Structural SMS volume decline accelerating
Large global enterprises are progressively reducing A2P SMS usage as they experiment with alternative digital communication channels (RCS, WhatsApp), threatening core revenue streams.
ROUTE / Q3-FY26 / risks
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ROUTE MOBILE · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
New product growth trajectory below peers
Q3 new product revenue showed sequential decline while a peer reported 31% non-SMS revenue mix and 50%+ Q3 growth, raising questions about market share loss in fast-growing OTT channels.
Margin dilution risk from large enterprise deals
Management indicated willingness to onboard large, sustainable enterprise customers even if margins are marginally below portfolio average, which could pressure the 24.5% gross margin achieved in Q3.
Proximus synergy realization slower than expected
Individual investor questioned 1.5 years of partnership without significant revenue growth improvement; management attributed delays to extended enterprise integration timelines with partners like Infosys, Tech Mahindra, and Salesforce.