Raw material cost volatility
Metal prices rose 25-40% in H2, compressing margins. If prices remain elevated, margins could face further pressure.
APEXECOTECH / bear-case history
Track the concerns that keep returning.
Apex Ecotech · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Customer concentration
Large orders from Reliance and L&T increase dependency; any slowdown or loss of these clients could impact revenue.
Order book decline perception
An analyst noted order book declined from ₹145 Cr (May 2025 presentation) to ₹125 Cr, raising questions about growth sustainability.