Execution delays on large orders
The ₹100 crore Somnath Expressway project is behind schedule due to pending government alignment approval, raising concerns about timely revenue conversion.
MONARCHSURVEYRSENGINERNG / bear-case history
Track the concerns that keep returning.
Monarch Surveyrs & · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Receivables and cash flow deterioration
Trade receivables surged to ₹55 crore, and operating cash flow turned negative ₹39 crore, partly due to fixed deposit investments, but collection efficiency remains a concern.
Headcount growth not translating to revenue
Employee count grew 70% over two years while revenue increased only 21%, indicating potential inefficiency or lag in utilization.
Geopolitical delays in machinery procurement
Advance paid for machinery in April 2026 not yet reflected due to geopolitical issues, potentially impacting project execution timelines.