@engcom-Hotel I am able to reproduce the same issue in 2.4.7-p1.

Steps to Reproduce

1. Change Encryption Key from Admin
2. Remove the old encryption key from app/etc/env.php and Save
3. Check the indexer_state, note down the updated at for all the rows
4. Run setup upgrade. You can found out that indexer status was updated and hash values are changed
5. In case of hash change customer_flat_grid data will be refreshed

Here is the indexer status from my local before and after

I would suggest re-open the issue

Originally posted by @senthilengg in #39206 (comment)