AI disruption in enterprise software
New AI agents (e.g., Claude) could replace workflow and intelligence systems, potentially impacting Capillary's expansion into adjacent spaces.
CAPILLARY / Q3-FY26 / risks
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Capillary Technologies India · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
US healthcare payer exposure
Concerns about rate pressures in US healthcare could affect a top-5 client, though management clarified no exposure to Medicare/Medicaid and noted member growth of ~50%.
Depreciation drag from acquisitions
D&A increased from 13 crore to 19 crore YoY due to the cognitive acquisition, pressuring EBIT margins despite EBITDA expansion.