Om Power Transmission IPO

Objects of the Offer

• Strengthen our presence by expanding our geographical footprint.

• Continue to focus on increasing operational efficiency and cost management in relation to execution of our projects.

• Capitalizing on power transmission and distribution demand by bidding for large-scale, high-value projects across India.

• Strengthen our presence by expanding our geographical footprint.

• Continue to focus on increasing operational efficiency and cost management in relation to execution of our projects.

• Capitalizing on power transmission and distribution demand by bidding for large-scale, high-value projects across India.

• Majority of the company`s projects have been awarded through competitive bidding process. Failures to qualify for, compete or win new contracts could negatively impact the company`s business, potentially affecting its financial condition, operational results, growth prospects, and cash flow stability.

• As at end of Fiscals 2025, 2024, and 2023, our trade receivables amounted to Rs. 9,011.20 lakhs, 6,989.09 lakhs, and Rs. 5,781.65 lakhs, respectively, out of which Rs.861.99 lakhs, Rs. 1367.77 lakhs, and Rs. 487.46 lakhs, aggregating to 9.57%, 19.57%, and 8.43%, respectively, of the company`s total trade receivables (excluding expected credit loss allowance) was outstanding for a period exceeding six months from their respective due dates of payments. We may not be able to collect receivables due from its customers, in a timely manner, or at all, which may adversely affect the company`s business, financial condition, results of operations and cash flows.

• The company`s business is primarily dependent on tenders from public sector undertakings, which account for approximately 84.21%, 87.48% and 65.77% of its Order Book for the Fiscals 2025, 2024 and 2023, respectively. However, delays or a lack of tenders from public sector undertakings, along with adverse changes in government policies, could materially impact the company`s business through contract foreclosures, terminations, restructurings, or renegotiations, affecting its operations and financial performance.

• The company has Order Book of Rs. 77,619.35 lakhs as on August 31, 2025. However, the company`s Order Book may not be representative of its future results, as projects included in the company`s Order Book particularly for the projects where the company is the lowest bidder, may be cancelled, modified, or delayed beyond the company`s control, leading to significant deviations from estimated income and adversely affecting its business, reputation, financial condition, and future prospects.

• The company is dependents on the company`s top ten customers who contribute to more than 95.68%, 97.66% and 96.76% of its revenue from operations in Fiscals 2025, 2024 and 2023, respectively and the loss of any of these customers or a significant reduction in purchases by any of them could adversely affect the company`s business, results of operations and financial condition.

• The majority of its Order Book and our revenues are from the transmission lines sector. Significant social, political, or economic changes in this sector could adversely affect the company`s business, results of operations, financial condition, and cash flows.

• The company has entered into, and will continue to enter into, related-party transactions which may potentially involve conflicts of interest.

• Bidding for a tender involves various activities such as detailed project study and cost estimations. Inability to accurately estimate the cost may lead to a reduction in the expected rate of return and profitability estimates.

• The company`s actual cost incurred in completing a project may vary substantially from the assumptions underlying the company`s bid. The company may be unable to recover all or some of the additional expenses incurred, which could adversely affect its financial condition, results of operation and cash flows.

• The company`s project portfolio and revenue generation has historically been concentrated in the state of Gujarat. This regional concentration could expose the Company to economic, cultural, geopolitical and local market risks.

• The company`s business typically requires significant amounts of working capital and historically, The company`s business growth has been dependent on high working capital requirements. The company`s working capital as a percentage of (i) total assets was 57.09%,55.19%, and 53.80% as at March 31, 2025, March 31, 2024, and March 31, 2023, respectively, and (ii) revenue was 30.68%, 35.59%, and 47.04% as at March 31, 2025, March 31, 2024, and March 31, 2023 respectively, and its working capital turnover ratio in Fiscal 2025, Fiscal 2024, and Fiscal 2023 was 3.26, 2.81, and 2.13, respectively. If the company experience insufficient cash flows or are unable to access suitable financing to meet working capital requirements and loan repayment obligations, the company`s business, financial condition and results of operations could be adversely affected.

