The company is heavily dependent on a limited number of customers, and any loss of business, reduction in orders or deterioration in commercial terms could materially affect its revenues and profitability.

The company has experienced delays in repayment of loans in the past, which may adversely affect its credit profile, access to future financing and investor confidence.

There have been instances of non-compliance in filing statutory forms required with the Registrar of Companies under the Companies Act, which may attract penalties.

There have been instances of delays in filing GST returns; any future delay in statutory filings could invite monetary penalties or punitive action affecting the company's business and results.

The company's projects are subject to delays, cost overruns and cancellations from land-acquisition hurdles, statutory approvals, labour unrest and adverse weather, affecting revenue recognition and margins.

A part of the Net Proceeds will be used to repay or prepay indebtedness availed by the company, and the benefits of such deleveraging may not fully materialise.

The company's revenues are closely tied to the cyclical infrastructure and construction sectors; downturns from economic slowdowns or reduced government spending could underutilise assets and reduce margins.

The company is heavily dependent on continuous availability, maintenance and optimal utilisation of its fleet and equipment; prolonged downtime, breakdowns or accidents could significantly affect operations.

The company intends to use part of the Net Proceeds for capex on new RMC machinery and DG sets, and cannot assure that the expected benefits from this object will be realised.

The company is yet to place orders for equipment to be funded by the Issue; delays or supplier failures could cause time and cost overruns, adversely affecting business and cash flows.