Ac

The company has some ability to price recurring statutory services and bundled offerings, but the market is highly competitive and price‑sensitive. Gross margin slipped from 48.5 percent in FY2024 to 43.8 percent in FY2025 as staff costs rose with expansion, indicating limited latent pricing power.

IP filings and incorporations are largely one‑off and face online competitors. While secretarial renewal work can sustain modest increases, we do not see structural leverage akin to tollbooths or monopolies.