EverestIMS Technologies Limited is a Bengaluru-based enterprise software company preparing to launch its SME IPO on the BSE SME platform. The EverestIMS Technologies IPO 2026 is scheduled to open on September 29, 2026 and close on October 5, 2026, with a price band of ₹80 to ₹85 per share.
The company operates across IT Operations Management, IT Service Management, infrastructure monitoring, workflow automation and artificial intelligence-led enterprise software. Its product portfolio is marketed primarily under the Infraon brand and includes SaaS as well as on-premise solutions.
From an IPO analysis perspective, EverestIMS presents a combination of strong historical revenue growth, high operating margins and a historically debt-free profile. However, investors also need to examine its very high customer concentration, FY26 margin contraction, declining return ratios, growing working-capital requirements, fresh-issue dilution and SME-market liquidity risks.
At the upper end of the EverestIMS Technologies IPO price band of ₹85, the issue size is approximately ₹48.46 crore. Based on FY26 PAT and estimated post-issue equity capital, the IPO implies a post-issue market capitalisation of roughly ₹184 crore and a calculated post-issue P/E ratio of approximately 14 times.
Table of Contents
- EverestIMS Technologies IPO Details
- EverestIMS Technologies IPO Dates
- What Does EverestIMS Technologies Do?
- EverestIMS Products and Business Model
- Company History and Management
- EverestIMS Technologies Financial Performance
- Revenue Growth and FY26 Profitability
- ROE and ROCE Trend
- Customer Concentration Risk
- How EverestIMS Technologies Plans to Use IPO Funds
- EverestIMS Technologies IPO OFS
- EverestIMS Technologies IPO Valuation
- Peer Comparison
- Key Strengths
- Key Risks
- What Investors Should Monitor After Listing
- EverestIMS Technologies IPO GMP
- EverestIMS Technologies IPO Review and Investor Takeaway
- FAQs
The EverestIMS Technologies IPO is a book-built SME public issue comprising both a fresh issue and an offer for sale. The updated offer structure contains 57,00,800 equity shares, substantially different from the structure proposed in the company's September 2025 DRHP.
The original DRHP contemplated an offer of up to 60,06,000 shares, consisting of 48,39,600 fresh shares and 11,66,400 OFS shares. Under the updated IPO structure, the fresh issue has been reduced to 45,93,600 shares, while the OFS comprises 11,07,200 shares.
| Particular |
IPO Details |
| IPO type |
Book-built SME IPO |
| Price band |
₹80 to ₹85 per share |
| Face value |
₹10 per share |
| Total shares offered |
57,00,800 |
| Fresh issue |
45,93,600 shares |
| Offer for sale |
11,07,200 shares |
| Total issue size at ₹85 |
~₹48.46 crore |
| Fresh issue size at ₹85 |
~₹39.05 crore |
| OFS size at ₹85 |
~₹9.41 crore |
| Lot size |
1,600 shares |
| Minimum retail application |
3,200 shares |
| Minimum amount at ₹85 |
₹2.72 lakh |
| Proposed listing |
BSE SME |
| Book-running lead manager |
Oneview Corporate Advisors |
| Registrar |
Maashitla Securities |
At the upper price band of ₹85 per share, the total EverestIMS Technologies IPO issue size works out to approximately ₹48.46 crore.
Of this, approximately ₹39.05 crore represents fresh capital being raised by EverestIMS, while approximately ₹9.41 crore relates to shares sold through the OFS.
This distinction is important. Money raised through the OFS does not go to EverestIMS Technologies. The proceeds attributable to shares sold by existing shareholders are received by those selling shareholders after applicable expenses and taxes.
The company receives only the proceeds from the fresh issue.
/content-assets/4e9efed4cf384dde9813fd83ce54fe3d.png)
Get the latest EverestIMS Technologies IPO details, including its price band, issue size, lot size, minimum investment and proposed BSE SME listing.
The EverestIMS Technologies IPO dates span the end of September and beginning of October 2026. According to the company's official IPO communication, the issue opens on September 29 and remains open until October 5.
| IPO Event |
Date |
| IPO opening date |
September 29, 2026 |
| IPO closing date |
October 5, 2026 |
| Proposed exchange |
BSE SME |
The company proposes to list its equity shares on the BSE SME platform.
