Large Revenue Decline And Margin Collapse In FY2026Revenue fell ~30% in FY2026 and profitability swung to a sizeable loss (net margin ~-17.6%) with negative gross and operating margins. This deterioration weakens earnings quality, reduces cash inflows from billing, erodes pricing power and impairs the company’s ability to sustain competitive tendering over months ahead.
Higher Leverage Versus Prior YearLeverage roughly doubled versus FY2024 (debt-to-equity ~1.03 vs ~0.55), increasing financial risk. Higher debt amplifies interest and covenant pressure, narrows capacity to bid on big contracts requiring bonds/capital, and reduces headroom to absorb project cost overruns or payment delays in the medium term.
Historic Cash-flow Volatility And Limited Debt CoverageAlthough FY2026 cash flow improved, historical volatility persists and operating cash covered only ~6.3% of debt. This limited coverage constrains the firm's ability to consistently service debt, fund capex or provide bid bonds without external financing, weakening resilience to project payment delays.