• There have been certain instances of non-compliances under the Companies Act due to certain procedural defaults by the company in the past, and the company has filed a suo moto adjudication application with the RoC for adjudication of these non-compliances.

• Some premises used by the company is not registered in the company`s name and are located on leased premises. There can be no assurance that these lease agreements will be renewed upon termination or that the company will be able to obtain other premises on lease on same or similar commercial terms.

• The company cannot assure that the construction of its projects will be free from any or all defects, which may adversely affect the company`s business, financial condition, results of operations and prospects.

• The company is required to furnish bank guarantees as part of its business. The company`s inability to arrange such guarantees or the invocation of such guarantees or the company`s inability to fulfil any or all of the obligations under such bank guarantees may or may not adversely affect its cash flows and financial condition.

• If any of the company`s projects are terminated prematurely, the company may not receive payments due to the compan, which could adversely affect its business, financial condition and results of operation.

• There are outstanding legal proceedings involving the Company. Any adverse decision in such proceedings may adversely affect its business, financial condition and results of operations.

• The company faces certain competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors are expected to make its ability to procure business in future more uncertain which may adversely affect the company`s business, financial condition and results of operations.

• The company has experienced growth in recent years and may be unable to sustain its growth or manage it effectively. The company cannot assure you that the company will be able to successfully execute its growth strategies, which could affect the company`s business, prospects, results of operations and financial condition.

• The company is subject to strict quality requirements, and any failures by the company, the company`s subcontractors, suppliers, or customers to comply with such standards may lead to delays in project execution, cancellation of contracts, or exposure to potential liability claims.

• Trade receivables, deposit with bank held as margin money (including non-current), contract assets and inventories form a substantial part of the company`s current assets and net worth. Failures to manage the same could have an adverse effect on the company`s profitability, cash flow and liquidity.

• The company has certain contingent liabilities, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.

• The Company has delayed in complying with certain statutory provisions under the Companies Act, 2013. Such delayed compliance /lapses may attract certain penalties.

• The company`s insurance coverage may be inadequate, which could have an adverse effect on its financial condition and results of operations.

• The company`s financing agreements contain covenants that limit the company`s flexibility in operating its business. Further, the Company has availed unsecured loans from banks and other financial institutions, which may be recalled on demand. If the company is not in compliance with certain of these covenants and are unable to obtain waivers from the respective lenders, the company`s lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on its business and financial condition.

• The company sub-contract part of the work in the company`s contracts to third parties. The company would be liable for any delay or default by such sub-contractor. Sub-contracting of maintenance activities requires prior approval from the authorities and failures to obtain such approvals would result in a breach of the terms of the project contracts.

• Certain of its historical corporate and secretarial records are not traceable. The company cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future which may impact its financial condition and reputation and the company will not be subject to any penalty imposed by the competent regulatory authority in this regard.

• The company`s operating results may fluctuate from quarter-to-quarter due to seasonality, with a noticeable concentration of activities toward the third and fourth quarters of the Financial Year.

• High attrition rate of permanent employees may impact its business operations, productivity, financial performance and growth.

• There are certain defaults/ delay in payment of statutory dues by the company. Any further default/delay in payment of statutory dues may attract regulatory action from the respective government authorities and in turn may have a material adverse impact on its financial condition and cash flows.

• Delays in the acquisition of private land or rights of way, eviction of encroachments, environmental clearances for the projects or resolution of associated land issues, which are though attributable to the company`s customers, may adversely affect its timely performance of the company`s contracts and lead to disputes and losses.

• The company has not yet placed orders in relation to the capital expenditure to be incurred which the company intends to fund through its Net Proceeds. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment in a timely manner, or at all, may result in time and cost over-runs and its business, prospects and results of operations may be adversely affected.

• The failures of a JV counterparty to perform its obligations could impose additional financial and performance obligations resulting in reduced profits or, in some cases, significant losses, and it may adversely affect the company`s business, results of operations and financial condition.

