Jaro Institute of Technol. Mgt. and Research Ltd IPO

While the name of our Company is "Jaro Institute of Technology Management and Research Limited", we do not create the academic content or independently offer the degree programs and certification courses by ourselves. Our business depends heavily on our Partner Institutions as they are responsible for the academic content of their degree programs and certification courses, which we market and facilitate delivery of. If there is any decline in the adoption by our Partner Institutions of online delivery of their degree programs and certification courses, our business, revenues, profitability and growth may suffer.

We derive a significant portion of our revenues from a few Partner Institutions and the loss of one or more such clients could adversely affect our business and prospects.

Most of our businesses are operated in and from the states in the Western region. Approximately 73.00% of our revenue from operations is derived from the Western region, as of March 31, 2025. 33.33% of our Partner Institutions operate in and from the states in the Western region, as of March 31, 2025. Such geographic concentration of our revenue and business operations, and our Partner Institutions, may restrict our results of operations and growth to the economic and demographic conditions of the Western region. Additionally, the management-oriented degree programs and certification courses typically attract more enrolments by the Learners. Any change in industry trends and demand drivers for the sectors in which the degree programs and certification courses are offered, may adversely impact our business, financial condition and results of operations.

Our business depends heavily on the adoption by colleges and universities of online delivery of their degree programs and certification courses. If our existing or prospective Partner Institutions continue with on-campus degree programs or certification courses due to their perceived loss of control over the education experience, our revenue growth and profitability may suffer.

We have negative cash flows in the past. Our historical performance may not be indicative of our future growth or financial results.

One of the objects of the Offer is to undertake marketing, brand building and advertising activities. Such utilisation may not achieve the desired results and the outcome of activities is not ascertainable at this stage.

Our market capitalisation to total revenue from operations ratio, market capitalisation to tangible assets ratio and enterprise value to EBITDA ratio may not be indicative of the trading price of our Equity Shares upon listing on the Stock Exchanges subsequent to the Offer and, as a result, you may lose a significant part or all of your investment.

Our Promoters will continue to retain significant shareholding in us after this Offer, which will allow them to exercise significant influence over us. Any substantial change in our Promoter's shareholding may have an impact on the trading price of our Equity Shares, which could adversely affect our business, financial condition, results of operations and cash flows.

Our Company proposes to utilize the Net Proceeds for marketing, brand building and advertising activities, prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by our Company and general corporate purposes. The usage of our Net Proceeds towards these objects will not result in creation of any tangible assets.

We rely on third-party LMS service providers who may not perform their obligations satisfactorily or in compliance with law. If there is a disruption in the third-party LMS services, or if the third-party LMS service providers discontinue their service agreements with us, this could reduce client and Learner satisfaction, could impact our ability to attract new Learners and Partner Institutions and could adversely affect our reputation, business, financial condition and results of operations.