Duncan Engineering is a specialist manufacturer that turns compressed air into controlled industrial motion - it designs and builds the pneumatic cylinders, valves and automation systems that keep factories, power plants and refineries running. The company has been doing this from its single plant in Ranjangaon, Pune, since 1961, giving it over six decades of engineering know-how in a market where customisation is the real differentiator. Its entire approach is built on a simple idea it states outright: “Non-standard is our new standard” - roughly 40% of what it sells is custom-built to a specific customer’s requirement, not picked from a catalogue. # Business segments Two engines, one factory - a core pneumatics and valve-automation business that serves heavy industry with both standard and bespoke products, and a smaller tyre-valve operation that supplies automotive manufacturers - both drawing on the same Ranjangaon plant and engineering DNA. ## 1. Pneumatic products and valve automation: the custom-engineered heart of the business **The company makes the components that control air-powered machinery - cylinders, valves and actuators - and wins not on price but on its ability to build exactly what a specific factory or project needs.** - **Custom is the competitive edge** - a dedicated Proposal Engineering team prices non-standard cylinder enquiries case by case, and these custom orders make up about 40% of total sales, letting the company compete on fit rather than just cost in a price-sensitive market. - **Sells to both new projects and ongoing maintenance** - revenue comes from project demand (new installations and capacity expansions) and aftermarket demand (spares, repairs and replacements), so the business gets a recurring stream from factories that are already running its equipment. - **Power is the biggest customer, but the reach is wide** - the power sector is the largest consumer of its pneumatic products in India, yet the same components go into oil and gas, chemicals, steel, cement, pharmaceuticals, automotive and even healthcare manufacturing. - **Certifications unlock the high-spec end of the market** - the company holds ISO 9001, ISO 14001 and ISO 45001 certifications, plus ATEX and SIL approvals for hazardous environments, and it recently secured Engineers India Limited certification for on-off valves with its own actuators, which opens the door to refineries, petrochemical plants and pipelines. - **Defence and nuclear are the new frontiers** - it is focused on expanding its footprint in the defence and nuclear sectors for fluid-power systems on mission-critical national projects, and it develops tailored solutions for marquee public-sector clients like BHEL, including specialised cylinders and knife-gate valves. ## 2. Automotive tyre-tube valves and accessories: the steady, scaled companion **A smaller but established business supplying tyre-tube valves and related accessories to automotive manufacturers, running alongside the pneumatics operation from the same plant.** - **A legacy product line with its own customer base** - the company manufactures automotive tyre-tube valves and accessories, a distinct product category from its pneumatic automation equipment, serving vehicle manufacturers and the automotive supply chain. - **Made on the same factory floor** - production happens at the single Ranjangaon plant, sharing manufacturing infrastructure and overheads with the pneumatics business, which keeps the operation lean. - **Domestic demand drives it** - like the pneumatics business, this is overwhelmingly a domestic play, with exports across the entire company amounting to only about ₹20 lakh in the latest year, so the valve line is tied to Indian automotive production cycles. # Group structure and partners **The company is a listed subsidiary controlled by a family-promoter group, with a newly formed Saudi Arabian subsidiary aimed at the Middle East oil and gas market.** - **Promoter-controlled with a listed identity** - the holding company is AG Ventures Limited (previously Oriental Carbon & Chemicals Limited), and a promoter entity is Duncan International (India) Ltd, Kolkata; the board is chaired by Arvind Goenka, while his son Akshat Goenka serves as Managing Director. - **A Saudi subsidiary for Gulf projects** - in December 2025, the company incorporated a wholly owned subsidiary, DEL Arabia Company, in Saudi Arabia to expand into the Middle East, specifically targeting oil and gas and related projects; as of March 2026 it had not yet commenced operations. - **A joint venture that didn’t materialise** - earlier in 2025, the company had signed a joint venture agreement with a Saudi partner to set up local manufacturing, but the entity could not be incorporated within the agreed timeline and the agreement was terminated in January 2026 with no money spent.