Delayed conversion of L1 position
The ₹840 crore L1 position has remained unconverted for two quarters due to administrative issues with the client, posing a risk to near-term order inflow.
HINDUSTANCONSTRUCTION / bear-case history
Track the concerns that keep returning.
Hindustan Construction · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Potential equity dilution from rights issue
An enabling resolution for ₹800 crore fundraise, likely via rights issue, raises concerns about shareholder dilution, especially after two previous rights issues.
Low order intake in FY26
Order intake of ₹5,654 Cr in FY26 was significantly below expectations, indicating execution challenges or conservative bidding.
Inflation and commodity price risk
Rising commodity prices due to global conflicts could impact project costs, though management believes escalation clauses and client quality provide insulation.