid participation and increases vulnerability in prolonged downturns.
Concentration On Public ProjectsHeavy reliance on government tenders and PPP models exposes revenues to bidding cycles, budget timing and policy/regulatory changes. Payment delays or slower award cycles and traffic-dependent toll receipts can persistently affect cash flows and project monetization timelines.