De-risked Balance SheetThe balance sheet shows materially lower leverage versus FY2021 and a large, stable equity base. Lower debt and stronger equity reduce refinancing risk, preserve financial flexibility for project capex and bids, and provide a durable cushion against operational volatility.
Improved Free Cash FlowA strong FCF rebound in FY2026 and positive operating cash flow across FY2023–FY2026 indicate the business can generate cash. Reliable cash generation supports debt reduction, maintenance capex and selective growth funding, improving medium-term financial resilience.
Top-line RecoveryReported revenue growth (~12% in fundamentals) and a FY2026 rebound reflect recovering demand and potential scale. If sustained, upward revenue trends can better absorb fixed costs, improve operating leverage and support more consistent margins over the medium term.