Company: Top Customer Had 32% FY26 Revenue, Supplier 51%

Company’s top customer contributed 32.14% of revenue from operations in FY26, compared with 20.05% in FY25 and 13.15% in FY24. Its largest supplier accounted for 50.77% of FY26 cost of service, up from 29.37% in FY25, concentrating both sales and service procurement in a small number of relationships.

How concentrated was Company’s FY26 customer revenue?

Company’s customer revenue became more concentrated in FY26, with its top customer providing Rs 36.5015 crore, or 32.14%, of revenue from operations. The top customer contributed Rs 22.1227 crore, or 20.05%, in FY25 and Rs 10.7172 crore, or 13.15%, in FY24. The disclosed percentage compares each customer group’s revenue with Company’s revenue from operations for the relevant financial year.

Company’s top-customer share rose by 12.09 percentage points from FY25 to FY26, while the top-three group rose by 14.27 percentage points to 54.00%. The top-10 group represented 80.53% of FY26 revenue, compared with 65.55% in FY25 and 80.45% in FY24. This comparison shows that FY26 concentration increased most sharply among the largest one and three customer relationships, rather than only across the top-10 group.

The filing does not identify the customers, state their contract terms, or say whether the Rs 36.5015 crore contribution from the top customer is recurring. The 32.14% share would remain at a similar level only if that customer continues to account for a comparable portion of Company’s revenue from operations in periods after March 31, 2026.

How did Company’s supplier concentration reach 51% of service costs?

Company’s largest supplier accounted for Rs 26.8162 crore, or 50.77%, of FY26 cost of service. The same supplier accounted for Rs 25.6464 crore and 29.37% of cost of service in FY25, while its FY24 contribution was Rs 31.3190 crore and 46.24%. Cost of service is the denominator used in Company’s supplier-concentration disclosure.

Company’s top-supplier share increased by 21.40 percentage points between FY25 and FY26, even though the amount paid to that supplier increased by Rs 1.1698 crore. The top-three suppliers’ share rose by 16.00 percentage points to 62.37%, and the top-10 suppliers represented 81.93% of FY26 cost of service, compared with 73.20% in FY25. The higher share means the reported service-cost base was more concentrated in the largest supplier during FY26.

Supplier concentration was also substantial in FY24, when the largest supplier accounted for 46.24% and the top 10 suppliers accounted for 81.07% of cost of service. Company does not disclose supplier names, alternative supplier capacity, pricing arrangements, or the reason the largest supplier’s FY26 share reached 50.77%. Those undisclosed factors would affect whether Company can change the reported concentration.

What operational exposure follows from Company’s customer and supplier concentration?

Company’s FY26 disclosure shows exposure to a limited number of commercial relationships, because one customer generated Rs 36.5015 crore of revenue and one supplier represented Rs 26.8162 crore of cost of service. A reduction in purchases by the top customer could affect revenue from operations, while a disruption or changed terms from the top supplier could affect service procurement and margins. These are implications of the reported concentrations, not disclosures of an interruption or changed terms.

Company also identifies credit risk as the possibility that customers do not pay amounts owed promptly, or at all, which may require provisions or write-offs. Its consolidated financial information recorded an Rs 35.3935 crore increase in trade receivables in FY26, compared with an Rs 4.6843 crore increase in FY25, and net cash outflow from operating activities was Rs 3.6478 crore in FY26. The filing does not attribute the receivables increase to the top customer.

Company states that its business was not subject to material seasonality or cyclicality and that revenues were generally consistent across financial periods. That disclosure does not identify seasonality as an explanation for the move from a 20.05% top-customer share and 29.37% top-supplier share in FY25 to 32.14% and 50.77%, respectively, in FY26. The filing also gives no diversification target for customers or suppliers.

How do FY26 profit and cash flow put the concentration figures in context?

Company reported profit after tax of Rs 18.1835 crore in FY26, up from Rs 11.4087 crore in FY25, while its profit margin increased to 15.53% from 10.34%. Company attributed the increase in profitability primarily to lower cost of material consumed and increased margin. It did not attribute the profit increase specifically to its largest customer or supplier.

Company’s operating profit before working-capital changes was Rs 25.2738 crore in FY26, but changes including the Rs 35.3935 crore increase in trade receivables contributed to the Rs 3.6478 crore operating cash outflow. As of March 31, 2026, aggregate borrowings were Rs 8.9860 crore, including Rs 8.0397 crore of secured borrowings and Rs 0.9463 crore of unsecured borrowings. The borrowing disclosure states that secured working-capital facilities were backed by current assets including inventories and book debts.

Company says inflation affects salary and wages and that it reworks margins to absorb inflationary effects. Whether the FY26 margin of 15.53% persists will therefore depend partly on service-cost inputs, collections and other operating conditions, but Company does not quantify price movements involving its largest supplier. The concentration tables measure supplier shares of cost of service rather than Company’s total expenses.

What should readers watch after March 2026?

Company has disclosed later business developments but has not disclosed a plan to reduce customer or supplier concentration. It began operating its first company-operated entertainment and leisure centre, Duckpin The Bowling Bistro, known as Duckpin Malad, on July 24, 2026. Company does not quantify Duckpin Malad’s revenue, customer base, service costs or supplier base, so its effect on the FY26 concentration measures cannot be determined from the filing.

Company completed the acquisition of 3,060 equity shares, representing 30.60% of Synnccit Solutions Private Limited’s paid-up equity share capital, on May 28, 2026. The acquisition followed a share purchase agreement dated March 27, 2023, at Rs 7,500 per equity share. Company stated that, apart from disclosed developments, no circumstances had arisen after March 31, 2026 that materially and adversely affected its business, profitability, assets or ability to meet liabilities within the following 12 months.

Conclusion

Company’s FY26 figures show simultaneous concentration in revenue and service procurement: its top customer accounted for 32.14% of revenue from operations and its largest supplier accounted for 50.77% of cost of service. Customer concentration reached its highest disclosed level in FY26, while the largest supplier’s share rose above both FY25’s 29.37% and FY24’s 46.24%.

The next disclosures to watch are customer and supplier group shares after March 31, 2026, the collection outcome related to the Rs 35.3935 crore FY26 rise in trade receivables, and any quantified contribution from Duckpin Malad or the 30.60% holding in Synnccit Solutions Private Limited. Company has disclosed those developments, but has not stated a numerical diversification plan or target.