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Shrinking revenue. Restated revenue CAGR of -59.2%.

Risk factor. The Company derives a significant portion of its revenue (73.20% in the three months ended June 30, 2026) from the sale of wire and cable polymer compounds. Any reduction in demand for such products or a downturn in the wire and cable industries would have a material adverse effect on the business,

Risk factor. Dependence on government and government-owned customers, which accounted for 69.66% of revenue in Fiscal 2023 and 62.90% in the period ended September 30, 2025, exposing the company to policy uncertainty, delays in project award, cost overruns, payment delays, and onerous contractual terms.

Risk factor. Our business is substantially dependent on the continued strength and acceptance of the Burma Burma brand, which is a single brand for substantially all of our operating performance.

Risk factor. The unified telecom licence held by RJIL is due for renewal in October 2033, and spectrum held by RJIL is valid for a period of 20 years with the majority expiring between 2041 and 2042. Any inability to maintain or renew such licences or successfully bid for spectrum required for operations could h

Large related-party dealings. Related-party transactions are 24.0% of revenue.

Risk factor. Any malfunction or failure of our fire protection equipment and systems could result in loss of life, property damage, invocation of warranties, legal claims, and reputational harm, which could adversely affect our business, financial condition, and results of operations.

Risk factor. The unified telecom licence held by RJIL is due for renewal in October 2033, and the majority of spectrum held is valid for 20 years, expiring between 2041 and 2042. There is no assurance that licences or spectrum will be successfully renewed or that the company will be able to bid for new spectrum

Loss-making. The latest restated fiscal year reports a net loss.

Risk factor. We depend on a limited number of suppliers for procurement of raw materials and components required for our manufacturing operations. Purchases from our related parties represented 15.53%, 16.75%, 15.18%, 17.00% and 19.98%, and purchases from our top 10 suppliers represented 40.84%, 41.74%, 41.20%,

Shrinking revenue. Restated revenue CAGR of -49.7%.

Loss-making. The latest restated fiscal year reports a net loss.

Risk factor. We incurred a restated loss for the period/year from continuing operations of ₹641.29 million, ₹8,806.65 million, ₹9,643.93 million, ₹2,150.69 million and ₹8,525.31 million for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively, and certain o

High leverage. Debt-to-equity of 44.74x.

Risk factor. We launched our Rewards and Loyalty business in the second quarter of Fiscal 2026 and our DevStack business in the first quarter of Fiscal 2026. We lack an operational track record for these businesses, and our limited experience could adversely affect our ability to scale them efficiently.

Risk factor. A significant portion of our business is attributable to top 10 customers that have contributed 49.84%, 52.17%, 45.30% and 41.04% to the revenue from operations for the three month period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively. Any deterioration in the financial condition of

Risk factor. The Company and certain of its Subsidiaries have incurred losses for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024. The Company incurred a restated loss for the period/year from continuing operations of ₹641.29 million, ₹8,806.65 million, ₹9,643.93 mi

Risk factor. We derive a significant portion comprising 75.09% of our revenue from operations from our top ten customers.

Risk factor. Our business is exposed to interest rate volatility, which may adversely affect our lending and treasury operations, Net Interest Income, Net Interest Margin and results of operations.

Risk factor. A significant portion of our Order Book and revenue from operations have been attributable to, and may continue to be attributable to, certain key customers.

Large related-party dealings. Related-party transactions are 16.2% of revenue.

Loss-making. The latest restated fiscal year reports a net loss.

High leverage. Debt-to-equity of 44.74x.

Risk factor. A significant portion of our business is attributable to top 10 customers that have contributed 49.84%, 52.17%, 45.30% and 41.04% to the revenue from operations for the three month period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively. Any deterioration in the financial condition of

Risk factor. Our operations and revenues are concentrated predominantly in the state of Gujarat. Any adverse economic, political, regulatory, environmental or infrastructural developments in Gujarat may materially and adversely affect our business, financial condition, results of operations, cash flows and growt

Risk factor. Our revenue from operations is significantly concentrated among a limited number of B2B customers. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, our top 10 customers contributed 55.49%, 76.68% and 84.24% of our revenue from operations, respectively.

Risk factor. Inability to accurately estimate costs under Turnkey Renewable Energy Project (TREP) contracts or failure to maintain performance guarantees, leading to increased construction costs, working capital requirements, financial losses, or penalties.

Large related-party dealings. Related-party transactions are 15.1% of revenue.

Criminal proceedings disclosed. Chandrashekhar Vaishnav v. Pritam Kumar Jolly & Others: In April 2016, the management committee of Ashish Building appointed the Company as a project management consultant for civil, structural repair and painting works. During the works, the Complainant raised concerns in relation to certain works,

Risk factor. A significant portion of revenue is derived from projects awarded by government and government-related entities, accounting for 99.25% of revenue from operations in Fiscal 2024, 58.61% in Fiscal 2025, and 30.64% in Fiscal 2026.