EverestIMS Technologies is fundamentally an enterprise software product company focused on digital transformation and the management of IT infrastructure, services and operations.
The company provides software through both Software-as-a-Service, or SaaS, and on-premise deployment models.
Its capabilities cover several enterprise IT categories, including:
-
AIOps: Artificial Intelligence for IT Operations
-
ITSM: IT Service Management
-
ITIM: IT Infrastructure Management
-
NCCM: Network Change and Configuration Management
-
ITAM: IT Asset Management
-
OSS: Operations Support Systems
Under its SaaS model, applications are hosted in the cloud and accessed by customers on a subscription basis. Its on-premise products are deployed within customers' own IT environments.
This business model gives EverestIMS exposure to enterprise expenditure on IT monitoring, automation, observability, asset management, service management and AI-assisted IT operations.
EverestIMS markets its principal technology ecosystem under the Infraon brand.
Its disclosed product portfolio includes:
-
Infraon Infinity
-
Infraon Assets
-
Infraon AIOps
-
Infraon ITIM/IMS
-
Infraon NCCM
-
Infraon SecuRA
-
Infraon ITSM
-
Infraon OSS
The breadth of the portfolio means EverestIMS is not dependent on a single enterprise IT product category. Its software addresses different aspects of infrastructure visibility, IT operations, service management, asset management and automation.
The company has also positioned artificial intelligence as an increasingly important area of investment. This is reflected in the proposed use of IPO proceeds for an Artificial Intelligence Innovation and Experience Laboratory.
EverestIMS Technologies was originally incorporated as EverestIMS Technologies Private Limited on April 13, 2017.
Shareholders subsequently approved its conversion into a public limited company in July 2024. A fresh certificate reflecting the name EverestIMS Technologies Limited was issued on September 10, 2024.
The offer documents identify eight promoters:
- Satish Kumar Vijayaragavan
- Sudhakar Aruchamy
- Arun Prasath Ramadoss
- Ramesh Pratap Tiwari
- Deepak Kumar Shenbagarajan
- Srikanth Audina
- N. Ganesh Kumar
- Deepak Gupta
The company's official investor-relations information identifies Sudhakar Aruchamy as Chairman and Satish Kumar V as Managing Director, alongside other whole-time and independent directors.
EverestIMS Technologies' financial performance shows substantial growth over the disclosed period, although FY26 also reveals a divergence between revenue growth and profitability.
The updated IPO disclosures provide the following restated consolidated financial figures.
FY2024 Financial Performance
| Financial metric |
FY2024 |
| Revenue from operations |
₹45.23 crore |
| Total income |
₹45.62 crore |
| EBITDA |
₹17.44 crore |
| EBITDA margin |
38.23% |
| PAT |
₹10.83 crore |
| PAT margin |
23.74% |
| ROE |
40.41% |
| ROCE |
56.56% |
FY2025 Financial Performance
| Financial metric |
FY2025 |
| Revenue from operations |
₹56.54 crore |
| Total income |
₹57.78 crore |
| EBITDA |
₹22.64 crore |
| EBITDA margin |
39.19% |
| PAT |
₹14.08 crore |
| PAT margin |
24.36% |
| ROE |
35.35% |
| ROCE |
48.63% |
FY2026 Financial Performance
| Financial metric |
FY2026 |
| Revenue from operations |
₹65.12 crore |
| Total income |
₹65.91 crore |
| EBITDA |
₹23.34 crore |
| EBITDA margin |
35.41% |
| PAT |
₹13.14 crore |
| PAT margin |
19.93% |
| ROE |
24.33% |
| ROCE |
36.15% |
The FY24 and FY25 figures reconcile with EverestIMS Technologies' official DRHP. In FY25, the company reported ₹56.54 crore revenue from operations, ₹57.78 crore total income, ₹22.64 crore EBITDA and ₹14.08 crore PAT.
The company's KPI disclosures also reported nil debt during FY23, FY24 and FY25.
Historical Revenue and Profit Growth
EverestIMS had already recorded substantial growth before FY26.
Revenue from operations increased from ₹34.17 crore in FY23 to ₹56.54 crore in FY25, while PAT rose from ₹5.50 crore to ₹14.08 crore over the same period.
In FY25 alone, revenue from operations grew by 25.02%, with the company attributing the increase primarily to higher software-product sales and an increased contribution from services.
