Emmvee Photovoltaic Power Ltd IPO

Our business is dependent on certain key customers, with our top 10 customers contributing 93.96%, 89.52%, 84.98%, 85.82% and 80.53% of our revenue from operations in the three months ended June 30, 2025 and 2024 and in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Our business is dependent on the success of a limited number of products. Any reduction in demand for these products may adversely affect our revenues, financial condition and cash flows.

Under-utilization of our manufacturing capabilities and an inability to effectively utilize our current and proposed production capacities could have an adverse effect on our business, results of operations and cash flows.

We are dependent on Indian and foreign third party suppliers for certain raw materials required for our manufacturing operations. Any disruptions in the supply or availability of such raw materials or any fluctuation in their prices may have an adverse impact on our business operations, cash flows and financial performance.

We are subject to import duties and restrictions on certain raw materials imported by us for our manufacturing operations from other countries. Any disruptions in the supply of these imported raw materials may adversely affect our operations.

The outstanding orders in our order book may be subject to delays, modifications or cancellations, which may have adversely affect our business, cash flows and results of operations.

All of our manufacturing units are located in the state of Karnataka, India, which exposes us to risks arising from local and regional factors.

We have pledged 51.00% of our shareholding in our Material Subsidiary, EEPL as one of the securities for loans availed by EEPL. In the event of a default and invocation of the pledge by the lenders, we may lose control over EEPL, which could adversely affect our business, results of operations and financial condition.

We have entered into certain transactions with related parties in the past and may continue to do so in the future. These transactions or any future transactions with our related parties could potentially involve conflicts of interest.

Certain of our corporate records and filings have inadvertent errors or inaccuracies. We cannot assure you that regulatory proceedings or actions will not be initiated against us in the future, and we will not be subject to any penalty imposed by the competent authority in this regard.