Risk factor. Our operations are dependent on the price and availability of primary raw materials, including polymers, urea, metals (brass and copper), and packing materials, which are subject to fluctuations in commodity markets, crude oil prices, and general economic conditions. We typically do not enter into l

Large related-party dealings. Related-party transactions are 16.2% of revenue.

Risk factor. Our business is exposed to the performance and cyclicality of the real estate sector across residential, office, retail, land, investment banking, industrial and logistics, hospitality and other real estate activities. A broad or asset-class-specific slowdown could adversely affect demand for our se

Risk factor. A substantial portion of our revenues is dependent on our top 10 customers. As of the Fiscals 2026, 2025 and 2024, we derived 81.81 %, 87.57 % and 88.68% respectively, of our revenue from our top 10 customers. The concentration of our revenue from such top 10 customers exposes us to greater risks if

Risk factor. A significant portion of our revenue from operations (89.62% in Fiscal 2026) is generated from projects awarded by government (both central and state), government related entities and PSUs.

Risk factor. The company's business is heavily dependent on the sale of Hot-applied Thermoplastic marking materials, which accounted for 84.82%, 83.01% and 84.66% of revenue from operations during Fiscals 2026, 2025 and 2024, respectively. A reduction in demand for, or loss of sales of, such products and service

Risk factor. A significant portion of our revenue is derived from projects awarded by government authorities and government departments. Consequently, our business operations are substantially dependent on government spending, policies, and regulatory frameworks. Any adverse changes in government policies, budge

Risk factor. A significant portion of our revenue from operations is derived from our top 10 customers, who contributed 51.01%, 60.55% and 99.65% of revenue in Fiscals 2026, 2025 and 2024 respectively. Any loss of one or more of our top customers, or the deterioration of their financial condition or prospects, c

Large related-party dealings. Related-party transactions are 28.6% of revenue.

Risk factor. Our real estate development activities are geographically concentrated in the Mumbai Metropolitan Region (MMR) and Thane district, exposing us to risks arising from economic and regulatory changes and natural disasters in these regions. Varying market conditions in the MMR and Thane district may aff

Risk factor. A significant portion of revenue (52.46%, 51.25% and 58.59% in Fiscals 2026, 2025 and 2024) is derived from Rudra Global Infra Products Limited (RGIPL), a related party, and a limited number of customers (top 10 customers contributed 66.29%, 65.16% and 70.68%). Any reduction in, or loss of, business

Risk factor. Our ability to integrate recently acquired IPP and manufacturing platforms, manufacture products at anticipated scale, quality and cost levels, and obtain, maintain and renew regulatory approvals, certifications and incentive eligibilities remains unproven.

Risk factor. Our business is dependent on two manufacturing facilities located in Kolhapur, Maharashtra and Jaipur, Rajasthan. Any slowdown, shutdown, or adverse development affecting either facility could adversely affect our business, results of operations, financial condition and cash flows.

Risk factor. A substantial portion of our revenues is dependent on our top 10 customers. In Fiscals 2026, 2025 and 2024, we derived 48.36%, 57.30% and 89.10%, respectively of our revenue from our top 10 customers. The composition of our top 10 customers tends to vary from year to year, depending on the timing, n

Low leverage. Debt-to-equity of 0.21x.

High leverage. Debt-to-equity of 3.10x.

Risk factor. A significant portion (71.74% for Fiscal 2026) of revenue is derived from the QSR vertical, making the business vulnerable to any adverse development affecting operations, Subway's brand reputation, or the QSR vertical generally.

Risk factor. All manufacturing operations are carried out at a single Manufacturing Facility located in Raigarh, Chhattisgarh, spread across approximately 47.19 hectares, supported by a 67 MW captive power plant. Any disruption at this facility or adverse developments affecting the region could have a material a

Risk factor. Approximately 76.00% of gas production capacity is operated through On-site facilities located at customer premises, which are dedicated to specific customers and dependent on their continued operation and ability to provide uninterrupted access to utilities.

Risk factor. The Company's revenues are significantly dependent on the sale of gold jewellery, which accounted for 99.67%, 99.34% and 99.83% of revenue from operations for Financial Years 2026, 2025 and 2024, respectively. Any factors adversely affecting the procurement of gold or sales of gold jewellery may neg

Risk factor. The loss of any of our top clients could have a material adverse effect on our business, financial condition, results of operations and cash flows. Our client base is relatively concentrated.

