Expression 360 Services India Limited IPO

The company derived 84.19% and 60.47%, 71.99% and 65.88% of its revenue from the company's top ten customers for six months period ended September 30, 2025, and for the Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers or reduction in business from such will have a material adverse effect on its business, financial condition, results of operations and cash flows.

The company's business is substantially dependent on Government and PSU clients, with a significant portion of its revenue derived from Business-to-Government & Ministries ("B2G") and B - PSU ("B2PSU") engagements, which contributed 97.37% of the company's revenue from operations for the period ended September 30, 2025, 83.71% in Fiscal 2025, 97.53% in Fiscal 2024 and 93.38% in Fiscal 2023. Any failures in execution, including safety or structural lapses, may adversely affect its ability to secure and retain such engagements, which could have a material adverse effect onthe company's business, financial condition and results of operations.

The company derives its revenue from operations from customers located across twenty-five (25) states and five (5) union territories in India, on average more than 70% of the company's revenue from operations for the six months period ended September 30, 2025 and last three Fiscals was derived from Maharashtra, Gujarat and Haryana. Any disruption in our operations in these states, whether due to internal or external factors, could restrict our operations and have an adverse effect on its business, results of operations and financial condition.

The company's business is materially dependent on its Events and Exhibitions vertical, which contributes a significant portion of the company's revenue. Any decline in demand for such services may have a material adverse effect on its business, financial condition and results of operations.

The company's asset-light business model exposes the company to significant reliance on third-party vendors and media suppliers. Any disruption in vendor availability, performance or pricing may have a material adverse effect on its business, profitability and results of operations.

The company's business is dependent on competitive bidding and procurement processes, with a significant portion of its revenue generated through tender-based contracts (20.53%, 51.25%, 46.85% and 51.41% for the period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively), and any inability to accurately estimate project costs or secure such contracts may adversely affect its profitability, revenue and results of operations.

The company's advertising business, including its OOH segment (which contributed 32.66% to the company's revenue from operations for the six-month period ended September 30, 2025), is dependent on the availability and pricing of media inventory and production costs, and any increase in costs or non-availability may adversely affect its business and results of operations

The company does not have long-term contractual commitments from its customers, and the company's revenue is derived from nonbinding work orders, which limits revenue visibility and exposes the company to variability in order flow, potentially adversely affecting its business, results of operations, financial condition and cash flows

The company's operations are dependent on third-party information technology systems, licensed software and AI-enabled tools. Any failures, disruption, breach or non-renewal of such systems may have a material adverse effect on its business, financial condition and results of operations.

The company's Restated Financial Information has been prepared by independent chartered accountants who are not its Statutory Auditors, which may raise concerns regarding consistency and reliability of the company's financial information.