Vishvaraj Environment Limited IPO

The company derives a substantial portion of the company's revenues from its water utility and wastewater management projects (96.74%, 99.71% and 99.99% of the company's revenue from operations in Fiscals 2025, 2024 and 2023, respectively) and any adverse developments to this sector or the company's projects, or a decline in revenues generated from these projects, may adversely affect its business, results of operations, financial condition and cash flows.

The company's contracts with Government entities accounted for substantially all the company's revenues (99.61%, 99.31%, and 99.99% in Fiscals 2025, 2024 and 2023, respectively), and if such contracts were to be terminated, the company's business, results of operations and financial condition may be adversely affected.

The company's projects are typically awarded to the company on satisfaction of prescribed pre-qualification criteria and following a competitive bidding process and if the company is unable to successfully bid for new projects, the company's business and results of operations may be adversely affected.

The company's revenue from EPC operations accounted for 81.34%, 77.79% and 64.24% of the company's revenue from operations in Fiscals 2025, 2024 and 2023, respectively. Consequently, any adverse developments in relation to its EPC operations, , may adversely affect the company's business, results of operations and financial condition.

Its may be exposed to liabilities arising from delays, defects or faults in the company's projects, which may adversely affect the company's business, results of operations and financial condition.

The company depends on the company's top 10 clients for a significant portion of the company's revenues (87.67%, 88.95% and 93.16% of its revenue from operations in Fiscals 2025, 2024 and 2023, respectively) and the loss of any of these clients or a significant reduction in revenue from them, may adversely affect the company's business, results of operations and financial condition.

Majority of the company's operational projects are located in the states of Maharashtra, Karnataka and Uttar Pradesh, contributing, 91.94%, 85.06% and 78.70% of its revenue from operations during Fiscals 2025, 2024 and 2023, respectively) and any adverse developments in these regions may adversely affect the company's business, results of operations and financial condition.

The company is exposed to counter-party credit risk and any delay in receiving payments or non-receipt of payments from its clients could adversely affect its business and results of operations.

The company's Order Book is not representative of the company's future results. Project delays, modifications, cancellations, nonpayment, or suspensions by clients could lead to actual income being significantly less than its Order Book estimates. This uncertainty in realizing project value could adversely affect the company's business, results of operations and financial condition.

If the company fails to undertake operations and maintenance works or if there is a deficiency of service regarding these works in the projects installed by us pursuant to and as per the relevant contractual requirements, the company may be subject to penalties or even termination of the company's contracts, which may have an adverse effect on the company's reputation, business, financial condition, results of operations and cash flows.