Key risks
Consecutive net losses across all eight recent quarters (losses ranging ₹6–118 Cr) with ROE at -102%, indicating severe operational strain and equity erosion
High debt-to-equity of 4.13 limits financial flexibility and increases refinancing risk in a rising-rate environment; verify debt maturity profile
Volatile operating margins (ranging -11% to +10%) and zero dividends since 2016 signal uneven project profitability and constrained cash generation
Stock declined 58.86% over one year; verify whether Mar 2026's ₹118 Cr loss reflects one-time impairment or ongoing operational challenges
Generated analysis · source review pending