Three items explain it: 1. **Receivables rose 22% YoY** vs 8.2% revenue growth — ₹105 L more tied up in AR than last year, mostly in the 90+ day bucket (₹38 L → ₹70 L). 2. **Gross margin fell 3.1 pp YoY** (31.5% → 28.4%), concentrated in Polyester Blend (−6.1 pp). This reduces operating cash generation. 3. **₹22 L capex drawdown** for new looms in Feb. Under the base forecast, cash turns negative in **July 2025** (est. −₹8 L). The fastest lever is a collection drive on 90+ day accounts — releasing ~₹40–50 L in 60 days. Want me to draft the collection email list or a cash-flow recovery plan?