Marushika Technology Ltd IPO

The company's revenue generation is significantly dependent on Government tendered projects and its associated entities including public sector undertakings and government organisations. If there are unfavorable changes in the policies of the government, it could result in closure, termination or renegotiation of our projects order, which would impact on its business and financial performance significantly.

The company is dependents on a limited number of clients for a significant portion of its revenue. Any adverse changes in industry dynamics, client strategies, or the loss of a major client could significantly affect the company's business operations and financial performance.

The Contracts in the company's order book may be adjusted, cancelled, or suspended by its clients at their discretion, and therefore the company's order book is not necessarily indicative of future revenues or earnings.

Majority of its revenue is dependent on the products and services provided by the company under IT and Telecom Infrastructure (IT) Vertical, any decline in the demand for these services can affect our revenue and result of operations.

The Company is dependent on various Original Equipment Manufacturers (OEMs) for the supply of products required for its projects, to act as a value-added distributor and is exposed to risks relating to fluctuations in their prices and shortage of Products.

The company's business will suffer if we fail to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and the industries on which the company focus.

The company's contingent liabilities as stated in the company's Restated Financial Statements could adversely affect its financial conditions.

the company's top 10 Suppliers contribute a significant portion of its product purchase during the financial year ended March 31, 2025 and March 31, 2024. Any dispute with one or more of them may adversely affect the company's business operations.

Majority of its revenues from operations are majorly derived from the state of Delhi and Uttar Pradesh. Any adverse developments affecting its operations in the state could have an adverse impact on the company's revenue and the results of operations.

There are outstanding legal proceedings involving the Company, Promoters, Directors, KMPs, SMPs and Group Company. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.