• The company requires various statutory and regulatory permits and approvals in the ordinary course of its business, and our failures to obtain, renew or maintain them in a timely manner may adversely affect the company`s operations.

• The company`s inability to protect or use its intellectual property rights may adversely affect the company`s business. The company may also unintentionally infringe upon the intellectual property rights of others, any misappropriation of which could harm its competitive position.

• The company`s business model is centered around providing engineering, procurement, and construction (EPC) services within the Power Infrastructure domain, and it is subject to various risks related to order procurement, project execution, revenue generation, and profit margins.

• Any constraints in the availability of the electricity grid, including access to transmission lines in a timely and cost-effective manner, could materially and adversely affect its business, financial condition, results of operations and cash flow.

• The company`s business is exposed to sectoral, regulatory and market risks in the EPC industry, which could materially and adversely affect its operations, profitability, and growth prospects.

• Complexity in project execution in remote and challenging terrains may adversely affect timelines and costs.

• The total expenses of the Offer are estimated to be approximately Rs. [?] lakhs. The expenses of this Offer include, among others, fees payable to intermediaries such as, the BRLMs, Registrar to the Offer and Bankers to the Offer.

• Changes in regulations and policies in the power sector, may increase costs, cause project delays, or alter project scope, which could adversely affect its business, financial condition, results of operations, and cash flows.

• The company`s projects are exposed to various risks and other uncertainties, and its risk management and project selection framework may be inadequate, which may adversely affect the company`s business, results of operations and financial condition.

• The company`s contracts with government entities usually contain terms that favour the government customers, who may terminate its contracts prematurely and impose restrictions on the Company from procurement of any future contracts under various circumstances beyond the company`s control, which may have a material adverse impact on its financial condition and results of operations.

• The company`s business and operation involve inherent occupational hazards which can be dangerous and could cause injuries to people or property.

• The company rely on third party logistics providers for transportation of its products and machines to the project site or distribution to the company`s customers. Any delay or disruption or refusal by its third-party logistics providers in timely delivery of the company`s products may affect its business, results of operations and cash flow adversely.

• The company rely on third parties, including sub-contractors for equipment and contract labour agencies, to complete the company`s projects and any failure arising from non-performance, delayed performance or inadequate quality in the performance of work by such third parties, or a failures by third-party contract labour agencies to comply with applicable laws, to obtain the necessary approvals, or provide services on agreed terms, could adversely affect its business, financial condition, results of operations and cash flows.

• Fluctuation in cost of raw materials or any shortages, delay or disruption in the supply of the raw materials the company uses in the company`s business operations due to factors beyond its control or may have a material adverse effect on the company`s business, financial condition, results of operations and cash flows.

• The company operates in a labour-intensive industry and are subject to stringent labour laws and any strike, work stoppage or increased wage demand by its employees or any other kind of disputes with the company`s employees could adversely affect its business, financial condition, results of operations and cash flows.

• The company`s ability to access capital at attractive costs depends on its credit ratings. Non-availability of credit ratings or a poor rating or downgrading of rating may restrict the company`s access to capital and thereby adversely affect its business, financial conditions, cash flows and results of operations.

• Objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of the company`s Net Proceeds as disclosed in this Draft Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders` approval.

• Although subject to monitoring, our management will have broad discretion in how the company applys the Net Proceeds, including interim use of the Net Proceeds, and there is no assurance that the objects of the Offer will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by the company will result in any increase in the value of your investment.

• The objects of the Fresh Issue toward funding long-term working capital requirements of the Company is based on certain assumptions and estimates. Any failures in arranging adequate working capital for the company`s operations may adversely affect its business, results of operations, cash flows and financial conditions.

• The Offer includes an offer for sale of up to 10,00,000 Equity Shares aggregating up to Rs. [?] lakhs by the Promoter Selling Shareholder(s), and the company will not receive any proceeds from such Offer for Sale portion.

• Majority of its Directors do not have prior experience of holding a directorship in a company listed on the Stock Exchanges.

