Major portion of our revenue from Sale of Products is derived from export sales. Revenue from outside India aggregated to Rs.600.04 million, Rs.1,166.83 million, Rs.1,044.75 million and Rs.866.90 million for the six-month period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively, representing 94.15%, 96.27%, 94.56% and 95.13% of our revenue from Sale of Products for the respective periods. Any adverse developments affecting our export markets could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

Our revenue from operations is significantly concentrated among a limited number of customers. Revenue from our top 10 customers aggregated to Rs.425.18 million, Rs.798.84 million, Rs.758.00 million and Rs.663.00 million for the six-month period ended September 30, 2025 and Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively, representing 66.71%, 65.91%, 68.61% and 72.76% of our revenue from Sale of Products for the respective periods. We are dependent on such customers for a substantial portion of our revenue and any reduction, modification or termination of business by such customers could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

Our manufacturing operations are concentrated at facilities located in the state of Madhya Pradesh, India. Any disruption, slowdown or shutdown at any of such facilities may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

We depend on a limited number of domestic suppliers for the procurement of our key raw materials and our top ten suppliers accounted for purchases aggregating to Rs. 175.85 million, Rs. 337.75 million, Rs. 325.06 million and Rs. 316.63 million, representing 91.84%, 90.41%, 88.09% and 79.87% respectively, of our total purchase cost during the six-month period ended September 30, 2025 and in Fiscal 2025, 2024 and 2023, respectively. Any disruption in supply, increase in prices or inability to procure such materials on commercially acceptable terms may adversely affect our business, results of operations, cash flows and financial condition.

Our revenue from Sale of Products is significantly dependent on distributor-led sales channels. Revenue from distributors aggregated to Rs.409.25 million, Rs.702.48 million, Rs.709.05 million and Rs.663.39 million for the six-month period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively, representing 64.21%, 57.96%, 64.18% and 72.80% of our revenue from Sale of Products for the respective periods. Any disruption in our relationships with distributors may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

A substantial portion of our revenue from Sale of Products is derived from automotive applications. Revenue from automotive applications aggregated to Rs.471.18 million, Rs.873.82 million, Rs.700.11 million and Rs.599.18 million for the six-month period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively, representing 73.93%, 72.50%, 63.37% and 65.75% of our revenue from Sale of Products for the respective periods. Any adverse developments in the automotive sector or failure to adapt to such changes could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

We intend to undertake expansion of our manufacturing operations through installation of additional machinery and equipment at our existing facilities, and there can be no assurance that such expansion will be implemented on time or yield the expected benefits. Any delay, cost overrun or under-utilisation may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

We are subject to stringent vendor qualification, product validation and quality control requirements imposed by our customers, including Tier-1 suppliers and OEMs, and any failure to meet such requirements or maintain consistent quality standards may result in rejection of products, loss of business and may adversely affect our business, financial condition, results of operations, cash flows and prospects

We do not have long-term agreements with our customers, and our sales are largely purchase order-based. Any reduction, delay or cessation of orders from our customers may adversely affect our business, financial condition, results of operations, cash flows and prospects

A substantial portion of our revenue is denominated in foreign currencies, and we are exposed to foreign exchange fluctuation risks and changes in foreign trade policies, which may adversely affect our business, results of operations, cash flows and financial condition.