1. Torpedo battery production orders - Development-cum-supply orders for Silver Chloride Magnesium and Silver Oxide Zinc batteries for Light Weight and Heavy Weight Torpedoes were expected to materialize into production orders by FY26-end and fetch around ₹50-60 crores per year of additional business. At the company's current revenue scale of \~₹84 crores, this single programme could add 60-70% to the topline once in serial production.
2. Primary Lithium Battery serial supply - A development-cum-supply order for Primary Lithium Battery for Missile/Artillery applications has been designed, developed, and qualified, with regular production and supply slated for FY26-27 onwards. This moves a qualified product from development into recurring revenue, adding a new production line to the Aerospace & Naval segment.
3. Combat underwater Silver Zinc battery induction - A high-power Silver Zinc battery for combat underwater applications was qualified by DRDO, and regular supplies are possible once the platform is inducted into service in the upcoming six to nine months through the Indian Navy. Platform induction converts a qualified battery into a locked-in, long-cycle naval revenue stream.
4. VRFB scale-up with global partnership - A 10 kW / 50 kWh Vanadium Redox Flow Battery programme with OECT and IIT Chennai was completed during FY26, and established VRFB companies from the US and Europe have evinced interest in a tie-up for contract manufacture from India, with initial product manufacture expected in the near future. A manufacturing partnership opens a path into the grid-scale storage market without HEB bearing the full technology-development cost.
5. Hydrogen electrolyzer - 100 kW module partnership - An oil-major has approached HEB to partner for developing 100 kW-plus Hydrogen Generation units including Balance of Plant, and management is confident of developing, demonstrating, and going for regular supply of these modules. A co-development deal with a large counterparty derisks the entry into electrolyzer manufacturing and provides a captive first customer.
6. Lithium-Ion pack facility fully established - The facility for cell screening, battery pack assembly, BMS, controller and electronics for both cylindrical and prismatic cells is now fully established, with EV battery and integrated BESS under in-house evaluation. A commissioned facility shifts Lithium-Ion from R&D to a revenue-ready state, enabling pursuit of both defence and non-defence system integration orders.
7. Defence order book and near-term pipeline - Confirmed order book stood at \~₹56 crores as of FY26-end, with a possible order value of ₹101 crores expected within six months, to be executed over 12-18 months. The combined ₹157 crores of visible orders represents nearly two years of current revenue, providing line-of-sight to a step-up in execution.
8. Export market build-out - Export turnover jumped from ₹40 lakhs in FY24 to ₹12.22 crores in FY25, and the company has appointed authorised agents in markets including Poland, Vietnam, Philippines, Malaysia, Algeria, Italy and Kyrgyzstan. A 30x export surge with an agent network in place suggests the export channel is moving from opportunistic to structural, against a backdrop of 62% growth in national defence exports.