Innoterra Limited

• Funding the capital expenditure requirements for establishment of new bulk milk collection centres and/or replacing bulk milk cooling units at existing bulk milk collection centres
• Funding our Company's working capital requirements
• Unidentified inorganic acquisitions and general corporate purposes

Except as stated in this section, there are no outstanding (i) criminal proceedings, (ii) actions by regulatory authorities and statutory authorities, (iii) taxation claims and proceedings related to direct and indirect taxes, or (iv) other pending material litigations involving the Company, Directors, or Promoters. Further, except as disclosed in the Group Companies section on page 330, there are no pending litigations involving Group Companies which has a material impact on the Company. There are no disciplinary actions including any penalty imposed by and show cause notices issued by SEBI or Stock Exchanges against Promoters in the last five Financial Years.

• Our raw milk procurement and supply segment contributed 61.96%, 57.96%, 72.29% and 81.39% to our revenue from operations for the nine month period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, respectively, and within this segment, we are reliant on a single customer, Milky Mist Dairy Food Limited.(Customer Concentration)

• Our dairy operations are dependent on the procurement of raw milk from a fragmented network of farmers concentrated in Tamil Nadu and Andhra Pradesh from where we sourced 100.00%, 100.00%, 93.38% and 89.99% of our raw milk procurement during the nine month period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, respectively.(Geographic Concentration)

• We procure raw milk directly from farmers, via our bulk milk collection centres, and do not enter into long term, binding or enforceable supply agreements with the farmers. Accordingly, farmers are not obligated to supply any minimum quantity to us and may sell their produce to competing buyers, including cooperative dairy societies, private dairies or local aggregators, at their discretion and without notice.(Supply Chain)

• Farmer attrition rate was 18.90% as at December 31, 2025, 56.96% as at March 31, 2025, 22.96% as at March 31, 2024 and 21.53% as at March 31, 2023. We cannot assure you that we will be able to retain existing farmers or onboard new suppliers at a rate sufficient to offset attrition.(Supply Chain)

• Procurement prices for raw milk are determined based on prevailing market rates and the fat and solids-not-fat (SNF) content of the milk supplied by individual farmers. As a result, our procurement costs are subject to regular revision and may fluctuate significantly in response to changes in market conditions, seasonal supply and demand dynamics, competition from other dairy processors and cooperative societies, and variations in the fat and SNF composition of milk procured.(Cost Volatility)

• The absence of long term or binding procurement agreements, or any disruption to our farmer network, farmer attrition, or decline in milk yield or quality may adversely affect our business, results of operations, financial condition and cash flows.(Supply Chain)

• This geographic concentration exposes us to risks arising from disruptions in these regions, including social, political, or economic disruption, natural calamities, civil unrest, epidemic disease affecting cattle, adverse climatic conditions including drought or flood events, farmers' protests, changes in the implementation of government schemes, the termination or withdrawal of existing schemes, or other such events that disincentivise dairy farming in these regions.(Geographic Concentration)

• Any increase in procurement prices that we are unable to pass on to our customers in a timely manner, or at all, could compress our margins and adversely affect our results of operations. Conversely, any reduction in procurement prices relative to competing buyers may result in farmer attrition and a consequent reduction in the volumes available to us.(Cost Volatility)

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.