SRIT India Limited IPO

Majority of its projects have been awarded through competitive bidding process. Failures to qualify for, complete or win new contracts could negatively impact the company's business, potentially affecting our financial condition, operational results, growth prospects, and cash flow stability.

The company's business is heavily dependent on tenders from Government entities, accounting for approximately 92.23%, 91.34%, 81.84%, and 88.44% of the company's revenue from operations for the six months period ended September 30, 2025 and Fiscals 2025, 2024, and 2023, respectively. However, delays or a lack of tenders from Government entities, along with adverse changes in government policies, could materially impact its business through contract foreclosures, terminations, restructurings, or renegotiations, affecting its operations and financial performance.

A significant portion of the company's revenue from operations is attributable to its top ten customers accounting for approximately 94.12%, 92.18%, 91.71% and 91.20% of our total revenue from operations, for the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively, and the company's business and profitability is dependent on the company's ability to win projects from such customers. Loss of one or more of its customers or reduction in their demand for its offerings could adversely affect its business, results of operations and financial conditions.

The majority of its Order Book and revenue from operations are from the projects undertaken for the electronic governance sector with such projects accounting for approximately 59.93%, 62.70%, 63.57% and 65.85% of our total Order Book value, and approximately 77.94%, 61.29%, 50.13% and 11.46% of the company's revenue from operations, for the six-months period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any reduction in the activity and expenditure levels in this sector may adversely affect its business and prospects, and may reduce the number of projects the company undertakes and impede its growth. Further, any significant social, political, or economic changes in this sector could adversely affect the company's business, results of operations, financial condition, and cash flows

Trade receivables and contract assets form a substantial part of the company's current assets and net worth. Failures to manage the same could have an adverse effect on its profitability, cash flow and liquidity.

The company's growth, in part, depends on its ability to maintain successful relationship with the company's business collaboration and consortium partners and any breakdown of such relationships could adversely affect its business, financial condition, results of operations and cash flows.

There have been instances of non-compliances and delay in filings with respect to regulatory filings under the Companies Act, 2013 and under the Foreign Exchange Management Act, 1999 ("FEMA") by the Company in the past. Further, the company may be subject to regulatory actions and penalties for any such past or future noncompliance or delays under the relevant laws, which can be substantially high once adjudicated, having an impact on its business, financial condition and our reputation may be adversely affected. The company has also filed compounding applications which have been compounded. There can be no assurance that the company will not experience similar or other instances of non-compliance in the future.

The company's business and operations may be impacted by litigations to which the company is not first and direct parties to.

Any online security breach or cyberattack resulting in unauthorized access to the company's network, systems, or data may adversely impact its business operations, financial results, and reputation.

The company's Order Book may not be indicative of its future operating performance or financial results, as projects in the company's Order Book are subject to cancellations, modifications, delays, premature terminations and other uncertainties beyond its control.