The Company operates a B2B hand-crafted gold jewellery business and is reliant on the success of its customers' businesses, including large corporate jewellery chains. A material downturn in customers' businesses, whether due to competition, macroeconomic conditions or regulatory action, could adversely affect its operations.

The Company recorded negative net cash flow from operating activities of ₹231.05 million in Fiscal 2025, and negative cash flow from investing activities in each of the last three Fiscals. Continued negative cash flows could have a material adverse effect on its business and financial condition.

Sales are dependent on quality controls, and failure to meet applicable quality standards could lead to cancellation of orders, loss of customers and additional costs, adversely affecting the business.

The business requires maintaining sufficient inventory, resulting in high inventory costs. Any error in forecasting customer demand could result in surplus or under-stocked inventory, inventory obsolescence or write-downs.

A significant portion of revenue is concentrated among the top customers, with whom the Company does not have long-term or exclusive contracts. Loss of, or reduction in orders from, any key customer could adversely affect the business.

The Company has entered into related party transactions, principally remuneration, interest on unsecured loans and rent, and future related party transactions may involve conflicts of interest.

All products are manufactured by third-party Jobworkers who employ or deploy Karigars concentrated in Maharashtra. Any shortage of skilled Karigars, disruption at Jobworker facilities or failure of Jobworkers could adversely affect the Company's reputation and operations.

Key suppliers are based in Mumbai, Maharashtra. The Company has no firm commitments or long-term supply agreements with them, and in the absence of long-term contracts, suppliers may terminate their relationship without notice or compensation.

Gold jewellery, often carried out through third-party logistics providers in bulk, is vulnerable to theft, loss or damage during transit and delivery, which could adversely affect the Company's reputation and results.

As of March 31, 2026, the Company had total outstanding borrowings of ₹1,672.96 million, with a debt-to-equity ratio of 0.81. Financing agreements contain restrictive covenants, and any failure to comply could trigger cross-defaults.