Further margin erosion from NHI policy changes
NHI's evolving policies on manpower deployment and billing cycles could compress margins further.
DHRUVCONSULTANCY / bear-case history
Track the concerns that keep returning.
Dhruv Consultancy Services · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Governance and rating concerns
CARE rating downgrade and past debarment issues raise corporate governance red flags; management claims improved controls.
Slow conversion of international orders
Africa projects delayed due to global geopolitical situation; Middle East entry still nascent.
Negative operating cash flows persist
Historical negative operating cash flows due to high competition and client concentration; improvement expected but not guaranteed.