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The construction material supply firm’s scale and profitability may appear shiny, but hide a stark truth. Its use of equity to fund working capital is playing with fire when bigger fish are eyeing its business.

Most business-to-business companies waiting to list on the public markets have a problem that prospective investors should be aware of: severe indebtedness.
A little over a decade after it was founded, the company that introduced India to Greek yogurt has pulled off a turnaround. But competition is rising fast and Epigamia can’t afford to simply rest on its laurels.
The consumer electronics startup jumped through the ranks to become India’s top audio and smartwatch brand. Just as quickly, the IPO-bound company appears to be losing steam and its comeback looks uncertain.