Travel Food Services · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
March and April saw nearly double-digit dip in international traffic, primarily from Middle East conflict impact on Gulf routes and NRI travel. This segment has not yet fully recovered, creating downside risk to FY27 if geopolitical tensions persist.
Mass market credit card access to lounges has been tightening over 18 months with spend thresholds being introduced. While premium cards are expanding access, the mass segment represents volume risk for lounge utilization rates.
Delhi Terminal 3 concession operates through an SPV with life-limited concession that received a 6-month extension. Management acknowledged need to rebid through GHL when the extension expires—loss of this key location would materially impact revenue.
Trade receivables increased by approximately INR 100 crore due to EAT platform ramp-up with new bank/card network relationships. Collections need to normalize from current ~264 days to ~40-45 days by H1 FY27—delayed normalization would pressure working capital.
