The Company's business is heavily dependent on tenders from government authorities, accounting for approximately 63.45%, 74.15%, 69.17% and 77.13% of its revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Delays or a lack of tenders, along with adverse changes in government policies, could materially impact the business through contract foreclosures, terminations, restructurings or renegotiations.

Of the total projects awarded to the Company, 70.59%, 100.00%, 91.67% and 91.30% in the nine months period ended December 31, 2025 and Fiscals 2025, 2024 and 2023 respectively were secured through competitive bidding from government entities. Failure to qualify for, complete or win new contracts could negatively impact future business prospects, financial condition and cash flow stability.

The Company's operations are geographically concentrated in the eastern region of India, particularly in the State of Odisha, which contributed 62.56%, 72.97%, 76.76% and 83.95% of its revenue from operations for the nine months period ended December 31, 2025 and Fiscals 2025, 2024 and 2023 respectively. Any adverse developments in this region could materially affect the business and growth prospects.

A significant portion of the Company's Order Book and revenue from operations is attributable to certain key customers. For the nine months period ended December 31, 2025, the top 3, top 5 and top 10 customers contributed 40.62%, 52.12% and 69.58% of revenue from operations respectively. Loss of one or more such customers, or reduction in their demand, could adversely affect the business and results of operations.

The Company's business relies on proprietary intellectual property, including internally developed software, platforms, processes and know-how. Notably, Scrum Alliance Inc. has filed a rectification/cancellation petition before the Registrar of Trade Marks, New Delhi seeking cancellation of the 'CSM' trademark registered in the Company's name. Any inability to protect, maintain or enforce its intellectual property rights may erode business value and adversely affect operations.

The Company relies on its top suppliers for various software services, general IT hardware and software solutions, and comprehensive enterprise-level support. The cost of supplies from the top 10 suppliers represented 26.69%, 24.00%, 34.80% and 32.96% of revenue from operations for the nine months period ended December 31, 2025 and Fiscals 2025, 2024 and 2023 respectively, creating supplier concentration risk.

The Company's Statutory Auditors have made specific observations on the Restated Consolidated Financial Information, including in relation to going concern assumptions in view of accumulated losses incurred by subsidiaries, outstanding receivables due for more than one year from foreign debtors, cut-off issues from accounting period not consistently being recorded in the correct accounting period, accounting basis, and title deed ownership of immovable properties.

The Company has provided a performance bank guarantee of ₹250.00 lakhs in respect of a loan availed by one of its subsidiaries, Kwantify Solutions Private Limited. There is no assurance that there will be no default by the subsidiary, which could trigger invocation of the guarantee and adversely affect the Company's financial condition.

The majority of the Company's Order Book and revenues are concentrated in industry segments such as government and public services, mining & allied services, and agriculture & allied services, which contributed 21.91%, 27.96% and 30.09% of the Order Book and 31.52%, 24.65% and 14.56% of revenue from operations respectively as at December 31, 2025. Significant social, political or economic changes in these sectors could adversely affect business and cash flows.

Any online security breach or cyberattack resulting in unauthorized access to the Company's network, systems or data may adversely impact business operations, financial results and reputation. During the nine months period ended December 31, 2025 and the last three Fiscals, there was one incident where a spam email resulted in an erroneous payment of ₹33.62 lakhs, which was subsequently not recovered.