Pine Labs Ltd IPO

The company has incurred losses in the recent past, including a loss for the year of Rs.1,454.87 million in Fiscal Year 2025 primarily driven by the Company's total expenses, which was 104.29% of total income in Fiscal Year 2025. There can be no assurance that the company will not continue to suffer losses in the future.

The company has had negative cash flows from operations in the recent past. The Company's net cash used in operating activities in the three months period ended June 30, 2025 was Rs.2,811.93 million. There can be no assurance that the company will not continue to generate negative cash flows in the future.

If the company is unable to retain the Company's existing customers and acquire additional customers, the Company's business, financial condition and results of operations could be adversely affected.

The Company's top 10 customers accounted for 29.30% and 30.95% of its revenue from operations for the three months period ended June 30, 2025 and Fiscal Year 2025, respectively. The Company's revenue from operations is concentrated among a few key customers, and any decision by these customers to reduce or terminate their business with it could significantly impact the Company's business, financial condition and results of operations.

The auditor's reports on the Company's financial statements contain certain remarks and modifications including adverse opinions for the Fiscal Years 2025, 2024 and 2023. There can be no assurance that future audit reports will not include remarks from its auditors, which may have an adverse effect on the Company's business, financial condition and results of operations.

The Company's operations are subject to regulation, oversight and inspection by the Reserve Bank of India ("RBI") and the Reserve Bank Information Technology Private Limited ("ReBIT"), and any adverse observations, proceedings or notices from the RBI or ReBIT may adversely affect its business, financial condition, results of operations and prospects.

The company may not be able to prevent others from unauthorized use of the Company's intellectual property or may be subject to claims by third parties for alleged infringement, misappropriation, or other violation of their intellectual property or other proprietary rights, any of which could harm its business and competitive position.

There are outstanding legal proceedings against the Company and Subsidiaries. Any adverse decision in such proceedings may render it/ them liable to liabilities/ penalties and may adversely affect the Company's business, cash flows and reputation.

The company has in the past and may in the future be subject to cybersecurity, data or privacy breaches that could interrupt the Company's operations and adversely affect its reputation, brand, business, financial condition and results of operations.

The company has not obtained credit ratings. A failures to obtain credit ratings and any downgrade in any future credit ratings the company may have could increase the Company's borrowing costs and adversely affect its ability to obtain financing.