Substantial revenue depends on few customers without firm commitments; top 10 customers contributed 86.14% of FY26 revenue, and losing key accounts could adversely affect operations.

The Company depends on a limited number of suppliers for raw materials such as paper, inks, adhesives and foils; disruption to key supplier relationships could affect inventory and production.

Disruptions to supply or increases in raw material pricing could adversely affect the Company's margins; raw material consumed was 61.10% of FY26 revenue from operations.

The Company derives a significant portion of revenue from Uttar Pradesh (69.43% in FY26); adverse developments in the state could materially affect revenue and operations.

The Company's operations involve sales to Nepal, Ghana and Canada, exposing it to foreign exchange fluctuations and cross-border trade risks, though total exposure is only 2-3% of revenue.

All manufacturing facilities are located solely in Uttar Pradesh; regional disruptions such as natural disasters or infrastructure constraints could materially affect production.

Under-utilization of manufacturing capacity could adversely affect the Company's business; FY26 utilization ranged from 65.03% (labelling) to 90.92% (printing).

The Company's inability to collect receivables in a timely manner, or defaults by customers, could adversely affect its profitability, cash flows and financial condition.

The Company's registered office, manufacturing units, godowns and warehouses are not owned but leased, and unfavourable renewal terms could disrupt operations.

The Company has not yet placed orders for proposed capital expenditure of ₹211.00 lakhs on new machinery; delays or cost escalations could affect deployment of Net Proceeds.