1. Export revenue surge - Export sales jumped from ₹5.25 Cr in FY24 to ₹22.75 Cr in FY25, with management noting continuing enquiries from new export clients and the company now executing jobs requiring Canadian (CRN) and European (PED) certifications. At roughly 6% of FY25 revenue, exports are scaling off a small base with the stamp approvals already in place, offering a margin-accretive growth leg that does not need new plant.
2. Air Cooled Heat Exchanger mix shift - Air Cooled Heat Exchangers & Accessories rose to 59.87% of revenue in FY25 from 50.07% in FY24, while lower-margin Heat Exchangers fell from 39.81% to 32.82%. A sustained shift toward this higher-value product line lifts blended realisation and operating margin without requiring proportionate volume growth.
3. Rakanpur and Dudhai capacity debottlenecking - The company increased lifting facilities at both manufacturing units and converted one bay at Rakanpur for exotic materials during FY25. Removing handling bottlenecks lets the existing shop floor convert the ₹211.74 Cr order book faster, pulling revenue forward into FY26-27.
4. Finning machine and plant modernisation - About ₹1.25 Cr was invested in plant and equipment in FY25, including a high-tech finning machine to raise productivity. Faster fin-tube output directly supports the growing Air Cooled Heat Exchanger order book and reduces dependence on bought-out components.
5. Working capital headroom expansion - The Bank of Baroda consortium sanctioned an additional ₹52 Cr in credit facilities during FY24-25, taking aggregate limits to ₹287 Cr, and the company also arranged factoring up to ₹100 Cr with HDFC Bank. With a ₹211.74 Cr order book and rising exports, expanded working capital lines remove the financing constraint on executing larger and more working-capital-intensive orders.
6. Management continuity locked in - The Chairman & Managing Director was re-appointed for three years from May 2026 and the Whole-time Director for three years from June 2025, with both appointments explicitly citing increased business activity and the Dudhai unit ramp-up. Tenure certainty through FY28-29 keeps the leadership that delivered 32% revenue growth in the latest reported year in place for the next expansion phase.