Working capital intensity may strain cash flows
Design & build and furniture verticals are working capital intensive; rapid growth could pressure liquidity despite the rights issue.
EFCIL / bear-case history
Track the concerns that keep returning.
EFC (I) · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
AI disruption could reduce office space demand
An analyst questioned whether AI might structurally reduce headcount and seat demand; management argued AI creates new jobs but evidence is limited.
Concentration in leasing revenue from top clients
Top 10 clients contribute ~24% of leasing revenue; any loss could impact stability, though diversification is improving.