Free Cash Flow ImprovementReported positive free cash flow in 2025 indicates the company can generate surplus cash from operations and investing activities. Durable FCF supports deleveraging, funding O&M on concessions, and selective capex without immediate capital raises, improving medium-term financial flexibility.
Revenue Growth TrendA modest positive revenue growth rate (~4.6%) reflects ongoing inflows from construction, tolls or annuity receipts. Sustained topline growth, even if moderate, supports contract renewals and long-term project cash flows typical of infrastructure concessions in India, underpinning operational continuity.
PPP Concession Business ModelOperating via PPP concessions with toll, annuity and O&M streams provides long-dated, contract-like cash flows and potential for asset monetization. This structural model creates predictable revenue buckets and lifecycle service opportunities, strengthening resilience versus pure EPC-only peers.