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Analyses on Raval (3)
- March 25, 2026March 25, 2026
- Follow-up
Raval: Operating Cash Flow Looked Strong, So Why Did Cash Fall?
Raval's 2025 cash decline was mainly a capital-allocation outcome rather than an operating shortfall: operating cash flow was real, but after investment, lease-principal repayments, dividends, and bank-debt reduction, little free cash was left, and a new post-balance-sheet divid…

- Follow-up
Raval: Why Arkal's Backlog Still Does Not Mean What the Headline Number Suggests
Arkal's backlog points to real demand in structural parts and electrification-linked components, but at the end of 2025 it is still far from an economic certainty layer: framework agreements are non-binding, firm-order visibility is very short, and conversion consumes working ca…

Raval in 2025: The Backlog Grew, but the Real Test Is Turning It Into Profit and Cash
Raval enters 2026 with comfortable balance-sheet headroom and a large backlog, but the center of gravity has shifted toward the structural-parts segment, which still has not proven consistent conversion of backlog into profit and cash.














