Declining Revenue TrendA multiyear decline in top-line reflects shrinking volumes, recovery or pricing pressure. Without reversal, falling revenue constrains scale economics, limits margin recovery, and reduces cash margins available to invest in mills, ethanol capacity or efficiency upgrades.
Persistent Negative ProfitabilityOngoing net losses and volatile, low operating margins indicate structural profitability issues. This limits retained earnings, weakens return on invested capital, and makes long-term margin improvement dependent on structural cost or product-mix changes rather than cyclical rebounds.
Remaining Debt-related RiskAlthough leverage has improved, material outstanding debt still elevates refinancing and interest burden risk. In a capital-intensive agro-processing industry, high debt can constrain investment in modernization and make the company vulnerable to interest rate or cash-flow volatility shocks.