Working capital stress
Working capital days extended to 73 days versus historical 50-55 days due to delayed payments (~8 days impact) and early creditor payments for vendor incentives. This drove higher interest costs and cash deployment.
RPTECH / Q1-FY26 / risks
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Rashi Peripherals · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Large deal ROCE deterioration
Management acknowledged that competition has intensified in AI data center deals with lower ROCE than first-mover NMDC project. Despite multiple pipeline opportunities in Q2-Q4, they are selectively evaluating each deal for profitability.
Inventory obsolescence exposure
An analyst (Atria Pal) raised concerns about ₹400 crore disputed tax claim as contingent liability and inventory risk. Management downplayed tax risk but acknowledged provisioning for inventories held over 1-2 years as prudent accounting practice.
Gradual Windows refresh adoption
Despite industry excitement around Windows 10 end-of-support in October 2025, management admitted India's adoption speed is slower than developed markets—refresh cycle will be gradual starting H2 rather than immediate surge.