Negative Cash ConversionPersistent negative operating and free cash flows despite reported profitability indicate weak cash conversion and likely working-capital pressure or heavy capex. This raises structural funding risk, increases reliance on external financing, and constrains the firm's ability to self-fund growth or dividends.
Rapid Balance-Sheet Expansion RiskThe rapid build-up of assets and increased debt in FY2026 elevates refinancing, interest-rate and execution risk if earnings and cash generation do not keep pace. Quick scale-ups can strain controls and working-capital, making the company more vulnerable during demand slowdowns.
Unreliable Revenue Growth SignalA very small FY2025 base makes the reported FY2026 growth difficult to interpret as a sustainable trend. This creates uncertainty around repeatability of orders, margins, and forecasting accuracy, complicating investment decisions and long-term planning for capacity and working capital.