Negative Shareholders' EquityPersistently negative shareholders' equity across multiple years is a major solvency red flag. It constrains access to capital, reduces lender confidence, limits bidding capacity for new contracts, and elevates the risk of forced recapitalization or restructuring, impairing long-term financial flexibility.
Very High Debt BurdenSubstantial debt levels (roughly 36–38B) materially increase interest and refinancing risk. High leverage reduces headroom for new project financing, magnifies sensitivity to cash-flow volatility, and can force conservative bidding or asset sales to meet obligations, weakening strategic flexibility over months.
Project-level Margin ErosionNegative gross profit in FY2025 and multi-year revenue contraction point to structural project-level margin pressure or loss-making contracts. Even with EBITDA recovery, persistent negative gross margins signal underlying pricing, cost-control or execution weaknesses that threaten sustainable profitability and bid competitiveness.