FY25 EBITDA margin stood at 39.19%, while PAT margin was 24.36%.
Revenue from operations increased from ₹45.23 crore in FY24 to ₹65.12 crore in FY26, translating into a calculated two-year CAGR of approximately 20%.
The FY26 numbers, however, require closer examination.
Revenue from operations increased by approximately 15.2% year on year, from ₹56.54 crore in FY25 to ₹65.12 crore in FY26.
Profit did not follow the same trajectory.
PAT declined from ₹14.08 crore to ₹13.14 crore, representing a fall of approximately 6.7%.
Margins also contracted.
FY2025 Profitability
| Profitability metric |
FY2025 |
| EBITDA margin |
39.19% |
| PAT margin |
24.36% |
| PAT |
₹14.08 crore |
FY2026 Profitability
| Profitability metric |
FY2026 |
| EBITDA margin |
35.41% |
| PAT margin |
19.93% |
| PAT |
₹13.14 crore |
EBITDA increased only moderately from ₹22.64 crore to ₹23.34 crore despite the larger increase in revenue.
Consequently, EBITDA margin declined from 39.19% to 35.41%, while PAT margin dropped more sharply from 24.36% to 19.93%.
The key financial observation from FY26 is therefore clear: EverestIMS generated higher revenue, but the additional revenue did not translate into higher net profit.
Future financial results will be important in determining whether the FY26 margin contraction was temporary or reflects a more persistent change in revenue or cost mix.
EverestIMS continues to report substantial return ratios, but both ROE and ROCE have moderated over the disclosed period.
FY2024 Return Ratios
| Return ratio |
FY2024 |
| ROE |
40.41% |
| ROCE |
56.56% |
FY2025 Return Ratios
| Return ratio |
FY2025 |
| ROE |
35.35% |
| ROCE |
48.63% |
FY2026 Return Ratios
| Return ratio |
FY2026 |
| ROE |
24.33% |
| ROCE |
36.15% |
ROE declined from 40.41% in FY24 to 24.33% in FY26.
ROCE declined from 56.56% to 36.15% during the same period.
Declining return ratios do not automatically establish deterioration in the underlying operating business. An expanding capital or equity base can mechanically reduce these ratios.
However, the fresh issue will inject additional equity capital into EverestIMS. Consequently, the company's ability to deploy that capital productively and generate adequate incremental returns will become an important post-listing metric.
Customer concentration is one of the most significant risks visible in the EverestIMS Technologies IPO disclosures.
The company derives a large majority of its revenue from a relatively small number of customers.
FY2024 Customer Concentration
| Customer concentration |
FY2024 |
| Top five customers |
74.24% |
| Top ten customers |
88.89% |
FY2025 Customer Concentration
| Customer concentration |
FY2025 |
| Top five customers |
73.80% |
| Top ten customers |
86.31% |
FY2026 Customer Concentration
| Customer concentration |
FY2026 |
| Top five customers |
~76.07% |
| Top ten customers |
~88.77% |
In FY25, the company's top five customers generated 73.80% of revenue, while the top ten contributed 86.31%.
The concentration remained high in FY26. Updated disclosures indicate that approximately 76.07% of revenue came from the top five customers, while approximately 88.77% came from the top ten.
The company stated in its earlier disclosures that customer names were not disclosed because it had not obtained their consent.
These numbers mean that EverestIMS's revenue and profitability can be disproportionately affected by the loss of, reduction in business from, or delayed renewal by only a small number of major accounts.
Long-term enterprise relationships can support recurring business. However, such high concentration also creates substantial account-specific revenue risk.
Customer diversification is therefore one of the most important operating metrics to monitor after listing.
The EverestIMS Technologies IPO is not simply an exit opportunity for existing shareholders. The fresh issue is considerably larger than the OFS, and a substantial part of the money being raised is intended for deployment within the business.
The principal objects identified in the offer documents are as follows.
1. Artificial Intelligence Innovation and Experience Laboratory
EverestIMS intends to use part of the fresh-issue proceeds to purchase IT hardware for establishing an Artificial Intelligence Innovation and Experience Laboratory.
This investment aligns with the company's existing exposure to AIOps and its broader focus on AI-enabled enterprise software.
2. Working-Capital Requirements
A portion of the IPO proceeds will be used to finance working-capital requirements.
This is particularly relevant because EverestIMS's working-capital needs are expected to increase as the business expands.
