Rising LiabilitiesWhile overall leverage is prudent, the noted increase in liabilities could pressure liquidity and raise refinancing or covenant risk if trends continue. Growing payables or debt can amplify working-capital strain and reduce financial flexibility over the medium term.
Project-Based Revenue RiskSignificant exposure to turnkey and contract work creates execution, timing and receivable risks: long project cycles and staged payments can amplify working-capital needs, margin variability and dependence on timely completion and client payments over several months.
Limited Scale (Headcount)A relatively small employee base may constrain rapid capacity expansion and project execution for very large utility or EPC contracts. Scale limits can affect throughput, backlog management and ability to capture large, multi-site orders versus bigger competitors.