Cosmic PV Power Limited IPO

The company's business largely depends upon its top 10 customers which contributed to 80.10%, 79.82%, 81.38% and 81.31% of the company's revenue from operations for the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have an adverse effect on its business, financial condition, results of operations and cash flows.

The company's cost of raw materials consumed constitutes a significant portion of its expenses and the company majorly relies on the company's top 10 suppliers for supply of the materials which contributed to 63.79%, 66.00%, 76.28% and 66.99% of total raw materials purchased for the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023. Any delays, interruptions or reduction in the supply of materials to manufacture its products could adversely affect our business, results of operations, financial condition and cash flows.

Changes in the price of solar cells, glass, ethylene vinyl acetate sheets, backsheets, and aluminum frames due to changes in demand or other factors could adversely affect its cost of materials, which may then have a material adverse effect on the company's business, financial condition and results of operations.

The company derives a substantial portion of its revenue from operations from the states of Gujarat, Rajasthan and Maharashtra. Any adverse change in the demand in these states may have an adverse impact on the company's business, financial condition, cash flows and results of operations.

The company intends to utilise a portion of the Net Proceeds for setting up of a planned manufacturing facility of the Company in Narmadapuram, Madhya Pradesh. This includes part financing the cost of establishing the proposed fully integrated solar cell manufacturing facility of 1.10 GW which may be subject to the risk of unanticipated delays in implementation, cost overruns and other risks and uncertainties.

As of the six months period ended September 30, 2025,, and Fiscals 2025, 2024 and 2023, the company derived 60.49%, 67.24%, 60.64% and 43.73% respectively, of the company's revenue from operations from sale of Solar PV Modules to Original Equipment Manufacturers ("OEMs") and any decline in such sale could have an adverse impact on its business, revenue and profitability.

Unsatisfactory performance of or defects in the company's products may cause the company to incur additional expenses and warranty costs, damage its reputation and cause the company's sales to decline.

The company is exposed to counterparty credit risk and any delay in, or non-receipt of, payments may materially and adversely affect its cash flows.

The company may fails to protect its intellectual property and are susceptible to litigation for infringement of intellectual property rights. This could materially and adversely affect the company's reputation, results of operations and financial condition.

The projects that are included in the company's order book may be delayed, modified, cancelled, not fully paid, or suspended by its customers and, therefore the company's order book is not necessarily indicative of its future revenue or profit. The company's actual income may be significantly less than the estimates reflected in the company's order book. Any delay, failures or execution difficulty with respect to projects in the company's order book could materially affect its business, results of operations and financial condition.