The earlier DRHP projected net working-capital requirements as follows:
| Financial Year |
Net Working-Capital Requirement |
| FY25 |
₹23.64 crore |
| FY26 |
₹35.22 crore |
| FY27 |
₹48.42 crore |
The projected increase from ₹23.64 crore in FY25 to ₹48.42 crore in FY27 demonstrates that expansion requires meaningful additional operating capital.
Consequently, part of the IPO capital is intended to finance growth in the operating balance sheet rather than solely fund a one-time capital expenditure project.
3. General Corporate Purposes
The remaining eligible proceeds can be used for general corporate purposes, subject to applicable requirements.
The IPO contains an offer for sale of 11,07,200 shares.
At the upper band of ₹85, the OFS component is worth approximately ₹9.41 crore.
Promoters as well as employee and public shareholders are selling shares.
The original DRHP indicated that all eight promoters intended to participate as selling shareholders. It also identified employee shareholders Prakash Bhat, Abhirup Sarkar, Praveen Kumar Sinha and Ramya Sellamuthu, along with public shareholder Samaresh Mandal, among the selling shareholders.
The critical distinction for investors is that OFS proceeds do not strengthen EverestIMS Technologies' balance sheet. They go to the selling shareholders after applicable expenses and taxes.
The fresh issue is nevertheless substantially larger than the OFS.
At ₹85 per share:
-
Fresh issue: approximately ₹39.05 crore
-
OFS: approximately ₹9.41 crore
-
Total issue: approximately ₹48.46 crore
The EverestIMS Technologies IPO price has been fixed in a band of ₹80 to ₹85 per share.
Valuation requires particular care because a fresh issue increases the number of outstanding shares. Looking only at historical or pre-issue EPS can therefore produce a lower P/E ratio that does not fully capture dilution.
Post-Issue Valuation at ₹85
At the upper IPO price of ₹85 and estimated post-issue equity capital of approximately 2.164 crore shares, EverestIMS Technologies would have an implied post-issue market capitalisation of roughly:
₹184 crore
Using FY26 PAT of approximately ₹13.14 crore, the calculated post-issue EPS is:
Post-issue EPS ≈ ₹6.07
This produces an estimated FY26 post-issue P/E ratio of:
₹85 ÷ ₹6.07 ≈ 14.0 times
| Valuation Metric |
Approximate Figure |
| Upper IPO price |
₹85 |
| Post-issue shares |
~2.164 crore |
| Post-issue market capitalisation |
~₹184 crore |
| FY26 PAT |
₹13.14 crore |
| Post-issue EPS |
~₹6.07 |
| Post-issue FY26 P/E |
~14.0x |
These figures are calculations derived from the disclosed share count, IPO price and FY26 earnings rather than valuation ratios stated by EverestIMS.
Pre-Issue Versus Post-Issue P/E
Before the fresh issue, the company's estimated share count is approximately 1.704 crore shares.
Using FY26 PAT of ₹13.14 crore:
Pre-issue EPS ≈ ₹7.71
At ₹85, that produces a pre-issue P/E of approximately:
11 times FY26 earnings
The difference is material.
| Valuation Basis |
Approximate P/E at ₹85 |
| Pre-issue FY26 P/E |
~11x |
| Post-issue FY26 P/E |
~14x |
The fresh issue adds approximately 45.94 lakh shares, which dilutes earnings per share when FY26 profit is spread across the enlarged post-issue equity base.
For this reason, any discussion of the EverestIMS Technologies IPO valuation should clearly specify whether the P/E ratio is calculated using pre-issue or post-issue equity capital.
The offer documentation identifies Newgen Software Technologies Limited as a listed peer.
A direct headline P/E comparison, however, has limitations.
EverestIMS is substantially smaller than Newgen, while differences may also exist across:
The offer documentation itself acknowledges limitations in direct comparability.
For an SME IPO, a lower headline P/E than that of a larger listed software company does not by itself establish that the smaller company is cheaper on a risk-adjusted basis.
Valuation needs to be considered alongside EverestIMS's own growth, margins, customer concentration, scale and liquidity profile.
Want to compare EverestIMS Technologies with other SME offerings on pricing, issue size and minimum application requirements? Check recent SME IPOs for their key issue details.
Several characteristics stand out positively in EverestIMS Technologies' disclosed operating and financial history.