Risk factor. The Company's business is substantially dependent on a limited number of key customers, with top 10 customers contributing 15.15%, 20.24% and 21.61% of total sales for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024 respectively. The loss of any significant customers may

Risk factor. The Company generates a significant portion of its revenue from Rajasthan, with 95.31% of total revenue from operations derived from this state in Fiscal 2024, and 96.01% of purchases from Rajasthan in Fiscal 2026.

Shrinking revenue. Restated revenue CAGR of -7.6%.

Criminal proceedings disclosed. The DRHP states that there are 437 criminal proceedings filed against the company. It also states that except as disclosed in the section, there are no outstanding criminal proceedings, actions by regulatory authorities, tax claims, or other outstanding litigation involving the company, subsidiaries

Risk factor. The cost of materials consumed, primarily gold, which constituted 81.11%, 45.50% and 79.94% of total expenses in Fiscals 2026, 2025 and 2024, respectively, is subject to significant price volatility, and any increase in costs without a corresponding increase in product prices, or any decrease in gol

Risk factor. Our business is primarily dependent on contracts awarded by Government Entities, which accounted for 90.32%, 89.00%, and 84.98% of our Revenue from Operations for Fiscals 2026, 2025 and 2024, respectively.

Risk factor. The company is highly dependent on third-party suppliers for raw materials and traded goods, with top 10 suppliers contributing 63.98% of material costs in Fiscal 2026. Loss of suppliers or supply disruptions may adversely affect manufacturing.

Risk factor. Our top 10 customers contributed towards 89.71%, 89.36% and 88.38% of our revenue from operations during Fiscals 2026, 2025 and 2024, respectively, and the loss of any of these customers, deterioration of their financial conditions or prospects, any reduction in their requirements for our products o

Risk factor. Our revenue from operations has been significantly dependent on the sale of LED televisions, which accounted for 71.78%, 72.71% and Nil of our revenue from operations for the Financial Years 2026, 2025 and 2024 respectively. Any factors adversely affecting the sales of LED televisions or other consu

Risk factor. A significant portion of revenue is derived from a limited number of flagship products, specifically Super Seeder, Straw Reaper, and Laser Land Leveller, which contributed 64.40% of revenue in Fiscal 2026 and 75.24% on a proforma basis in Fiscal 2025.

Shrinking revenue. Restated revenue CAGR of -5.5%.

Risk factor. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, the Company derived 97.79%, 99.45%, and 99.52%, respectively, of its revenue from operations from only non-cell solar module components.

Risk factor. The Company derives a significant portion of its revenue from the sale of lightweight jewellery (98.33% in Fiscal 2026). Any reduction in demand for such products could materially and adversely affect the business, results of operations, financial condition and cash flows.

Risk factor. Our revenue from operations is significantly concentrated among a limited number of customers. Revenue from our top 10 customers aggregated to ₹9,980.17 million, ₹4,860.46 million and ₹3,027.97 million for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, representing 74.37%, 93.26% and 95

Risk factor. The Company derives a substantial portion of its revenue from exports to Nigeria, constituting 76.21%, 66.93% and 95.30% of revenue from operations for Fiscal 2026, 2025 and 2024 respectively. Any adverse developments in Nigeria, including changes in export or trade policies, deterioration in diplom

Risk factor. We derive a significant portion of our revenue from our top 10 customers, who contributed 81.00%, 96.34% and 95.06% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The loss of such customers or a significant reduction in demand of our products from these customers could

Risk factor. Our distribution network is significantly concentrated in southern India. As of March 31, 2026, 1,427 of our 1,915 channel partners, including 1,377 of our 1,531 dealers, were located in this region. Any decline in demand, loss of channel partners, increase in competition or disruption to the storag

Risk factor. We derived 65.62%, 66.39% and 73.83% of our Revenue from Operations from our top 10 customers during Fiscals 2026, 2025 and 2024, respectively. Any loss of, or significant reduction in business from, such customers could adversely affect our business, results of operations, cash flows and financial

Risk factor. We derive a significant portion of our revenue from operations from our top 10 customers (27.15%, 30.63%, and 35.44% in Fiscals 2026, 2025, and 2024, respectively) and repeat orders (87.89%, 87.37%, and 91.61% in Fiscals 2026, 2025, and 2024, respectively). Any loss of key customers, reduction in pu

Risk factor. The Company derived 98.62%, 99.05% and 98.60% of its revenue from operations from its telecommunication services business during Fiscals 2026, 2025 and 2024, respectively. Any slowdown in the telecommunication sector or reduction in demand for telecommunication services, including O&M services, coul

Criminal proceedings disclosed. Section VI states there are no outstanding criminal proceedings, actions by statutory or regulatory authorities, claims relating to direct and indirect taxes, or Material Litigation involving the Company, its Directors, the Promoters, KMPs, SMPs and Group Companies. However, under 'Litigation involv

Risk factor. A significant portion of capital expenditure is immovable fit-outs on leased premises, which may not be recoverable if a lease is not renewed, terminated, or if a centre is closed or moved.

