North India construction ban impact
Pollution-related construction bans in North India caused a 5-10% sales shortfall in Q3; while lifted, recurrence could affect future quarters.
EUROPRATIK / bear-case history
Track the concerns that keep returning.
Euro Pratik Sales · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
M&A integration and inter-company elimination complexity
Analysts questioned the organic vs. inorganic growth breakdown; management's explanation of inter-company eliminations was unclear, raising concerns about transparency.
Dependence on contract manufacturers
Asset-light model relies on 36+ contract manufacturers; any disruption in quality or supply could impact operations, though management cites multiple suppliers per product.
Fire incident in Q1 FY26
A fire in Q1 FY26 caused a loss of sales, which management acknowledged but did not quantify; recovery may be slower than expected.