1. Proprietary Enterprise Software Portfolio
EverestIMS has developed proprietary software products rather than operating purely as an IT-services vendor.
Its Infraon ecosystem spans AIOps, ITSM, ITIM, asset management, network configuration management, security-related remote access and OSS capabilities.
The company supports both SaaS and on-premise deployment models.
2. Strong Historical Revenue Growth
Revenue from operations increased from ₹34.17 crore in FY23 to ₹56.54 crore in FY25, before reaching ₹65.12 crore in FY26.
From FY24 to FY26, revenue from operations grew at a calculated CAGR of approximately 20%.
3. Substantial Historical Profitability
PAT increased from ₹5.50 crore in FY23 to ₹14.08 crore in FY25.
FY25 EBITDA margin was 39.19%, while PAT margin stood at 24.36%.
Although both margins contracted in FY26, the company remained profitable.
4. Historically Debt-Free KPI Profile
The company's DRHP KPI disclosure reported nil debt for FY23, FY24 and FY25.
This provides useful context when examining its historical balance-sheet profile.
5. Fresh Issue Is Larger Than the OFS
Of the 57,00,800 shares offered, 45,93,600 are fresh shares, compared with 11,07,200 shares in the OFS.
Therefore, most shares being offered represent new capital being raised for the company rather than solely an exit for existing shareholders.
Despite its growth and profitability, EverestIMS Technologies faces several risks that investors should consider before the IPO.
1. Exceptionally High Customer Concentration
Customer concentration is a major business risk.
In FY26, the top five customers contributed approximately 76.07% of revenue, while the top ten accounted for approximately 88.77%.
The loss, downsizing or delayed renewal of even a small number of significant customer relationships could therefore materially affect financial performance.
2. FY26 Profit Declined Despite Revenue Growth
Revenue from operations increased approximately 15.2% in FY26, but PAT fell approximately 6.7%.
The divergence means revenue growth alone does not provide a complete picture of recent financial performance.
3. EBITDA and PAT Margins Contracted
EBITDA margin declined from 39.19% in FY25 to 35.41% in FY26.
PAT margin declined from 24.36% to 19.93%.
Investors will need to monitor whether this margin pressure reverses or persists.
4. ROE and ROCE Have Declined
ROE declined from 40.41% in FY24 to 24.33% in FY26, while ROCE fell from 56.56% to 36.15%.
With additional equity capital entering the business through the IPO, future capital efficiency becomes particularly relevant.
5. Meaningful Working-Capital Requirements
The company's earlier DRHP projected its net working-capital requirement to increase from ₹23.64 crore in FY25 to ₹48.42 crore in FY27.
Growth therefore requires increasing amounts of operating capital.
6. Rapid Technology Change
EverestIMS operates across AI, observability, infrastructure management and enterprise software.
These are technology-driven markets in which products require continuous development and the company operates alongside much larger global competitors.
7. Historical Compliance Issues
The DRHP disclosed several historical delayed or inaccurate Registrar of Companies filings.
According to the disclosure, filing delays ranged from one to 69 days and were described by the company as inadvertent. The company also disclosed corrective filings relating to certain allotment-related forms.
Prospective investors should review these disclosures as part of their assessment of the company's historical compliance record.
8. Promoter Influence
The promoter group will retain a significant ownership interest after the IPO.
As a result, promoters will continue to exercise substantial influence over corporate decisions.
9. BSE SME Liquidity Risk
EverestIMS Technologies proposes to list on BSE SME rather than the main board.
SME-market trading differs materially from main-board trading. Larger trading lots and potentially lower secondary-market liquidity can contribute to higher volatility and can make it more difficult for investors to exit positions.
The minimum retail application itself is 3,200 shares, requiring ₹2.72 lakh at the upper price band.
Future financial disclosures will provide evidence on whether EverestIMS can sustain growth while addressing some of the risks visible in its IPO filings.
The most relevant metrics to monitor include:
- customer concentration;
- recurring and subscription revenue;
- revenue growth;
- EBITDA margin;
- PAT and PAT margin;
- operating cash flow;
- receivable days;
- working-capital requirements; and
- ROCE.
Customer Diversification
Customer diversification is particularly important because nearly nine-tenths of FY26 revenue came from the top ten customers.
