Further margin erosion from NHI policy changes
NHI's evolving policies on manpower deployment and billing cycles could compress margins further.
DHRUVCONSULTANCY / Q3-FY26 / risks
Keep the risk register visible.
Dhruv Consultancy Services · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
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.