Wog Technologies Limited IPO

The company derived 99.30%, 97.53%, 66.04% and 98.71% of the company's revenue from its top ten customers for the threemonth period ended June 30, 2025, and Fiscals 2025, 2024 and 2023, respectively. Loss of such customers or reduction in business from such customers will have a significant adverse impact on its business and results of operation.

A significant proportion of the projects the company execute have been awarded through competitive bidding process. As in any bidding process, all such bids may not be awarded to it owing to the company's technical and/or financial bids as compared to other bidders. The company may not be able to qualify for, compete and win projects or identify and acquire new projects, which could adversely affect its business and results of operations.

The contracts in our order book may be adjusted, cancelled or suspended by the company's customers and, therefore its order book, which as of November 30, 2025 is ? 1,01,295.98 lakh, is not necessarily indicative of the company's future revenue or profit. The company's actual cost in executing its projects may vary significantly compared to the assumptions underlying the company's bid or estimate and consequently, income may be significantly less than the estimates reflected in our order book, which could adversely affect the company's results of operations.

The company dependents on third-party vendors for supply of all its equipment and specialised components; supply chain disruptions or restrictions may adversely affect project costs and timelines. The company's cost of raw materials and components consumed as a percentage of its total expenses for the three-month period ended June 30, 2025 and Fiscals 2025, 2024 and 2023 are 49.95%, 61.58%, 71.90% and 72.41%, respectively.

Intense competition and pricing pressure in the water/wastewater EPC/EPM sector may adversely affect the company's order inflow, profitability, and financial performance.

The Pro Forma Financial Information included in this Draft Red Herring Prospectus may not be indicative of its expected results or operations in the future periods or the company's future financial position or a substitute for its past results.

The company's plans to diversify into the green energy sector involve significant execution, regulatory, technological and commercial risks, and may not yield the expected benefits

The company derives majority of its revenue from our EPC/EPM contracts and the company's financial condition would be materially and adversely affected ifthe company fails to obtain new contracts or the company's current contracts are terminated or projects awarded under them, not commissioned. For the three-month period ended June 30, 2025 and Fiscals 2025, 2024 and 2023, revenue from its EPC/EPM projects, comprised 94.76%, 96.92%, 94.60% and 93.73% of its revenue from operations.

The revenue from the oil, gas and petrochemical industry form a significant portion of its total revenues. The share of revenue from this industry was 35.80%, 51.91%, 47.12% and 21.70% of the company's total revenue from operations in the three-month period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023). The company's inability to effectively supervise projects under the oil, gas and petrochemical industry may lead to project delays which may adversely affect its business, results of operations, financial condition and cash flows.

The company's inability to collect trade receivables from its customers in a timely manner, or at all, and any default in payment by its customers, could have an adverse effect on the company's cash flows, profitability, results of operations, working capital, and financial condition. For the three-month period ended June 30, 2025 and Fiscals 2025, 2024 and 2023, the company's trade receivables were Rs. 10,189.80 lakh, Rs. 10,581.53 lakh, Rs. 2,979.14 lakh and Rs. 3,062.50 lakh respectively.