Execution Delays in HAM and Renewable Projects
HAM projects require 80% land handover and renewable projects depend on transmission connectivity, which could delay revenue recognition.
CEIGALLINDIA / bear-case history
Track the concerns that keep returning.
Ceigall India · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Receivables and Working Capital Pressure
Trade receivables jumped from 79 days to 138 days due to milestone-based billing; though new monthly billing norms may ease this.
International Project Execution Risk
The Romania highway project (₹13,000 crore) is 65-70% of current order book; execution in a new geography carries regulatory and operational risks.