An investment in Equity Shares involves a high degree of risk. You should carefully consider all the information in this Draft Red Herring Prospectus, including the risks and uncertainties described below, before making an investment in the Equity Shares. The risks described in this section are those that we consider to be the most significant to our business, results of operations, cash flows and financial condition as of the date of this Draft Red Herring Prospectus.

To obtain a more detailed understanding of our business and operations, please read this section in conjunction with, ‘Industry Overview’, ‘Our Business’, ‘Key Regulations and Policies in India’, ‘Restated Financial Information’, ‘Management’s Discussion and Analysis of Financial Condition and Result of Operations’, and ‘Outstanding Litigation and Material Developments’ on pages 92, 153 , 24, 153, 159 and 174, respectively as well as other financial and statistical information contained in this Draft Red Herring Prospectus.

Unless the context otherwise requires, in this section, references to ‘we’, ‘us’, or ‘our’ refers to our Company. Unless the context otherwise requires, references to our ‘Company’ refers to Josh Bevertech Limited on a standalone basis.

We have described the risks and uncertainties that our management believes are material, but these risks and uncertainties are not the only risks relevant to us, or the Equity Shares or the industry and the segments in which we currently operate or propose to operate.

In addition, the risks set out in this section are not exhaustive, and if any or a combination of any of the following risks actually occur, or if any of the risks that are not currently known or are currently deemed to be not relevant or material now, actually occur or become material in the future, our business, prospects, results of operations and financial condition could suffer, the trading price of the Equity Shares could decline, and you may lose all, or part of your investment.

Furthermore, some events may be material collectively rather than individually and some risks may have an impact which is qualitative in nature but cannot be quantified. In making an investment decision, prospective investors must rely on their own examination of us and our business and the terms of the Issue including the merits and risks involved.

Unless specified or quantified in the relevant risk factor below, we are not in a position to quantify the financial or other implication of any of the risks mentioned in this section. You should pay particular attention to the fact that we are incorporated under the laws of India and are subject to a legal and regulatory environment that may be different from that in other countries.

Our Financial Year ends on March 31 of each year, and references to a particular Financial Year are to the twelve-month period ended March 31 of that year. Unless otherwise stated or the context otherwise requires, the financial information as of and for the financial years ended March 31, 2023, March 31, 2022, and March 31, 2021, included in this section has been derived from the Restated Financial Information included in this Draft Red Herring Prospectus153. We have also included various operational and financial performance indicators in this Draft Red Herring Prospectus, some of which have not been derived from the Restated Financial Information.

The manner of calculation and presentation of some of the operational and financial performance indicators, and the assumptions and estimates used in such calculations, may vary from that used by other companies in India and other jurisdictions.

We have not commissioned an industry report, for the disclosures which need to be made in the section titled “Industry Overview” of this Draft Red Herring Prospectus. We have made disclosures in the said section on the basis of the relevant industry related data available online. We cannot assure you that any assumptions made are correct or will not change and, accordingly, our position in the market may differ from that presented in this Draft Red Herring Prospectus.

Although we believe that the data may be considered to be reliable, their accuracy, completeness and underlying assumptions are not guaranteed, and their dependability cannot be assured. While we have taken reasonable care in the reproduction of the information, the information has not been prepared or independently verified by us or any of our respective affiliates or advisors and, therefore, we make no representation or warranty, express or implied, as to the accuracy or completeness of such facts and statistics. 

Further, the industry data mentioned in this Prospectus or sources from which the data has been collected are not recommendations to invest in our Company. See ‘Certain conventions, Presentation of Financial, Industry and Market Data – Industry and Market Data’, ‘Internal Risk Factors – Other risks – We have not commissioned an industry report for the disclosures made in the section titled ‘Industry Overview’ and made disclosures on the basis of the data available on the internet’ and ‘Industry Overview’ on pages 15 , 24, and 92, respectively.

In making an investment decision, you must rely on your own examination of us and the terms of the Issue, including the merits and the risks involved, and you should consult your tax, financial and legal advisors about the particular consequences of investing in the Issue.