A majority of the Company's projects are awarded through a competitive bidding process dependent on tenders from Government entities. Failure to qualify for, win or complete such tenders could adversely affect the Company's financial condition, operational results and growth prospects.

A significant portion of revenue from operations is attributable to top customers, with the top 10 customers contributing over 84% of revenue from operations in Fiscal 2026. Loss of, or reduced demand from, one or more of these customers could adversely affect the Company's business and financial condition.

The majority of the Company's Order Book and revenue is derived from the electronic governance business vertical. Any reduction in activity or expenditure in this sector, or adverse regulatory, political or economic changes, could adversely affect the Company's business and growth.

The Company relies on third parties, including contractors and sub-contractors, to complete specific projects or portions of projects. Delay or default by such sub-contractors, or failure to obtain requisite regulatory approvals for sub-contracting, could result in breach of contractual terms.

Trade receivables and contract assets form a substantial part of the Company's current assets and net worth. Failure to receive payment on time from customers could adversely affect the Company's profitability, cash flow and liquidity.

The Company's growth partly depends on its ability to maintain successful relationships with business collaboration and consortium partners. Any breakdown of such relationships could adversely affect the Company's business, financial condition and results of operations.

There have been instances of non-compliance and delay in regulatory filings under the Companies Act, 2013 and FEMA in the past, for which the Company may be subject to regulatory actions and penalties, which could have a high impact once adjudicated.

The Company's business and operations may be impacted by litigations to which it is not always a direct party, including writ petitions challenging tenders in which the Company was the successful bidder, which could adversely affect its business if decided unfavourably.

Any online security breach or cyberattack resulting in unauthorised access to the Company's network, systems or data may adversely impact its business operations, financial results and reputation, given the IT/ITeS nature of its business.

The Company's Order Book may not be indicative of its future operating performance or financial results, as projects in the Order Book are subject to cancellations, modifications, delays, premature terminations and other uncertainties beyond the Company's control.