NSE · Source: INVESTORGAIN
From the prospectus, ordered by severity. Wording is close to the filing — not softened.
Market Risk
There has been no formal market for the Equity Shares, and no assurance can be given regarding active trading or the price at which the Equity Shares will be traded after listing.
High · high
Export Dependency
A significant portion of revenue is derived from export sales, with revenue from outside India amounting to ₹600.04 million for the six-month period ended September 30, 2025, representing 94.15% of total revenue from Sale of Products.
High · high
Customer Dependency
The company is heavily reliant on a limited number of customers, with the top 10 customers contributing ₹425.18 million, or 66.71% of revenue from Sale of Products.
Medium · medium
Supply Chain Risk
The company sources key raw materials from a limited number of suppliers, with the top 10 suppliers accounting for 91.84% of total purchase costs.
Medium · medium
Indebtedness
The company has incurred borrowings totaling ₹674.63 million as of February 28, 2026, which may affect financial stability.
Medium · medium
What the business leans on, as the filing describes it.