Glass Wall Systems India Limited IPO

The company's business is dependent on certain key clients, and its top 10 clients contributed 84.29%, 93.79% and 91.97% of the company's revenue from operations in Fiscals 2025, 2024 and 2023, respectively. The loss of one or more of these clients could have an adverse effect on its business prospects, results of operations, financial condition and cash flows.

The company depends on a limited number of suppliers and the company does not have long term agreements with its suppliers for the company's raw materials and volatility in raw material prices and shortages or disruption in their supply could adversely affect its business, results of operations, financial condition and cash flows.

The company derived 46.86%, 46.79% and 6.52% of our revenue from operations from overseas operations, based on the criteria set out in Ind AS 108 - Operating Segments, in Fiscals 2025, 2024 and 2023, respectively. Any adverse events in these jurisdictions could have an adverse impact on its business, results of operations, financial condition and cash flows.

If the company fails to integrate or manage acquired companies or businesses efficiently, the company's overall profitability and growth plans could be adversely affected.

The company derives a portion of its revenue from our domestic façade business, which accounted for 53.14%, 53.21%, and 93.48% of the company's revenue from operations in the Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for its domestic façade services could have an adverse impact on the company's business, results of operations, financial condition and cash flows.

The company is entirelies dependent on the company's manufacturing facility located in Vile Bhagad, Maharashtra. Any adverse developments affecting this region or any slowdown, shutdown or unscheduled or prolonged disruption in the company's manufacturing could have an adverse effect on its business, results of operations, financial condition and cash flows.

The company derives a significant portion of its revenues from the states of Maharashtra, that accounted for 22.03%, 27.56% and 47.08% the company's revenue from operations in Fiscals 2025, 2024 and 2023, respectively and Karnataka that accounted for 14.71%, 22.71% and 40.90% the company's revenue from operations in Fiscals 2025, 2024 and 2023, respectively from its domestic façade solutions. Any adverse developments in such regions, could have an adverse impact on the company's business, results of operations, financial condition and cash flows.

The company's inability to effectively manage its growth or implement the company's growth strategies may have an adverse effect on its business, results of operations, financial condition and cash flows.

The company's projects are typically awarded to the company on satisfaction of prescribed pre-qualification criteria and following a competitive bidding process. The company generated 90.68%, 97.82% and 99.37% of its revenues in Fiscals 2025, 2024 and 2023, respectively, from projects awarded to the company following a competitive bidding process. The company's business, cash flows and its financial condition may be adversely affected if the company is unable to successfully bid for new projects.

The company's business is dependent on the performance of the real estate sector, both in the Indian and overseas markets. Any adverse changes in the conditions affecting the real estate sector can adversely impact its business, results of operations, cash flows and financial condition.