Negative operating cash flow
Despite strong revenue growth, operating cash flow remained negative due to 45-60 day payment cycles and site stock holding.
CURRENTINFRAPROJECTS / bear-case history
Track the concerns that keep returning.
Current Infraprojects · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Geopolitical raw material price pressure
Geopolitical tensions led to higher gas, petrol, diesel costs, increasing galvanization and transportation expenses, pressuring margins.
Revenue concentration in second half
Revenue is heavily backloaded to H2 due to year-end capitalization norms, creating lumpy quarterly performance.
Execution risk in distant geographies
Expanding into Kerala (36% of order book) and other states far from Rajasthan headquarters may strain project monitoring.