• The company incur significant employee benefits expense. An increase in employee costs, including on account of changes in regulations, may prevent the company from maintaining our competitive advantage and may reduce its profitability.

• This Draft Red Herring Prospectus contains information from industry sources including the industry report commissioned by the Company from Dun & Bradstreet, and reliance on such information for making an investment decision in the Offer is subject to certain inherent risks.

• The Company has not paid dividends during the last three Fiscals and during the current Fiscal. There can be no assurance that the Company will be in a position to pay dividends in the future. The company`s ability to pay dividends in the future may be affected by any material adverse effect on its future earnings, financial condition or cash flows.

• If the company is unable to establish and maintain an effective system of internal controls and compliances, the company`s businesses and reputation could be adversely affected.

• The company`s Promoters and members of Promoter Group will continue to retain a majority shareholding in the Company after the Offer, which will allow them to exercise significant influence over the company.

• For its business, we rely heavily on the company`s Promoters namely, Kalpesh Dhanjibhai Patel, Kanubhai Patel and Vasantkumar Narayanbhai Patel, who are the Chairman and Executive Director, Managing Director and Whole-Time Director, respectively. The company`s business performance may have an adverse effect by their departure or by its failures to recruit or keep them.

• The Company has availed unsecured borrowing which is repayable on demand.

• The company`s Promoters has provided personal guarantees as security for certain facilities availed by the Company. If these guarantees are revoked, the company may be unable to procure alternative guarantees satisfactory to its lenders, which may adversely affect the company`s business, results of operations, cash flows and financial condition.

• Certain of its Promoters, Directors and Key Managerial Personnel and members of Senior Management may have interests in the company other than reimbursement of expenses incurred and normal remuneration or benefits.

• The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges.

• The company has presented certain supplemental information of its performance and liquidity which is not prepared under or required under Ind AS.

• Significant differences exist between Ind AS and other accounting principles, such as US GAAP and International Financial Reporting Standards ("IFRS"), which investors may be more familiar with and consider material to their assessment of our financial condition.

• Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.

• Majority of the company`s projects have been awarded through competitive bidding process. Failures to qualify for, compete or win new contracts could negatively impact its business, potentially affecting the company`s financial condition, operational results, growth prospects, and cash flow stability.

• The company`s project portfolio and revenue generation has historically been concentrated in the state of Gujarat. This regional concentration could expose the Company to economic, cultural, geopolitical and local market risks.

• As at the nine months period ended December 31, 2025 and as at end of Fiscals 2025, 2024, and 2023, the company`s trade receivables amounted to Rs. 14,406.60 lakhs, Rs. 9,011.20 lakhs, Rs. 6,989.09 lakhs, and Rs. 5,781.65 lakhs, respectively, out of which Rs. 1,126.02 lakhs, Rs. 861.99 lakhs, Rs. 1,367.77 lakhs, and Rs. 487.46 lakhs, aggregating to 7.82%, 9.57%, 19.57%, and 8.43%, respectively, of its total trade receivables (excluding expected credit loss allowance) was outstanding for a period exceeding six months from their respective due dates of payments. The company may not be able to collect receivables due from its customers, in a timely manner, or at all, which may adversely affect its business, financial condition, results of operations and cash flows.

• The company`s Promoters and members of Promoter Group will continue to retain a majority shareholding in the Company after the Offer, which will allow them to exercise significant influence over the company.

• The company`s business typically requires significant amounts of working capital and historically, the company`s business growth has been dependent on high working capital requirements. The company`s working capital as a percentage of (i) total assets was 62.42%, 56.64%,55.05%, and 53.65% as at the nine months period ended December 31, 2025 and as at Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively, and (ii) revenue was 54.58%, 30.44%, 35.50%, and 46.92% as at the nine months period ended December 31, 2025 and Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively, and the company`s working capital turnover ratio in nine months period ended December 31, 2025 and Fiscal 2025, Fiscal 2024, and Fiscal 2023 was 1.83, 3.29, 2.82, and 2.13, respectively. If the company experience insufficient cash flows or are unable to access suitable financing to meet working capital requirements and loan repayment obligations, the company`s business, financial condition and results of operations could be adversely affected.