A growing enterprise-software company can report strong aggregate revenue growth while simultaneously becoming more dependent on a small number of major accounts.
Conversely, broader customer diversification can change the company's revenue risk profile even if near-term growth moderates.
Margin Recovery or Further Contraction
FY26 produced a combination of higher revenue but lower PAT.
The next financial reporting periods should therefore help establish whether the decline in EBITDA and PAT margins was temporary or reflects a more persistent shift in business or cost mix.
Capital Efficiency After the IPO
The fresh issue expands the company's equity base.
Investors can therefore track whether the capital deployed towards AI infrastructure, working capital and general corporate requirements eventually translates into additional earnings and adequate returns on capital.
EverestIMS Technologies IPO GMP, or grey market premium, is not part of the company's audited financial statements, offer-document fundamentals or official IPO valuation.
No EverestIMS Technologies IPO GMP figure has been provided in the underlying data used for this analysis. Therefore, no GMP number is stated here.
Grey market premiums can also change independently of a company's reported revenue, profit, margins, customer concentration or official IPO price.
For fundamental analysis, the disclosed ₹80 to ₹85 price band, approximately ₹48.46 crore issue size at the upper band, FY26 PAT of ₹13.14 crore and calculated post-issue P/E of approximately 14 times provide directly measurable valuation inputs.
The EverestIMS Technologies IPO 2026 brings a profitable enterprise-software company to the BSE SME market with exposure to SaaS, IT operations management, IT service management, infrastructure monitoring, automation and AI-enabled products.
The company's historical financial record includes meaningful growth. Revenue from operations increased from ₹34.17 crore in FY23 to ₹65.12 crore in FY26, while the historical KPI disclosures reported a debt-free profile through FY25. The IPO also consists predominantly of fresh shares, meaning a significant portion of the capital being raised is intended for the company.
The FY26 numbers, however, introduce important considerations. Revenue grew to ₹65.12 crore, but PAT declined to ₹13.14 crore. EBITDA margin contracted to 35.41%, PAT margin fell to 19.93%, and both ROE and ROCE continued to moderate.
Customer concentration is particularly significant. Approximately 76.07% of FY26 revenue came from the top five customers and 88.77% from the top ten customers. This makes customer diversification a central factor in evaluating the company's future risk profile.
At the upper band of ₹85 per share, the EverestIMS Technologies IPO implies an estimated post-issue market capitalisation of approximately ₹184 crore. Based on FY26 PAT and the enlarged post-issue equity capital, the calculated post-issue EPS is approximately ₹6.07, resulting in a post-issue FY26 P/E of about 14 times.
These valuation figures should be read alongside the fresh-issue dilution, margin trajectory, customer concentration, working-capital requirements and SME-market liquidity characteristics rather than considered in isolation.
The central operating issue emerging from the IPO disclosures is whether EverestIMS can diversify its revenue base while sustaining profitability and capital efficiency as the business scales.
Interested in applying for the EverestIMS Technologies IPO? Apply online through Zerodha.
1. What are the EverestIMS Technologies IPO dates?
The EverestIMS Technologies IPO opens on September 29, 2026 and closes on October 5, 2026. The company proposes to list its shares on the BSE SME platform.
2. What is the EverestIMS Technologies IPO price and issue size?
The EverestIMS Technologies IPO price band is ₹80 to ₹85 per share. The issue comprises 57,00,800 shares and is worth approximately ₹48.46 crore at the upper price of ₹85. This includes a fresh issue worth approximately ₹39.05 crore and an OFS worth approximately ₹9.41 crore.
3. What is the valuation of the EverestIMS Technologies IPO?
At ₹85 per share, EverestIMS Technologies has an estimated post-issue market capitalisation of approximately ₹184 crore. Using FY26 PAT of ₹13.14 crore and estimated post-issue equity capital of approximately 2.164 crore shares, post-issue EPS is around ₹6.07, implying a calculated FY26 post-issue P/E of approximately 14 times. The calculated pre-issue P/E is approximately 11 times.
4. What are the major risks in the EverestIMS Technologies IPO?
Major risks include high customer concentration, FY26 profit and margin contraction despite revenue growth, declining ROE and ROCE, increasing working-capital requirements, rapid technological change, historical compliance issues, promoter influence and BSE SME liquidity risk. Approximately 88.77% of FY26 revenue came from the company's top ten customers.