Source: SEBI
From the prospectus, ordered by severity. Wording is close to the filing — not softened.
Market Risk
No assurance of active and/or sustained trading in the Equity Shares post-listing.
Operational · high
Regulatory Risk
The Draft Red Herring Prospectus has not been approved by SEBI.
Compliance · high
Regulatory Approval Risk
Delays or failures in obtaining regulatory approvals could adversely affect operations.
Compliance · high
Customer Concentration Risk
Top 10 customers contributed 59.74% of total revenue in Fiscal 2026.
Financial · medium
Supply Chain Risk
Reliance on third-party suppliers for raw materials could adversely affect operations.
Operational · medium
Foreign Exchange Risk
Fluctuations in exchange rates may influence the value of export realizations.
Financial · medium
What the business leans on, as the filing describes it.