• The company`s business is primarily dependent on tenders from public sector undertakings, which account for approximately 83.74%, 84.21%, 87.48% and 65.77% of its Order Book for the nine months period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, respectively. However, delays or a lack of tenders from public sector undertakings, along with adverse changes in government policies, could materially impact the company`s business through contract foreclosures, terminations, restructurings, or renegotiations, affecting its operations and financial performance.

• The company has Order Book of Rs. 74,460.27 lakhs as on December 31, 2025. However, the company`s Order Book may not be representative of its future results, as projects included in our Order Book particularly for the projects where we are the lowest bidder, may be cancelled, modified, or delayed beyond the company`s control, leading to significant deviations from estimated income and adversely affecting its business, reputation, financial condition, and future prospects.

• The company is dependent on the company`s top ten customers who contribute to more than 97.65%, 95.68%, 97.66% and 96.76% of its revenue from operations for the nine months period ended December 31, 2025 and in Fiscals 2025, 2024 and 2023, respectively and the loss of any of these customers or a significant reduction in purchases by any of them could adversely affect its business, results of operations and financial condition.

• The majority of the company`s Order Book and its revenues are from the transmission lines sector. Significant social, political, or economic changes in this sector could adversely affect its business, results of operations, financial condition, and cash flows.

• The company has experienced negative net cash flow from operating, investing and financing activities in the past years and may continue to do so in future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.

• The company has entered into, and will continue to enter into, related-party transactions which may potentially involve conflicts of interest.

• Bidding for a tender involves various activities such as detailed project study and cost estimations. Inability to accurately estimate the cost may lead to a reduction in the expected rate of return and profitability estimates.

• The company`s actual cost incurred in completing a project may vary substantially from the assumptions underlying the company`s bid. The company may be unable to recover all or some of the additional expenses incurred, which could adversely affect its financial condition, results of operation and cash flows.

• There have been certain instances of non-compliances under the Companies Act and due to certain procedural defaults by the company in the past, and we have filed a suo moto adjudication application with the RoC for adjudication of these non-compliances.

• The company has certain contingent liabilities, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.

• Some premises used by the company are not registered in the company`s name and are located on leased premises. There can be no assurance that these lease agreements will be renewed upon termination or that the company will be able to obtain other premises on lease on same or similar commercial terms.

• The company`s operating results may fluctuate from quarter-to-quarter due to seasonality, with a noticeable concentration of activities toward the third and fourth quarters of the Financial Year.

• The company cannot assure that the construction of its projects will be free from any or all defects, which may adversely affect its business, financial condition, results of operations and prospects.

• The company is requireds to furnish bank guarantees as part of its business. The company`s inability to arrange such guarantees or the invocation of such guarantees or the company`s inability to fulfil any or all of the obligations under such bank guarantees may or may not adversely affect its cash flows and financial condition.

• Delays in the acquisition of private land or rights of way, eviction of encroachments, environmental clearances for the projects or resolution of associated land issues, which are though attributable to the company`s customers, may adversely affect its timely performance of the company`s contracts and lead to disputes and losses.

• If any of the company`s projects are terminated prematurely, the company may not receive payments due to the company, which could adversely affect its business, financial condition and results of operation.

• There are outstanding legal proceedings involving the Company. Any adverse decision in such proceedings may adversely affect its business, financial condition and results of operations.

• The company faces certain competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors are expected to make the company`s ability to procure business in future more uncertain which may adversely affect its business, financial condition and results of operations.

• The company has experienced growth in recent years and may be unable to sustain its growth or manage it effectively. The company cannot assure you that the company will be able to successfully execute its growth strategies, which could affect its business, prospects, results of operations and financial condition.

