1. Millenium PCS serial production - Millenium secured its first commercial serial order for Power Conversion Systems (BESS) in FY26, with execution scheduled for FY27 and serial volume production expected from Q4 FY26. This moves the venture from homologation and beta deliveries to recurring revenue, with Indag committing a further ₹2.30 Cr investment by March 2027 to fund the ramp-up.
2. Core aftermarket margin recovery - FY26 EBITDA grew 36% YoY to ₹22.43 Cr with margins expanding \~300 bps to 10.0%, driven by healthy volume growth in the domestic aftermarket and a rebound in STU volumes in H2. Operating cash flow tripled to ₹19.7 Cr, directly strengthening the balance sheet that already holds ₹116 Cr in liquid investments.
3. EV and LCV tread range - Indag introduced a new tread range for LCVs and EVs, including EV-optimised products for e-buses, developed at its Nalagarh R&D facility. Customer testimonials show the existing ZZYL pattern delivering 1.6 Lakh KM at 85% wear, suggesting the new range enters a market where product performance is already a proven differentiator.
4. Export market entry - Management is strategically targeting new export markets, with product innovation tailored to export needs and a prior foray under the "Zoma" brand in 2012 providing institutional memory. Existing production capacity is sufficient for projected growth, so any export wins would flow through without requiring fresh capex.
5. MRO lease annuity - The Bhiwadi MRO facility is leased to Elcom Systems at ₹36.95 Lakh per month, with a 12% escalation every three years, running through February 2031. This provides a steady, contractual non-rubber income stream of over ₹4.4 Cr annually that is already in place and escalating.