The company was recently formed by conversion from a partnership firm and has limited operating history as a company, making it difficult for investors to evaluate its historical performance or future prospects.

The company's business depends heavily on continued government policies, subsidies and incentives supporting the solar sector; any withdrawal or unfavourable modification may adversely impact demand and profitability.

The company depends significantly on its dealer network (2,830 dealers as of FY26) for a substantial portion of revenue, and loss of key dealers could adversely affect business and results of operations.

The company derives a major portion of turnover from a few geographical regions (97.41% of FY26 revenue from Gujarat), exposing it to concentration risk from adverse developments in these regions.

The company depends on a limited number of key customers (Top 10 contributed 47.02% of FY26 revenue), and loss of any of these customers could have a material adverse effect on business and cash flows.

The company is dependent on a limited number of suppliers within limited geographical locations for procurement of raw materials, and any supply disruption could adversely impact operations.

The Restated Financial Statements have been examined by Peer Reviewed Chartered Accountants who are not the Statutory Auditor, which may raise concerns regarding financial statement reliability.

The company does not own its registered office and warehouses and operates from leased premises; non-renewal or termination of leases could disrupt business operations.

Any delay in setting up the proposed manufacturing facility—a key IPO object—may result in delays in procurement, installation and commissioning, adversely affecting business plans.

The company is yet to place orders for machinery to be imported for the proposed manufacturing facility, exposing it to currency fluctuations, import delays and cost overruns.