Risk factor. Loss of top 10 customers or reduction in purchases by them could adversely affect business, results of operations and financial condition. In Fiscal 2026, 50.62% of revenue from operations was derived from top 10 customers, with the single largest customer contributing 10.67%.

Risk factor. Our significant dependence on export sales, with 95.39% of revenue from Sale of Products derived from outside India in Fiscal 2026, exposes us to risks associated with cross-border trade, including adverse economic conditions, geopolitical instability, sanctions-related risks, and changes in interna

Risk factor. Our revenue from operations is significantly concentrated among a limited number of B2B customers. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, our top 10 customers contributed 55.49%, 76.68% and 84.24% of our revenue from operations, respectively.

Large related-party dealings. Related-party transactions are 15.1% of revenue.

Low leverage. Debt-to-equity of 0.00x.

Auditor qualification. there were 03 qualifications in Auditor's Report on the Audited Financial Statements of the Company for the year ended March 31, 2024, which require any adjustments to the Restated Financial Information

Criminal proceedings disclosed. The Company availed a business loan of ₹20.20 lakhs from InCred Financial Services Limited in July 2018. Due to working capital constraints, the Company defaulted on its repayment obligations. Consequently, InCred initiated two proceedings — CS/56789/2019 and CS/56871/2019 — before the Ld. Metropoli

Risk factor. A substantial majority of our revenue from operations is derived from our B2B manufacturing segment. Any reduction in demand from our B2B customers or our inability to expand our B2C business may adversely affect our business, financial condition, results of operations and cash flows.

Criminal proceedings disclosed. Makwelld LLP has filed a criminal complaint before the Court of the Learned Judicial Magistrate First Class, East Delhi, Karkardooma Courts, Delhi, under Sections 138 read with Sections 139, 141 and 142 of the Negotiable Instruments Act, 1881, against Acme India Industries Limited and certain of its

Risk factor. A significant portion of revenue is derived from the sale of Solitaire and Diamond Jewellery, which contributed 96.31%, 89.82% and 66.96% of total product sales for Fiscal 2024, Fiscal 2025 and Fiscal 2026, respectively.

Risk factor. The Company is subject to outstanding litigation, including 9 taxation matters and 15 taxation matters against group entities, with a total amount involved of Rs 5,595.87 lakhs (Rs 55,958.7 lakh). An adverse outcome may adversely affect the business, reputation, and results of operations.

Risk factor. Absence of long-term contracts with suppliers for key raw materials like rice and malted barley may impact supply, quality, and cost competitiveness.

Risk factor. We derived 91.25%, 89.20% and 81.81% of our revenue from operations from the execution of Turnkey Paint Projects in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any adverse developments in our ability to secure, execute or complete such projects could materially and adversely affect our b

Risk factor. The Company's revenue from operations is highly concentrated with its top ten customers, which contributed 96.17% of revenue in Fiscal 2026. Any reduction in orders, loss of business, or adverse change in the relationship with these key customers could materially and adversely affect the Company's b

Risk factor. The company has incurred restated losses of ₹455.06 million, ₹1,263.06 million and ₹512.97 million in the Financial Years ended March 31, 2026, 2025 and 2024 respectively, and may continue to incur losses if it fails to generate adequate revenue growth or manage expenses and cash flows.

Risk factor. We derive a significant portion (84.26% in Fiscal 2026) of our revenue from operations from our top ten customers, with our single largest customer contributing more than 39.97% of our revenue from operations in Fiscal 2026. We also derive a significant portion (53.63% in Fiscal 2026) of our revenue

Risk factor. Our success depends on our ability to attract, engage and monetize new and existing users on our platform. If users do not find their desired products on our platform at attractive prices and terms, or find their experiences with us unsatisfactory, they may lose trust in our brand and impact our abi

Risk factor. Our business and revenue are substantially dependent on the Indian Railways. Any adverse change in policy of the Indian Railways may lead to our contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on our business and results of operations.

Risk factor. Our business is dependent on a limited number of customers, and the loss of one or more significant customers may adversely affect our business, results of operations, and financial condition. For the period ended June 30, 2025, revenue from our top 10 customers contributed 73.09% of our total reven

Risk factor. Our business may be adversely affected if we fail to adapt to rapid technological changes and evolving industry standards, or if we are unable to successfully enhance our existing products and services or develop new offerings.

Risk factor. Our business, profitability and reputation may be materially and adversely affected if our top 10 Technology Brands, which accounted for 75.40%, 79.48% and 81.85% of our total purchases in Fiscal 2026, 2025 and 2024 respectively, fail to supply products in a timely manner.