Compressed ProfitabilityNet margin near ~4% in 2025, materially below earlier double-digit profitability, signals persistent pressure on the business model. Low margins limit retained earnings for reinvestment, depress ROE rebuilding, and make long-term returns highly sensitive to raw-material and pricing swings.
Rising Leverage TrendDebt-to-equity increasing to ~0.47 from prior ~0.26–0.30 marks a material rise in leverage. Elevated leverage raises fixed interest obligations, reduces financial flexibility for capex or strategic moves, and increases downside exposure if demand or pricing weakens over the medium term.
Volatile Cash ConversionAlthough FCF turned positive in 2025, cash generation has been volatile and operating cash covered only ~42% of total debt. Inconsistent cash conversion makes predictable debt servicing and sustained capex funding harder, constraining long-term capital allocation choices.