Zambia ramp-up delays
Trial production faced recovery issues; management expects stabilization by Q1 FY27 but further delays could impact margin guidance.
SHERAENERGY / bear-case history
Track the concerns that keep returning.
Shera Energy · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Equity dilution risk
Management plans to raise equity for the ₹300-500 Cr capex, which could dilute EPS for existing shareholders.
Revenue stagnation in Q3 vs Q2
Consolidated revenue remained flat QoQ at ~₹390 Cr despite higher metal prices, indicating volume decline of ~3%.
Working capital intensity
Inventory holding of ~60 days and three-metal operations keep working capital high; management does not plan reduction.