Very High LeverageDebt-equity at multi-turn levels materially increases refinancing, interest-rate and credit-cycle vulnerabilities. High leverage narrows the margin for error on asset-quality shocks, raises funding sensitivity, and limits strategic flexibility in a downturn, elevating medium-term financial risk.
Volatile Cash GenerationLarge swings in operating and free cash flow reduce confidence in sustainable cash conversion. Inconsistent internal funds force reliance on market borrowings or government support for operations and dividends, increasing financing risk and making capital planning less predictable over the coming quarters.
Concentration To Power Utilities / DISCOMsHeavy exposure to state-run utilities and DISCOMs ties asset quality to public finances and regulatory regime. This sector concentration raises vulnerability to payment delays, tariff/regulatory changes or state fiscal stress, which can drive provisioning and impair lending economics over time.