Marri Retail Limited IPO

The company derives a significant portion of its revenue from operations from the states of Telangana and Andhra Pradesh (which collectively contributed 96.24%, 97.65%, 100.00% and 100.00% of the company's revenue from operations in the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively). Any unfavourable developments affecting its operations in these states could have an adverse impact on the company's business, results of operations, financial condition and cash flows.

The company generated 54.31%, 51.57%, 53.01% and 51.96% of its revenue from operations from the sale of products in the apparel category in the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for these products or change in consumer preferences could adversely affect the company's business, results of operations, financial condition and cash flows.

The company derived 45.69%, 48.43%, 46.99% and 48.04% of its revenue from operations from the sale of products in the jewellery category in the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for jewellery products, volatility in precious metal prices or changes in consumer preferences could adversely affect the company's business, results of operations, financial condition and cash flows.

The strength and reputation of its store brands, particularly `The Chennai Shopping Mall' and the `The Chennai Shopping Mall Jewellers' (which collectively contributed to 92.64%, 92.08%, 92.96% and 92.83% of the company's revenue from operations in the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively), are critical to its business and prospects, and any adverse developments affecting these brands could affect the company's results of operations, financial condition and cash flows.

The company operates on a Company-Owned Company-Operated ("COCO") model, which exposes the company to risks associated with capital investment, operational control, scalability and store performance.

If the company is unable to accurately anticipate customer demand and fashion trends and maintain optimal inventory levels, the company's business, results of operations, financial condition and cash flows may be adversely affected.

An inability to expand and manage its retail network may adversely affect the company's business, results of operations, financial condition and prospects.

While the company's revenue from operations has increased from Rs. 19,008.49 million in Fiscal 2023 to Rs. 24,562.76 million in Fiscal 2025, the company's restated profit for the period / year has decreased from Rs. 1,005.83 million in Fiscal 2023 to Rs. 992.64 million in Fiscal 2025. The company may not be able to increase our profits or effectively execute its growth strategies in the future, which may adversely affect the company's business, results of operations and financial condition.

The company experienced negative cash flows from operating activities in Fiscal 2023 and may, in the future, experience similar negative cash flows.

Losses due to fraud, theft, misappropriation of cash or inventory, or employee negligence may adversely affect its business, results of operations, financial condition and cash flows.