Power segment tariff litigation uncertainty
The power division faces adverse tariff revisions (from ₹8.5 to ₹3.5 per unit for Balwa plant) with final orders pending; further delays or unfavorable outcomes could prolong cash drain.
DEEDEV / bear-case history
Track the concerns that keep returning.
DEE Development Engineers · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Inventory holding and working capital intensity
High inventory levels (₹500-600 crore) relative to order book due to project-specific procurement and import lead times; any order cancellation or delay could strain liquidity.
Input cost volatility and raw material price trends
Rising steel prices and import dependence (50% of raw material) could pressure margins if not passed through; management claims insulation via back-to-back ordering but risk remains.
Data presentation inconsistencies
Analyst flagged confusion in EBITDA reporting (labor code impact inclusion); management acknowledged and promised revised filing, indicating potential transparency issues.