Intellius Recode Limited IPO

A significant part of the company's total revenue from operations i.e. 98.85%, 99.42%, 98.13% and 90.07% during the six months period ended September 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively, is generated through its wholly owned subsidiary, Intellius Recode Solutions, Inc. ("Material Subsidiary"), and the company is dependent on the business, operating income and cash flows generated by its Material Subsidiary.

The company generates majority of its revenue from operations from jurisdictions outside India, in particular, from the United States of America which contributed 98.85%, 99.42%, 97.85% and 89.13% of the company's revenue from operations, in the six months period ended September 30, 2025, and Fiscals 2025, 2024 and 2023, respectively. Any adverse events affecting these jurisdictions could have an adverse impact on its revenue from operations.

The company derives a substantial portion of its revenue from the technology consulting service category. In Fiscal 2025, the company deriveds 100.00% of our revenue from operations from technology consulting service. Further, in the company's technology consulting vertical, the company deriveds 34.96% of its revenue from data & analytics during Fiscal 2025. Any reduction in demand for services under the technology consulting service category, particularly, data & analytics, may adversely affect its revenues and profitability.

The company derives a significant portion of its revenue from operations from the company's key customers and the company does not have long-term contracts with all of these customers. If one or more of such customers choose not to source their requirements from the company or to terminate its contracts, the company's business, cash flows, financial condition and results of operations may be adversely affected.

The company depends on its top 10 suppliers for the supplies required in the company's service operations, and any disruption in their supply may adversely affect its business, results of operations, financial condition and cash flows.

The company has in the past experienced certain delays, incorrect filings and non-compliances in relation to FEMA requirements, which have required corrective actions and may expose the company and the company's Promoters to regulatory action in the future.

There may be discrepancies in corporate filings made by the company from time to time. Further, the company has filed three compounding applications with the Regional Director, Southern Region, Chennai. The company cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future and that the company will not be subject to any penalty imposed by the competent regulatory authority in this regard.

The company may be unable to attract new customers in a cost-effective manner which may adversely affect its business, cash flows, results of operations and financial condition.

The company's business depends on its ability to attract and retain highly skilled professionals. If the company fails to attract, retain, train and optimally utilize these professionals, the company's business may be unable to grow, and its results of operations and profitability could decline.

A majority of the company's revenues are dependent on a limited number of industry verticals. Customers in retail, manufacturing, utility and consumer packaged goods verticals collectively contributed to 79.41%, 93.23%, 92.55% and 85.55% of its revenue from operations in the six month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023 respectively. Any decrease in demand for services in these industry verticals could reduce the company's revenues and materially adversely affect its business, results of operations, financial condition, and cash flows.