Labor code implementation delays
Full enforcement of new labor codes may take time, delaying expected benefits from compliance arbitrage and industry consolidation.
SIS / Q4-FY26 / risks
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Material risks this quarter
medium
Geopolitical and market conditions delaying cash IPO
The cash business IPO is deferred due to geopolitical uncertainty and weak IPO markets, which could persist and delay value unlocking.
Depreciation increase from new office lease
Depreciation rose by ₹15 crore QoQ, partly due to a large office lease in Australia (₹10 crore/quarter), which may pressure reported profits.
Expected credit loss allowance increase
Expected credit loss allowance jumped from ~₹20 crore to ~₹50 crore YoY, though management attributes it to prudent provisioning rather than deteriorating receivables.