Pioneer FilMed Limited IPO

The company's railways and metro businesses constitute a significant share of its order book, with contracts largely secured through competitive bidding. The company may not be able to qualify for, compete and win contracts or identify new contracts, or lose contracts on account of changes in government policies, regulatory requirements, tender conditions or delays in approvals which could adversely affect its business and results of operations.

A substantial portion of the company's revenues is dependent on its top 10 customers. As of the six-month period ended September 30, 2025, Fiscals 2025, 2024 and 2023, we derived 99.27%, 99.30%, 99.43% and 97.79%, respectively, of the company's revenue from its top 10 customers. The loss of any of these customers will materially and adversely affect the company's revenues and profitability.

The company's Order Book may not be representative of its future results and the company's actual income may be significantly less than the estimates reflected in its Order Book. The products that are included in the company's Order Book may be delayed, modified, cancelled not fully paid, or suspended by the company's customers and, therefore its Order Book is not necessarily indicative of the company's future revenue or profit. Any inability to realise the value of its products could have a material adverse effect on the company's business, results of operation and financial condition.

A significant portion of the company's revenue is derived from repeat orders from existing customers, and the absence of long-term contracts or exclusivity arrangements may adversely affect its business, financial condition, and results of operations.

The company's ability to participate in and secure tenders depends on meeting pre-qualification and obtaining and maintaining approved vendor status, and any failures to satisfy or maintain such criteria may adversely affect its order book and results of operations.

The company's wind generator business is at an early stage and currently relies on a single customer. The loss of this customer, or a substantial reduction in demand from such customer, could adversely affect its business, financial condition, results of operations, and cash flows.

Bidding for a tender involves various activities such as detailed project study and cost estimations. Inability to accurately estimate the cost may lead to a reduction in the expected rate of return and profitability estimates.

Extended project timelines may expose the company to significant execution, financial, and contractual risks.

Pricing pressure from customers and competitors may affect its gross margin, profitability and ability to increase the company's prices, which in turn may materially adversely affect its business, results of operations, cash flows and financial condition.

For the six-month period ended September 30, 2025, and Fiscals 2025, 2024 and 2023, our top 10 suppliers contributed to 63.52%, 58.79%, 54.70% and 79.18% of the total purchases of raw materials and stock in trade, respectively. Any shortfall in the supply or availability of the company's primary raw materials, volatility in the cost of such raw materials or other input costs, or the company's dependence on a limited number of key suppliers may adversely affect the pricing, supply and profitability of its products and may have an adverse effect on the company's business, results of operations, cash flows and financial condition.