• The company is subject to strict quality requirements, and any failures by the company, the company`s subcontractors, suppliers, or customers to comply with such standards may lead to delays in project execution, cancellation of contracts, or exposure to potential liability claims.

• Trade receivables, deposit with bank held as margin money (including non-current), contract assets and inventories form a substantial part of its current assets and net worth. Failures to manage the same could have an adverse effect on the company`s profitability, cash flow and liquidity.

• The Company has delayed in complying with certain statutory provisions under the Companies Act, 2013 and the Foreign Exchange Management Act, 1999 ("FEMA"). Such delayed compliance /lapses may attract certain penalties.

• The company`s insurance coverage may be inadequate, which could have an adverse effect on its financial condition and results of operations.

• The company`s financing agreements contain covenants that limit its flexibility in operating the company`s business. Further, the Company has availed unsecured loans from banks and other financial institutions, which may be recalled on demand. If the company is not in compliance with certain of these covenants and are unable to obtain waivers from the respective lenders, the company`s lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on its business and financial condition.

• The company sub-contract part of the work in the company`s contracts to third parties. The company woulds be liable for any delay or default by such sub-contractor. Sub-contracting of maintenance activities requires prior approval from the authorities and failures to obtain such approvals would result in a breach of the terms of the project contracts.

• Certain of the company`s historical corporate and secretarial records are not traceable.The company cannot assure you that regulatory proceedings or actions will not be initiated against us in the future which may impact its financial condition and reputation and the company will not be subject to any penalty imposed by the competent regulatory authority in this regard.

• High attrition rate of permanent employees may impact the company`s business operations, productivity, financial performance and growth.

• There are certain defaults/ delay in payment of statutory dues by the company. Any further default/delay in payment of statutory dues may attract regulatory action from the respective government authorities and in turn may have a material adverse impact on its financial condition and cash flows.

• The company has not yet placed orders in relation to the capital expenditure to be incurred which the company intends to fund through its Net Proceeds. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment in a timely manner, or at all, may result in time and cost over-runs and the company`s business, prospects and results of operations may be adversely affected.

• The failures of a JV counterparty to perform its obligations could impose additional financial and performance obligations resulting in reduced profits or, in some cases, significant losses, and it may adversely affect its business, results of operations and financial condition.

• The company requires various statutory and regulatory permits and approvals in the ordinary course of its business, and the company`s failures to obtain, renew or maintain them in a timely manner may adversely affect its operations.

• The company`s inability to protect or use its intellectual property rights may adversely affect the company`s business. The comany may also unintentionally infringe upon the intellectual property rights of others, any misappropriation of which could harm its competitive position.

• The company`s business model is centered around providing engineering, procurement, and construction (EPC) services within the Power Infrastructure domain, and it is subject to various risks related to order procurement, project execution, revenue generation, and profit margins.

• Any constraints in the availability of the electricity grid, including access to transmission lines in a timely and cost-effective manner, could materially and adversely affect its business, financial condition, results of operations and cash flow.

• The company`s business is exposed to sectoral, regulatory and market risks in the EPC industry, which could materially and adversely affect its operations, profitability, and growth prospects.

• Complexity in project execution in remote and challenging terrains may adversely affect timelines and costs.

• The total expenses of the Offer are estimated to be approximately Rs. [?] lakhs. The expenses of this Offer include, among others, fees payable to intermediaries such as, the BRLMs, Registrar to the Offer and Bankers to the Offer.

• Changes in regulations and policies in the power sector, may increase costs, cause project delays, or alter project scope, which could adversely affect its business, financial condition, results of operations, and cash flows.

• The company`s projects are exposed to various risks and other uncertainties, and the company`s risk management and project selection framework may be inadequate, which may adversely affect its business, results of operations and financial condition.

• The company`s contracts with government entities usually contain terms that favour the government customers, who may terminate its contracts prematurely and impose restrictions on the Company from procurement of any future contracts under various circumstances beyond its control, which may have a material adverse impact on the company`s financial condition and results of operations.

• The company`s business and operation involve inherent occupational hazards which can be dangerous and could cause injuries to people or property.

