1. Bus body market push - Strategic marketing on safety and direct collaboration with bus body manufacturers are generating new business, and management states the segment contributed positively last year and will be “further accelerated”. Buses use large glass areas per vehicle, so even modest share gains here add meaningful volume to a plant built for automotive scale.
2. LCV and small commercial vehicle programs - New light commercial vehicle programs are in execution, with management targeting expansion in the LCV bus category and the small commercial vehicle sector after a positive contribution last year. These programs are typically multi-year platform wins that lock in revenue streams once the vehicle launches.
3. Electric three-wheeler OEM entry - Electric three-wheelers crossed 60% of retail sales in the segment, and the company’s forward plans include entering this OEM space, calling it “the defining growth catalyst of the next phase”. The segment’s rapid electrification opens a new OEM glass category that barely existed for the company a few years ago.
4. Aftermarket distribution expansion - Management sees consistent aftermarket growth from new product references and better service in truck and bus replacement glass, and will prioritise expanding the distribution network. Aftermarket sales typically carry higher margins than OEM supply and grow with the vehicle parc, adding a recurring earnings layer.
5. Production automation and bending upgrades - An auto-loader system was installed in the pre-processing line, and the company is upgrading lamination and bending capabilities with Saint-Gobain support, targeting the industrial vehicle segment. These upgrades raise throughput and reduce unit conversion cost, directly expanding operating margin on the same revenue base.
6. Green power via Murli Solar SPV - The board approved entering into a power purchase and share subscription agreement, which was executed on 25 May 2026 with Murli Solar Energy Private Limited and Sunsure Energy Private Limited. Sourcing renewable power under the captive model lowers the energy cost base of a manufacturing operation where electricity is a meaningful input.