Source: SEBI
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.
Market · high
Dependency on Government Projects
Our business is substantially dependent on government projects, and any adverse change in government policies may adversely affect our order book.
Operational · high
Negative Cash Flow Risk
We had negative cash flows from operating activities in recent fiscal years, which may impact our liquidity.
Financial · high
Contingent Liabilities Risk
Any crystallisation of contingent liabilities may adversely affect our liquidity.
Financial · high
Client Concentration Risk
Our revenue is concentrated among a limited number of clients, which may adversely affect our business.
Operational · medium
Geographical Concentration Risk
Our operations and order book are concentrated in Maharashtra, which may expose us to regional risks.
Operational · medium
What the business leans on, as the filing describes it.