Raw material price volatility
Sharp increases in tungsten, molybdenum, nickel, and cobalt prices (tungsten up 300% vs 2024) could compress margins if not passed through.
DIFFNKG / bear-case history
Track the concerns that keep returning.
Diffusion Engineers · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Defence venture execution risk
The 10% stake in Torup Sun Systems (pre-revenue) involves prototype development and regulatory approvals; manufacturing rights are contingent on success.
Railway contract margin uncertainty
Management declined to provide margin guidance on new railway contracts, citing learning curve and developmental nature, indicating potential low margins.
Depreciation spike from capex
Large capex capitalization in Q4 may lead to a spike in depreciation, impacting PBT in the near term.