A major portion of the company's revenue is derived from power distribution utilities; any reduction in business from such customers or failure to secure new contracts may adversely affect operations.

The company's revenue is substantially dependent on its Network O&M services vertical, and any adverse change affecting this vertical may have a material adverse effect on the business.

The company's business depends on winning contracts through competitive tendering; an inability to participate in or secure such tenders, or maintain competitive pricing, may adversely affect it.

A significant portion of revenue is derived from a limited number of customers, and any reduction in business from such customers may adversely affect the business, financial condition and cash flows.

The company must obtain and maintain various statutory licenses, registrations and approvals for its operations; failure to obtain, renew or update such approvals may adversely affect the business.

A significant portion of revenue is derived from repeat customers; any reduction, delay, cancellation or non-receipt of work orders from such customers may adversely affect the business.

The company depends on third-party suppliers for electrical materials and equipment; price fluctuations, supply disruption or dependence on limited suppliers may adversely affect the business.

Operations depend on availability and deployment of skilled and semi-skilled manpower, and any inability to effectively manage or deploy such workforce may adversely affect the business.

The order book may not indicate assured revenues, as many projects run under rate contracts and work order-based engagements dependent on issuance of specific work orders by customers.

The business is working capital intensive; any inability to arrange adequate funding or manage working capital, including receivables and inventories, may adversely affect liquidity and operations.