Rising LeverageMaterial increase in borrowings to ~1.54B raises interest and refinancing exposure. Higher leverage reduces financial flexibility, increases fixed costs, and heightens sensitivity to rate moves or collection slowdowns, making project funding and margin preservation more challenging over the medium term.
ROE & Margin CompressionSharp deterioration in ROE and contracted margins indicates weaker profitability per unit of capital and possible pricing or cost pressure. Sustained lower returns limit reinvestment capacity and investor appeal, constraining strategic options and capitalraising over the next several quarters.
Volatile Cash GenerationPronounced swings in operating cash flow highlight execution and working‑capital risk typical in project development. This volatility complicates forecasting, elevates the chance of short‑term funding gaps, and keeps reliance on external liquidity a structural risk for upcoming project deliveries.