US Services Business Stagnation
US services revenue remained flat due to H1 visa issues and AI-related headwinds, with no near-term recovery visibility.
EMUDHRA / Q3-FY26 / risks
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eMudhra · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Delays in US Deal Closures
A large US customer deal expected in Q3 shifted to Q4, indicating potential lumpiness in product revenue recognition.
Elevated Capex Impacting Cash Flow
Capex of INR 60-65 crore plus INR 15 crore for UAE data center may pressure cash reserves, which stood at ~INR 100 crore.
Stock Issue with Partners/Distributors
A stock issue with partners is causing ~INR 3 crore quarterly P&L impact, expected to normalize in 1-2 quarters.