Free Cash Flow VolatilityNegative and volatile free cash flow driven by heavy capex creates liquidity pressure and may force external financing or slower reinvestment. For a capital-intensive e‑bus business, inconsistent FCF increases sensitivity to tender timing and can constrain funding for after-sales and infrastructure scaling.
Slightly Declining Equity RatioA falling equity ratio indicates rising leverage which, if persistent, reduces financial headroom. For a firm with ongoing capex needs, increasing leverage elevates interest and refinancing risks, potentially limiting competitiveness in bidding and slowing strategic investments during downturns.
Dependence On Government TendersHigh reliance on public procurement concentrates revenue on political budgets and tender cycles, producing lumpy cash flows and execution risk. Delays, lower awards or changing policy priorities can materially affect order intake, utilization and multi-year revenue visibility.