The Company's Top 10 Customers Accounted for 76.67% of June Revenue

The Company derived 76.67% of revenue from operations in the three months ended June 30, 2026 from its 10 largest customers. Customer 1 contributed Rs 44.559 crore, or 27.43% of revenue, while the top 10 customers together accounted for Rs 124.552 crore.

What share of June-quarter revenue came from the largest customers?

The Company's top 10 customers accounted for 76.67% of revenue from operations for the three months ended June 30, 2026. The group generated Rs 124.552 crore in the quarter, compared with Rs 320.230 crore in Fiscal 2026, Rs 319.610 crore in Fiscal 2025 and Rs 275.071 crore in Fiscal 2024.

Customer 1 accounted for 27.43% of June-quarter revenue and Customer 2 contributed 12.03%, taking the combined share of the two largest customer positions to 39.46%. Customer 3 represented 6.93% and Customer 4 represented 6.78%, so the four largest positions accounted for 53.17% of revenue from operations.

The concentration measure is based on revenue from operations, rather than the number of customers served or outstanding customer balances. Maintaining a similar revenue mix would require these customers, or replacement customers, to sustain comparable order volumes.

How did The Company's customer concentration change over four periods?

The Company's top-10-customer share was 76.67% in the June 2026 quarter, up from 73.45% in Fiscal 2026 but below 78.62% in Fiscal 2025. The June-quarter figure was also 0.42 percentage points above the 76.25% reported in Fiscal 2024.

Customer 1's share rose to 27.43% in the three months ended June 30, 2026, from 25.24% in Fiscal 2026, 25.87% in Fiscal 2025 and 23.69% in Fiscal 2024. Customer 2 moved in the other direction, declining to 12.03% from 16.52%, 23.24% and 22.39%, respectively, over those three fiscal years.

The reported rankings do not necessarily track the same underlying customers in each period. The Company states that the top 10 customers for a period may not be the same as those in Fiscal 2024, Fiscal 2025, Fiscal 2026 or the June 2026 quarter, so Customer 1 and Customer 2 are ranked positions rather than confirmed continuous customer identities.

Which positions drove The Company's June-quarter revenue mix?

The Company's June 2026 mix showed larger contributions from several lower-ranked positions than in Fiscal 2026. Customer 5 represented 5.58% of June-quarter revenue, compared with 4.17% in Fiscal 2026, while Customer 6 represented 4.92%, compared with 2.73%.

Customers 7 through 10 generated Rs 21.130 crore in the June 2026 quarter, equal to 13.00% of revenue from operations. Their combined Fiscal 2026 share was 7.72%, comprising 2.51% for Customer 7, 1.89% for Customer 8, 1.76% for Customer 9 and 1.61% for Customer 10.

The Company lists Grasim Industries Limited, HSD Battery India Pvt. Ltd., Indigo Paints Limited, ISW Paints Limited, Kansai Nerolac Paints Limited, Luvguard Energy Technologies Private Limited, Luminous Technologies Private Limited, Sakthi Acumulators Private Limited, Zunxen Energy Products LLP and TVS Motor Company Limited among its top 10 customers. The disclosure does not identify which of those names corresponds to Customer 1 through Customer 10.

What factors could affect The Company's customer dependence?

The Company's customer demand is exposed to seasonality in the industries it serves. It says battery-casing sales rise during warmer months and decline in colder months, while thinwall product sales are affected by dairy-product demand, particularly ice cream; the three months ended June 30, 2026 are therefore a partial period with potential seasonal effects.

The Company's restated trade receivables were Rs 64.843 crore at June 30, 2026, compared with Rs 65.773 crore in Fiscal 2026, Rs 60.912 crore in Fiscal 2025 and Rs 44.876 crore in Fiscal 2024. Credit risk is the risk of financial loss when a customer or counterparty fails to meet contractual obligations, and the Company says its exposure arises principally from customer receivables.

The Company manages credit risk through credit approvals, credit limits and ongoing customer-creditworthiness monitoring, and makes allowances for doubtful debts and impairment using an expected-loss model. It also reported no known trends or uncertainties, apart from disclosed risk factors, expected to have a material adverse effect on revenue or income from continuing operations.

Conclusion

The Company's June-quarter revenue concentration increased from Fiscal 2026 but remained below the Fiscal 2025 level. The top 10 customers represented 76.67% of revenue from operations, while Customer 1's 27.43% contribution increased as Customer 2's share fell to 12.03%.

The next reported periods will indicate whether the June 2026 mix persists through the disclosed seasonal battery-casing and thinwall-product demand cycles. Future top-customer shares and trade receivables, which stood at Rs 64.843 crore at June 30, 2026, will show changes in both revenue concentration and collection exposure.