Three-year Revenue DeclineContinuous revenue contraction for three years erodes scale and pricing power in retail and wholesale segments. Over time this limits margin leverage, reduces cash available for capex and dividends, and may signal structural demand loss or competitive pressure in the liberalized retail market.
Margin Compression In 2026Sharp margin falls in 2026 indicate deteriorating profitability per unit of revenue and higher sensitivity to fuel or procurement costs. Persistently lower margins reduce earnings quality and leave less buffer for capital spending or adverse shocks, increasing earnings volatility risk.
Free Cash Flow Volatility; Negative FCF In 2026Negative free cash flow in 2026 despite reported profits suggests heavy capex or working‑capital swings that impair cash conversion. Persistent FCF volatility constrains debt reduction, dividend sustainability and funding for renewables without new financing, raising structural funding risk.