Renny Strips Limited IPO

While the company has maintained relationships with several customers, the company does not have long-term agreements with these customers. During the six months period ended September 30, 2025 and for Fiscals 2025, 2024, and 2023, the company's top 10 customers contributed 55.13%, 54.99%, 55.79%, and 71.74% of the company's revenue from operations, respectively. Any decrease in revenue from these customers or the loss of any customers may adversely affect its business, financial condition, cash flows, and results of operations.

The company derives a substantial portion of its revenue from the sale of HR coils (representing 32.20%, 25.64%, and 47.70%, of the company's revenue from operations during the six months period ended September 30, 2025, Fiscal 2025 and 2024 respectively) and wire rods (representing 35.80%, 44.26%, 32.76% and 74.79% of the company's revenue from operations during the six months period ended September 30, 2025, Fiscal 2025, 2024 and 2023 respectively) and any loss of sales due to reduction in demand for these products could adversely affect its business, financial condition, results of operations and cash flows.

Out of the company's Revenue from Operations from 15 states / union territories across India and from 21 countries globally, we derived 94.82%, 96.59%, 99.45% and 99.97% of our Revenue from Operations from North India during the six months period ended September 30, 2025 and for Fiscals 2025, 2024 and 2023, respectively. Any adverse changes in the conditions affecting this region and our inability to grow the company's r business in new domestic and international markets may adversely impact its business, results of operations, cash flows and financial condition.

While the company has long-standing relationships with its suppliers, the company does not have definitive supply agreements with them. Any failures by its suppliers to meet their obligations may affect the availability and cost of raw materials, which may adversely affect the company's business, results of operations, cash flows and financial condition.

The company derived about 92.18%, 81.45%, 50.98% and 78.19% of its Revenue from Operations from repeat customers, during the six months ended September 30, 2025 and for Fiscals 2025, 2024 and 2023, respectively. Any loss of, or a significant reduction in the repeat customers could adversely affect the company's business, results of operations, financial condition and cash flows.

The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate its business, and the company may experience delays in obtaining, renewing or maintaining such licenses or permits or be unable to obtain such licenses and approvals. The company's inability to obtain, maintain or renew such regulatory approvals and licenses in a timely manner or at all, may adversely affect its business, results of operations, cash flow and financial condition.

The company's existing and proposed Manufacturing Units, Registered Office and Corporate Office are located in Ludhiana, Punjab and any adverse changes in the conditions affecting this region can adversely impact its business, results of operations, profitability and margins, cash flows and financial condition.

There are outstanding legal proceedings involving the Company, Promoters and Directors, which if determined adversely, may affect the company's business and financial conditions.

The company's business is capital intensive, and the company may require significant financing to support its growth strategies and expansion plans. Any failures to raise additional financing could have an adverse effect on the company's business, results of operations, financial condition and cash flows.

The company faces substantial competition from other producers of structural products. The company's inability to compete effectively could result in the loss of customers and market share, which may affect its business.