Source: SEBI
From the prospectus, ordered by severity. Wording is close to the filing — not softened.
Customer Concentration Risk
The company derives a significant portion of its revenue from a limited number of customers, with the top 10 customers accounting for ₹65,489.93 lakhs (98.14%) in Fiscal 2026. The company does not have long-term supply contracts with these customers, which poses a risk of revenue loss if any customer reduces demand or faces financial difficulties.
Revenue · high
Gold Price Fluctuation Risk
The business is sensitive to fluctuations in gold prices, with gold purchases constituting 84.64% of total raw material purchases in Fiscal 2026.
Market · high
Negative Cash Flow Risk
The company has experienced negative cash flows from operating activities in the past, which may affect its ability to operate and grow.
Financial · high
Operational Risk
The company relies heavily on two manufacturing facilities in Kolhapur and Jaipur, and any disruptions there could adversely affect operations.
Manufacturing · medium
Dependence on Skilled Labor
The company is dependent on skilled Karigars for production, and any issues in retaining them could impact manufacturing.
Human Resources · medium
What the business leans on, as the filing describes it.