• The company relies on third party logistics providers for transportation of its products and machines to the project site or distribution to the company`s customers. Any delay or disruption or refusal by its third-party logistics providers in timely delivery of the company`s products may affect the company`s business, results of operations and cash flow adversely.

• The company relies on third parties, including sub-contractors for equipment and contract labour agencies, to complete the company`s projects and any failures arising from non-performance, delayed performance or inadequate quality in the performance of work by such third parties, or a failures by third-party contract labour agencies to comply with applicable laws, to obtain the necessary approvals, or provide services on agreed terms, could adversely affect its business, financial condition, results of operations and cash flows.

• Fluctuation in cost of raw materials or any shortages, delay or disruption in the supply of the raw materials the company uses in the company`s business operations due to factors beyond its control or may have a material adverse effect on the company`s business, financial condition, results of operations and cash flows.

• The company operates in a labour-intensive industry and are subject to stringent labour laws and any strike, work stoppage or increased wage demand by the company`s employees or any other kind of disputes with its employees could adversely affect the company`s business, financial condition, results of operations and cash flows.

• The company`s ability to access capital at attractive costs depends on its credit ratings. Non-availability of credit ratings or a poor rating or downgrading of rating may restrict the company`s access to capital and thereby adversely affect its business, financial conditions, cash flows and results of operations.

• Objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of its Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders` approval.

• Although subject to monitoring, the company`s management will have broad discretion in how the company applys the Net Proceeds, including interim use of the Net Proceeds, and there is no assurance that the objects of the Offer will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the value of your investment.

• The objects of the Fresh Issue toward funding long-term working capital requirements of the Company is based on certain assumptions and estimates. Any failures in arranging adequate working capital for its operations may adversely affect the company`s business, results of operations, cash flows and financial conditions.

• The Offer includes an offer for sale of up to 10,00,000 Equity Shares aggregating up to Rs. [*] lakhs by the Promoter Selling Shareholder(s), and the company will not receive any proceeds from such Offer for Sale portion.

• Majority of the company`s Directors do not have prior experience of holding a directorship in a company listed on the Stock Exchanges.

• The company incurs significant employee benefits expense. An increase in employee costs, including on account of changes in regulations, may prevent the company from maintaining our competitive advantage and may reduce its profitability.

• This Red Herring Prospectus contains information from industry sources including the industry report commissioned by the Company from Dun & Bradstreet, and reliance on such information for making an investment decision in the Offer is subject to certain inherent risks.

• The Company has not paid dividends during the last three Fiscals and during the current Fiscal. There can be no assurance that the Company will be in a position to pay dividends in the future. The company`s ability to pay dividends in the future may be affected by any material adverse effect on its future earnings, financial condition or cash flows.

• If the company is unable to establish and maintain an effective system of internal controls and compliances, the company`s businesses and reputation could be adversely affected.

• For the company`s business, the company relies heavily on its Promoters namely, Kalpesh Dhanjibhai Patel, Kanubhai Patel and Vasantkumar Narayanbhai Patel, who are the Chairman and Executive Director, Managing Director and Whole-Time Director, respectively. The company`s business performance may have an adverse effect by their departure or by its failures to recruit or keep them.

• The company`s Promoters have provided personal guarantees as security for certain facilities availed by the Company. If these guarantees are revoked, the company may be unable to procure alternative guarantees satisfactory to the company`s lenders, which may adversely affect its business, results of operations, cash flows and financial condition.

• Certain of the company`s Promoters, Directors and Key Managerial Personnel and members of Senior Management may have interests in the company other than reimbursement of expenses incurred and normal remuneration or benefits.

• The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges.

• The company has presented certain supplemental information of its performance and liquidity which is not prepared under or required under Ind AS.

• Significant differences exist between Ind AS and other accounting principles, such as US GAAP and International Financial Reporting Standards ("IFRS"), which investors may be more familiar with and consider material to their assessment of the company`s financial condition.

• Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.