Sustained volume decline in core India business
March saw 25% lower daily project inflow; if this persists, revenue growth could stall.
INFOLLIONRESEARCH / bear-case history
Track the concerns that keep returning.
Infollion Research Services · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Margin compression from aggressive pricing and new initiatives
Gross margins fell due to free CD calls and volume discounts; management cannot predict when margins will recover.
AI disruption to research demand
Analyst raised concern that clients may use AI for shallow research, reducing call volumes. Management downplayed but acknowledged risk.
Employee cost growth outpacing revenue
Employee expenses rose 25% vs 30% revenue growth; further hiring in US and Hooka could pressure margins.