Declining RevenueSustained negative revenue growth reduces scale and pressure on long-term earnings potential, limiting ability to expand the loan book and diversify income. If demand in core power and infrastructure sectors remains weak, revenue contraction can erode margins and slow deleveraging progress.
Elevated LeverageDespite improvement, relatively high leverage keeps financial flexibility constrained and raises sensitivity to interest-rate or market shocks. Persistent leverage can force conservative lending, higher provisioning or asset sales, restricting organic growth and capital allocation choices.
Inconsistent FCF GrowthVolatile free cash flow growth complicates multi-period planning for lending, debt service and buffers for credit stress. Inconsistent cash generation increases uncertainty around reinvestment, deleveraging pace and sustained dividend or capital return policies over the medium term.