Brahmaputra Infrastructure · risk themes across the available quarters.
Bear-case history
Analyst raised concerns about historical profit-to-cash conversion issues due to receivables, retention money, and slow-moving WIP. Management acknowledged past issues post-2020 but stated current projects are well-funded with 45-90 day billing cycles.
165 CR in OCRPS payments commence from June 2027 through 2034. While management plans to swap with arbitration proceeds, this creates a balance sheet obligation that could constrain future flexibility.
Assam floods affected some ongoing projects in upper Assam, though management noted countervailing emergency variation works and stated 50% of works are outside Northeast, limiting direct impact.
155 CR OCRPS is secured by 100% promoter share pledge. Release of pledge is contingent on OCRPS repayment, creating stock overhang until resolved.