Zambia ramp-up delays
Trial production faced recovery issues; management expects stabilization by Q1 FY27 but further delays could impact margin guidance.
SHERAENERGY / Q3-FY26 / risks
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Shera Energy · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
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.