Declining Free Cash FlowA steep drop in free cash flow signals weaker conversion of profits into liquidity, increasing reliance on collections, advances or financing. Over several quarters this can constrain project funding, slow launches, and force higher-cost capital or asset monetisation to maintain growth cadence.
High Absolute LiabilitiesEven with prudent ratios, large absolute liabilities create refinancing and covenant risk during downturns or slower sales. High liabilities can limit strategic flexibility, increase interest exposure if rates rise, and raise the need for stronger cash collection and working-capital discipline.
Cyclicality And Regional ConcentrationConcentration in metro markets and the cyclical nature of real estate make revenues sensitive to economic cycles, interest rates and local demand shifts. Prolonged softness in key regions or rate-driven affordability pressure could delay sales and revenue recognition across multiple projects.