Kusumgar Limited

• carry out the Offer for Sale of [●] Equity Shares of face value of ₹ 1 each aggregating up to ₹6,500 million by the Promoter Selling Shareholders
• achieve the benefits of listing the Equity Shares on the Stock Exchanges

Except as stated below, as on the date of this Red Herring Prospectus, there are no other outstanding (i) criminal proceedings (including matters which are at FIR stage whether cognizance has been taken or not by any court or judicial authority) involving our Company, Subsidiaries, Directors or Promoters (“Relevant Parties”) and Key Managerial Personnel and Senior Management; (ii) actions taken (including any orders passed or show cause notices issued) by regulatory authorities and/or statutory authorities (including any judicial, quasi-judicial, administrative authorities or enforcement authorities) involving the Relevant Parties and Key Managerial Personnel and Senior Management; (iii) claims related to direct and indirect taxes involving the Relevant Parties, in a consolidated manner; and (iv) other litigations involving the Relevant Parties (including civil litigation / arbitration proceedings) which has been determined to be material pursuant to the Materiality Policy (as disclosed herein below) or (v) litigations involving our Group Company which may have a material impact on our Company. Further, as on the date of this Red Herring Prospectus, there are no disciplinary actions (including penalties imposed) by SEBI or recognized stock exchanges, against our Promoters in the last five Fiscals immediately preceding the date of this Red Herring Prospectus including any outstanding action.

• The company's revenue is highly dependent on three market segments: Aerospace and Defence Fabrics, Aerospace and Defence Solutions, and Industrial and Automotive Fabrics, which contributed 79.07% of revenue from contracts with customers for Fiscal 2026.(Revenue Concentration)

• Revenue from Aerospace and Defence Fabrics decreased in Fiscal 2026 compared to Fiscal 2025 primarily due to a large order received in Fiscal 2025 that was not re-ordered in Fiscal 2026.(Revenue Concentration)

• Revenue from Aerospace and Defence Solutions decreased in Fiscal 2026 compared to Fiscal 2025 primarily due to the partial deferral of contract performance on a large contract due to operational requirements of the customer.(Revenue Concentration)

• The company's top 10 customers contributed 59.52% of revenue from contracts with customers for Fiscal 2026, exposing the company to significant customer concentration risk.(Customer Concentration)

• The company's top customer contributed 11.13% of revenue from contracts with customers for Fiscal 2026, and the company generally does not have long-term agreements with its customers.(Customer Concentration)

• All six of the company's manufacturing facilities are located in the state of Gujarat, exposing the company to risks related to social, political, economic, seasonal disruptions, natural calamities, or civil disruptions in Gujarat.(Geographic Concentration)

• The company's operations are susceptible to local and regional factors, such as economic and weather conditions, natural disasters, political changes, and other unforeseen events and circumstances.(Geographic Concentration)

• The maintenance of customer relationships could be affected by factors including customer service, product quality, ability to meet customer specifications, pricing, competition, general economic conditions, customer spending ability, and force majeure.(Customer Concentration)

Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

• KUSUMGAR LIMITED - Prospectus14 Jul 2026