Manpower shortage in EPC sector
Management acknowledged a shortage of technical manpower due to rapid scaling, which could impact execution capacity.
POWERANDINSTRUMENTATION / bear-case history
Track the concerns that keep returning.
Power and Instrumentation · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Input cost volatility (aluminium, copper)
Rising metal prices could pressure margins, though most contracts have price variation clauses.
Client concentration on government orders
Over 97% of order book is from government clients, posing concentration risk if government spending slows.
Execution risk in new manufacturing business
The Freebar busbar manufacturing is still in ramp-up phase; full-scale production expected only by May 2026.