Geopolitical instability in Middle East
Ongoing geopolitical tensions could disrupt operations or demand in the Middle East, though management highlighted portfolio diversification into essential services.
QUESS / bear-case history
Track the concerns that keep returning.
Quess · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Labor code implementation impact on general staffing
The new labor code has caused client uncertainty; full confirmation of client approaches is expected only by Q2 FY27, potentially affecting revenue and margins.
Slowdown in GCC hiring due to AI impact
Analyst raised concern that AI may reduce headcount demand from existing GCCs; management countered that skill requirements are shifting to higher-value roles.
Contingent liabilities from ATJJ and GST litigations
The company faces contingent liabilities from industry-wide ATJJ litigation and a GST dispute; management expects no near-term cash impact but uncertainty remains.