Delayed Government Skilling Project Collections
₹120 crores ECL provision from Q4 FY25 remains partially unrecovered. Collections delayed into Q4 FY26 due to new RBI escrow process requirements for state government payments.
QUESS / Q3-FY26 / risks
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Material risks this quarter
medium
Labor Code Implementation Creating Demand Pause
Labor code effective November 21 caused customers to pause headcount additions while assessing cost impact. Over 830 client consultations conducted; recovery expected in Q4 but timing remains uncertain.
BFSI/NBFC Sector Concentration Risk
Analyst questioned whether NBFC-related dehiring is fully behind. Management cited past incident where large BFSI customer insourced volumes; diversified into manufacturing and construction to mitigate but sector exposure remains significant.
Other Expenses Year-on-Year Decline Unresolved
Analyst raised 20-25% YoY decline in other expenses contributing to profit beat. Management deflected question, requesting offline discussion—specific drivers of cost reduction were not clarified on call.