The Company's mining operations are subject to operating risks, including flooding and disruptions from truck, machinery and equipment failures, as well as unavailability of diesel fuel and water, which could result in decreased production or increased costs. Any such disruption could adversely affect the Company's business, results of operations and financial condition.

The Company derives a significant portion of its revenue from operations from its top three customers, comprising 90.11% of revenue from operations in Fiscal 2026, with its single largest customer contributing 44.16% of revenue in Fiscal 2026. Loss of any of these top customers could adversely affect the Company's business, results of operations and financial condition.

The success of the Company's logistics business depends on its ability to generate sufficient freight volumes of coal and iron ore and to achieve desired profit margins. Any failure to achieve desired operating or net profit margins in this segment could adversely impact the Company's business and financial results.

An increase in the cost of power, fuel, stores and spares used in the Company's operations, or an inability to obtain adequate quantities of these inputs, could increase operating expenses and disrupt production. Power and fuel expenses constituted ₹78,391.48 lakhs, or 53.51% of total expenses, in Fiscal 2026.

The Company is dependent on the award of large-scale mining contracts exceeding ₹1,00,000 lakhs, which represented 76.12% of revenue from operations in Fiscal 2026 and may represent a significant portion of the Order Book going forward. Failure to win future contract awards could adversely impact the Company's business, results of operations and cash flows.

The Company will not receive any proceeds from the Offer for Sale; the Selling Shareholders will be entitled to the net proceeds thereof, net of applicable offer expenses. The Promoter Selling Shareholders are together offering equity shares aggregating up to ₹5,000.00 lakhs in the Offer for Sale.

The Company has, in the past, entered into transactions with related parties, including transportation payments, sale of services, advances and unsecured loans, and may continue to do so in the future. There can be no assurance that such transactions, individually or in aggregate, will perform as expected or result in the anticipated benefits.

The Company's mining operations require various approvals, licences and permits that its mining customers must generally obtain, although the Company itself is responsible for labour licenses and PESO approvals for diesel storage. Failure to obtain or renew necessary approvals in a timely manner could adversely affect the Company's business, results of operations and financial condition.

Extensive governmental regulation relating to employee safety and health imposes significant compliance costs on the Company's mining operations, and it does not maintain insurance coverage against accidents or other operational hazards. Any violation of health and safety requirements or occurrence of accidents could disrupt operations and increase costs, adversely affecting profitability.

Delay or default in payment of statutory dues, including provident fund, employee state insurance, income tax and excise duty, may attract penalties and adversely impact the Company's financial condition. The Company's provident fund payments increased from ₹500.47 lakhs in Fiscal 2024 to ₹1,593.89 lakhs in Fiscal 2026, reflecting its growing workforce.