Legacy contingent liabilities
Contingent liabilities of ~₹230 crore (60% of market cap) from tax disputes and litigations (Rail, eMudra) could crystallize, though management expects no major hit in FY27.
3IINFOTECH / bear-case history
Track the concerns that keep returning.
3i Infotech · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
BPS client churn and regulatory headwinds
BPS segment lost marquee clients due to RBI-mandated vendor churn every 3-5 years and AI-led automation, leading to revenue decline.
Revenue growth execution risk
Despite internal aggressive plans, revenue remained rangebound in FY26; new sales team and COE ramp-up may take longer to deliver visible growth.