Labor code implementation cost impact
New labor codes may increase costs due to reduced gratuity period and health checkup requirements; management is still assessing impact.
INDIANRAILWAYCTRNGNDTRSM / Q3-FY26 / risks
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Indian Railway Ctrng · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Catering margin pressure from Vande Bharat mix
Higher share of Vande Bharat trains (prepaid, lower license fee) and 5% GST impact margins; EBITDA margin moderated to 32.1%.
Geopolitical disruptions to tourism
Tourism segment faced temporary geopolitical disruptions, though still delivered 29% revenue growth.