EBITDA Margin ImprovementA positive EBITDA margin in 2025 indicates the company’s core operations can produce cash earnings despite net losses. Sustained EBITDA improvement supports operational resilience, enables re-investment or deleveraging, and provides a foundation for a multi-quarter recovery if management maintains cost and efficiency gains.
Free Cash Flow GrowthMeaningful free cash flow growth, and a positive FCF-to-net-income ratio, enhances financial flexibility even when earnings are negative. Durable FCF can be used to service creditors, fund working capital, or support capex, reducing refinancing risk and giving management time to execute turnaround initiatives.
Essential Agri Input BusinessSupplying urea and other nitrogenous fertilizers positions the company in a structurally stable, essential sector with steady demand from agriculture. This defensive, necessity-driven market in India supports baseline volumes and long-term revenue visibility, lessening downside in prolonged cycles.