Telecom rollout delays persist
Telecom revenue remained flattish due to delayed network rollouts by operators; recovery may be slower than guided.
BLUSPRING / bear-case history
Track the concerns that keep returning.
Bluspring Enterprises · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Foundit revenue decline and continued losses
Foundit revenue declined 27% YoY; management expects turnaround in 3 quarters but past delays raise execution risk.
Labor code cost recovery uncertainty
One-time charge of 29.8 crores for labor code; recovery from clients may take time and impact near-term margins.
Security margin volatility from one-offs
Security EBITDA was muted due to one-off provisions; such provisions could recur if receivables aging worsens.