Absolute Project India Limited IPO

The company's Power EPC Projects contributed 69.40%, 75.39%, 85.64% and 75.85% of its revenue from operations for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. Further, the company's total Order Book of Rs.74,753.03 lakhs as of December 31, 2025 is substantially concentrated in Power EPC Projects, approximately 85.35% of total Order Book, with its top five projects alone contributing approximately 67.94% of the company's total Order Book and approximately 79.61% of its Power EPC Order Book. Any reduction in projects awarded by government and government-controlled entities, delays or cost overruns in execution of such projects, or adverse changes in government policies or funding priorities could adversely affect the company's business, results of operations and financial condition.

The company's manufacturing segment contributed 27.69%, 18.99%, 12.02% and 22.55% of its revenue from operations for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively, and any adverse developments in the company's manufacturing operations or inability to effectively integrate manufacturing with its Power EPC business could adversely affect the company's business, results of operations and financial condition.

The company's top 10 customers contributed 94.98%, 90.20%, 92.88% and 87.90% of its revenue from operations for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively, and the loss of any of these customers or a significant reduction in their business could adversely affect the company's business, results of operations and financial condition.

The company's cost of raw materials and components used in the company's manufacturing operations as well as stock in trade for Power EPC Project and Construction activity amounted to Rs.11,371.11 lakhs, Rs.23,928.31 lakhs, Rs.22,821.81 lakhs and Rs.12,496.72 lakhs constituting approximately 90.49%, 84.59%, 98.63% and 90.83% of its total expenses for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. Given the significant proportion of such costs in the company's overall expenditure, any material increase, price volatility or disruption in the supply of these inputs may adversely affect its business, results of operations, cash flows and financial condition.

The company's top 10 suppliers accounted for 60.03%, 80.43%, 89.09% and 72.46% of its total purchases for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively, and any disruption in supply or increase in prices of the company's key raw materials or dependence on a limited number of suppliers could adversely affect its business, results of operations and financial condition.

The company's manufacturing operations are critical to its integrated business model, and any disruption, under-utilization, inefficiency or delay in expansion may adversely affect the company's business, results of operations and financial condition.

The company's business is working capital intensive and the company intend to utilize a significant portion of the Net Proceeds towards funding its working capital requirements. Any inability to efficiently manage the company's working capital cycle, delays in realization of receivables or inability to obtain adequate financing may adversely affect its business, financial condition, results of operations and cash flows.

The company has experienced negative cash flows and any continued mismatch between its profitability and cash flows, or reliance on external financing, may adversely affect the company's business, liquidity and financial condition.

The company's contingent liabilities may subject the company to potential financial liabilities and invocation risks, which may adversely affect its business, results of operations and financial condition.

There are outstanding legal proceedings involving the Company, the company's Directors and our Promoters. Any adverse outcome in such proceedings may adversely affect its reputation, business, results of operations, cash flows and financial condition.