Bharat Pet Limited IPO

The company has significant dependence on its top 10 suppliers for supply of raw materials.The company's top 10 suppliers contributed towards 45.04%, 64.69%, 55.63% and 55.93%, on a restated basis, in the six month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively, and contributed towards 44.56% and 65.05%, in the six month period ended September 30, 2025 and Fiscals 2025 on a pro forma basis, respectively, of its total expenses. The loss of any of these suppliers or and failures by these suppliers to meet their obligations may adversely affect the company's revenues and profitability.

The company has not entered into any long-term contracts with our suppliers from whom the company procures raw materials consumed by the company for its manufacturing process and failures by the company's suppliers to meet their obligations could adversely affect its business, results of operations, financial condition and cash flows.

Any fluctuations in raw material prices, especially PET resin, EVOH, wads, adhesives, HDPE and tin plates and disruptions in their availability may have an adverse effect on the company's business, results of operations, financial condition and cash flows.

The company derives a significant portion of its revenue from operations from the company's top 10 customers (21.49%, 23.44%, 20.45% and 22.70%) in the six month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, on a restated basis, respectively and 23.86% and 30.11% in the six month period ended September 30, 2025 and Fiscal 2025 on a pro forma basis, respectively). The company also derives a significant portion of its revenue from operations from repeat orders (96.04%, 92.67%, 92.18% and 92.33% in the six month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, on a restated basis, respectively and 90.56% and 82.62%, in the six month period ended September 30, 2025 and Fiscal 2025 on a pro forma basis, respectively). Loss of any of these customers or a reduction in purchases or repeat orders by any of them could adversely affect the company's business, results of operations and financial condition.

The company derives significant portion of its operational revenue from the sale from a limited number of products, such as, PET bottles and jars (60.75%, 65.78%, 66.12% and 69.95% in the six month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, on a restated basis, respectively and 60.49% and 64.53%, in the six month period ended September 30, 2025 and Fiscal 2025 on a pro forma basis, respectively) and multi-layer co-extrusion ("Co-Ex") bottles (22.47%, 22.81%, 24.05% and 21.51% in the six month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, on a restated basis, respectively and 21.33% and 21.87%, in the six month period ended September 30, 2025 and Fiscal 2025 on a pro forma basis, respectively) and any decline in demand for these products could adversely affect its business, revenue, and profitability.

The company derives a significant portion of its revenues (78.07%, 72.67%, 78.46% and 81.95% in the six month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, on a restated basis, respectively and 70.97% and 65.58%, in the six month period ended September 30, 2025 and Fiscal 2025 on a pro forma basis, respectively) from the agro-chemical industry. Any economic cyclicality coupled with reduced demand or negative trend in the agro-chemical industry or other industries that the company operates in, could adversely affect its business, results of operations and financial condition.

The Company is dependent on a domestic market for its sales and any downturn in it could reduce its sales, which could have an adverse effect on the company's business, results of operations, financial condition, and cash flows.

The company relies on certain raw materials sourced from outside India, and if the company is unable to secure these materials at reasonable prices or at all it could have a negative impact on the company's business, cash flow, financial health, and overall operations.

The company is dependent on third party logistics and transportation providers for the delivery of finished products to the company's customers. Any failures by any of its transportation providers to deliver the company's products on time, or in good condition, or at all, may adversely affect its business, financial condition and results of operations

The company relies on direct customer relationships to sell its products. The absence of a distribution network limits the company's geographical reach, market penetration capabilities, and scalability, which could have an adverse effect on its business, results of operations, financial condition, and cash flows.