Aspri Spirits Limited IPO

The company's business is dependents on the timely grant and renewal of state-wise excise label registrations; failures or delay in obtaining such approvals, including fresh registrations required post-conversion to a public company, may restrict its ability to sell products in affected states and may adversely impact the company's operations, revenues and cash flows.

The company's operations is subject to extensive central and state regulations. Shifts in the regulatory landscape may lead to increased costs or restrict our business activities. Any adverse changes in the regulatory landscape may have an adverse effect on its business, financial condition and results of operations.

The company's inability to collect receivables and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.

the company is substantially dependent on the sales of its spirits portfolio, which generated 86.81%, 83.34%, and 79.75% of the company's gross revenue from operations* in Fiscals 2025, 2024, and 2023, respectively. Any reduction in the sales of these products could have a material adverse effect on its business, financial condition, results of operations, and prospects.

The company's revenues from operations is dependent upon a limited number of customers (which includes state corporations, hotel chains, restaurants, pubs, modern retail chains and standalone retail stores, in addition to duty-free and travel retail operators). Any adverse developments or inability to enter into or maintain such relationships could have an adverse effect on its business, results of operations and financial condition.

The company's working capital cycle may be adversely affected by fluctuations in inventory requirements arising from state excise policies, operational considerations and regulatory changes, including those triggered by its recent name change.

A portion of its state-wise label registrations are held in the names of the company's distributors. Additionally, the company depends on our distribution network for the sale and distribution of the products of its customers which may expose the company to risks relating to loss of brand rights, restriction in distribution of products and increased competition amongst the company's peers.

The company's relationship with its suppliers for the whisky, cognac, tequila, vodka, gin, champagne, sparkling wines, liqueurs and specialty products that we distribute and market are both long term and short term in nature. Any increase in the cost of, or a shortfall in the availability of such spirits and wines or the company's inability to leverage existing or new relationships with its suppliers could have an adverse effect on its business and results of operations.

Consumer tastes and preferences are subject to change, and the company's portfolio of premium and luxury alco-beverages may not appeal to consumers in the future. The company's inability to adapt its product offerings to evolving market trends could lead to a decline in sales and adversely affect the company's competitive position.

Any supply disruptions in the supply of products offered by the company could adversely and materially affect its business.