Ann: FY24 Guidance, Dividend Policy & Investor Webinar, page-9

I can add a few reasons:
- Regulatory risk - This includes macro risks like foreign ownership limits and micro related to licensing. India ranks 62 in the World Bank's ease of doing business for a reason.
- Contract and customer concentration risk- SBI contract is 3,912 ATMs and CBI is over 2,000. You don't see many other customers listed in recent announcements. SBI contract expires end of this year.
- Dilution risk- company has raised several times in recent years.
Policy risk- India did demonetisation not that long ago and is encouraging people to move to cashless payments. Demonetisation must also have been expensive for ATM providers having to alter the size of notes.

That being said I have been buying the last week. I'm backing TSI to grow the business and like how management and major holders are aligned with retail. I thought each time they have raised it was cheap, which was annoying but at the same time you can buy now for cheaper than the raise prices from memory.