Liqvid Digital: Top 10 Share Fell From 86% to 52% After Consolidation

Liqvid Digital’s top 10 clients supplied 85.95% of standalone revenue in Fiscal 2025, then 52.12% of consolidated revenue in Fiscal 2026. The reported top-10 share fell after consolidation as revenue from operations rose from Rs 24.8695 crore to Rs 60.2391 crore, but the two figures use different reporting bases.

How concentrated was Liqvid Digital’s client revenue?

Liqvid Digital’s client revenue remained concentrated among a small group in all three disclosed periods, with its top 10 clients contributing between 52.12% and 85.95% of revenue from operations. In Fiscal 2025, those customers generated Rs 21.3752 crore of Rs 24.8695 crore in standalone revenue. In Fiscal 2024, they generated Rs 13.2623 crore of Rs 18.0546 crore in revenue, equal to 73.46%.

Liqvid Digital calculates the percentage by dividing the amount received from its top 10 customers by revenue from operations in the relevant profit-and-loss statement. The company does not identify those customers because it did not receive consent to disclose their names. The available data therefore measure aggregate concentration, but do not establish whether the same clients were in the top 10 during Fiscal 2024, Fiscal 2025 and Fiscal 2026.

Why did Liqvid Digital’s top-10 share fall after consolidation?

Liqvid Digital’s top-10 share fell 33.83 percentage points, from 85.95% in standalone Fiscal 2025 to 52.12% in consolidated Fiscal 2026. However, Fiscal 2026 is reported on a consolidated basis while Fiscal 2025 is reported on a standalone basis, so the figures cover different reporting perimeters. Revenue from operations increased by Rs 35.3696 crore between the disclosed periods, while top-10 customer revenue increased by Rs 10.0232 crore.

The lower 52.12% ratio arose because total consolidated revenue increased faster than revenue attributed to the top 10 customers. A lower ratio would persist only if revenue outside those 10 customers remains material and major customers retain their business volumes. Liqvid Digital states that losing one or more major customers, a reduction in business, a dispute or disqualification could reduce cash flows and liquidity because it derives most operating revenue from relatively few customers.

The Fiscal 2026 comparison also follows the extension of operations beyond India through AdLifit Group, while the standalone business had operations across India with minimal revenue from outside India. The prospectus does not provide a customer-by-customer bridge from standalone Fiscal 2025 to consolidated Fiscal 2026. The 52.12% figure therefore shows a lower reported concentration ratio, but does not separate the effects of consolidation, higher revenue and changes in the customer mix.

How much did Liqvid Digital depend on its corporate promoter?

Liqvid Digital derived 44.12% of standalone revenue from its corporate promoter, Concept Communication Limited, in Fiscal 2025. Revenue from Concept Communication was Rs 10.9728 crore in Fiscal 2025, compared with Rs 2.6146 crore, or 14.48% of revenue, in Fiscal 2024. In consolidated Fiscal 2026, Concept Communication contributed Rs 7.6018 crore, representing 12.62% of revenue.

Concept Communication’s Rs 10.9728 crore contribution in Fiscal 2025 represented more than half of Liqvid Digital’s Rs 21.3752 crore revenue from top 10 clients in that year. The promoter relationship was consequently a material part of the broader customer-concentration measure. Liqvid Digital says that deterioration in Concept Communication’s financial condition, operations, client base, strategy or spending could result in a decline or discontinuation of business awarded to Liqvid Digital.

Liqvid Digital has a business agreement dated August 28, 2025, under which it is a preferred vendor and has digital-partner status for all initial public offering-related digital media engagements and other consolidated contracts initiated by Concept Communication. The arrangement provides visibility on continuity of business, but Liqvid Digital says there is no assurance that Concept Communication will continue to engage it or retain the same volume of work. Liqvid Digital also states that it is expanding its client base and diversifying revenue sources to reduce reliance on a single client.

What other concentrations affect Liqvid Digital’s revenue base?

Liqvid Digital’s customer concentration overlaps with industry concentration: information technology and communication, fast-moving consumer goods and financial services supplied 83.80% of revenue in Fiscal 2025. The comparable shares were 75.82% in Fiscal 2024 and 66.85% in consolidated Fiscal 2026. A decline in demand for marketing services in any of these three sectors could reduce revenue even if the number of customers rises.

Within the Fiscal 2026 sector mix, financial services generated Rs 15.4645 crore, or 25.67% of revenue from operations, while fast-moving consumer goods generated Rs 13.1815 crore, or 21.88%. In Fiscal 2025, the respective amounts were Rs 2.7686 crore and Rs 3.7564 crore, equal to 11.13% and 15.10% of revenue. The disclosed figures show a changed sector mix as consolidated revenue from operations increased to Rs 60.2391 crore.

Liqvid Digital also disclosed geographic concentration in Maharashtra, which generated 80.82% of standalone revenue in Fiscal 2025 and 70.80% in Fiscal 2024. Maharashtra’s share declined to 29.58% in consolidated Fiscal 2026, when the state generated Rs 17.8206 crore of Rs 60.2391 crore in total revenue from operations. Liqvid Digital identifies regional economic conditions, regulatory changes, political instability and natural disasters as factors that could affect geographically concentrated revenue.

Conclusion

Liqvid Digital’s reported top-10 customer share declined to 52.12% in consolidated Fiscal 2026 from 85.95% in standalone Fiscal 2025, alongside a Rs 35.3696 crore increase in revenue from operations. The comparison combines a changed reporting basis with higher revenue, while Concept Communication supplied 44.12% of Fiscal 2025 standalone revenue and three sectors supplied 83.80%.

The next measure to watch is whether Liqvid Digital’s stated plan to expand its client base results in a sustained reduction in major-customer dependence on a comparable reporting basis. The August 28, 2025 agreement with Concept Communication establishes preferred-vendor and digital-partner status for specified engagements, but Liqvid Digital says the future volume of promoter business is not assured.