Ajay Poly Limited IPO

We derive a significant portion of our revenue from operations from our top ten customers, with our single largest customer contributing 34.47%, of our revenue from operations in the Fiscal 2024. Loss of any of these customers or a reduction in purchases by any of them could adversely affect our business, results of operations and financial condition.

We are dependent on, and derive a substantial portion of our revenue from our toughened glass and polymer extrusion. Failure to diversify the product portfolio or a reduction in orders for our soft profile extrusion and glass product lines could have a material adverse effect on our business, results of operations and financial condition.

Our business and profitability is substantially dependent on the availability and cost of our raw materials and we are dependent on third party suppliers for meeting our raw material requirements which are on purchase order basis. Any disruption to the timely and adequate supply of raw materials, or volatility in the prices of raw materials may adversely impact our business, results of operations and financial condition.

Our business is dependent and will continue to depend on our manufacturing facilities, and we are subject to certain risks in our manufacturing process. Any slowdown or shutdown in our manufacturing operations that could interfere with our operations could have an adverse effect on our business, results of operations and financial condition.

A significant portion (more than 92.73%, 93.83%, 92.88%, 93.00% and 90.10%) of our revenue from operations in each of the three months period ended June 30, 2024 and June 30, 2023, and in Fiscal 2024, 2023 and 2022 respectively is attributable to our OEM customers operating in the consumer durable sector. Any adverse changes in these sectors or any other sector in which our customers operate could adversely impact our business, results of operations and financial condition.

We face competition from national and local players and our inability to compete effectively may have a material adverse impact on our business, results of operations and financial condition.

Five of our ten manufacturing facilities are concentrated in Greater Noida in the National Capital Region of India. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in the NCR or in Maharashtra, Gujarat, Punjab and Tamil Nadu where our other manufacturing facilities are located could have an adverse effect on our business, results of operations and financial condition.

Our plans to expand our capacity in toughened glass, rigid profile extrusion magnetic strip extrusion are subject to the risk of unanticipated delays in implementation and cost overruns. If we are unable to implement the expansion plans at the planned cost, it could materially and adversely impact our business, results of operations and financial condition.

Our success largely depends upon the knowledge and experience of our Promoters, Directors, Key Managerial Personnel, and Senior Management Personnel as well as our ability to attract and retain personnel with technical expertise. Our inability to retain our Promoters, Directors, Key Managerial Personnel and Senior Management Personnel or our ability to attract and retain other personnel with technical expertise could adversely affect our business, results of operations and financial condition.

We are dependent on the continuity of production of our OEM customers, and any disruption to one or more of our major OEM Customers for a significant period of time could materially and adversely affect our business, results of operations and financial condition.