1. Metals capacity ramp-up - The second casting line at Future Tech is fully commissioned and running at full production, with Q1 FY27 metals sales up 51% YoY to ₹79 cr at \~65-70% utilisation. Management targets 7,000+ tons and 15-25% volume growth in FY27, with ROCE already above 16% and a 20%+ target - the vertical is on track to become 60%+ of group revenue.
2. EV battery components - Triton is single-source supplier to Ather and TVS for pressure relief valves, holds an Indian patent, and has qualified parts with Reliance New Energy, with a new Bajaj and Honda programme under development. EV component sales are growing \~103% YoY, and management targets \~₹100 cr in this vertical over the next few quarters, with new-product margins 500-1000 bps above legacy.
3. Climate control trade remedy - Management has made two representations to the commerce ministry for a QCO or minimum import price on AC service valves, with the QCO draft expected imminently; India imported ₹500-600 cr of these components last year versus Triton's \~₹25-30 cr sales. If implemented, the vertical targets \~₹100 cr revenue, and all top-five Indian AC makers have already approved Triton's products.
4. Metals special alloys - A special alloy for a European customer shipped its first container to Germany in June 2026, a Middle East defence contractor order resumed post-war, and a Chinese customer booked the first brass ingot export. These value-added products carry "very good margins" and target import substitution of alloys currently sourced from China, with a \~₹5 cr capex for new foundry and drawing equipment.
5. Tubeless valve share gains - Tubeless valve volumes are growing \~25% YoY with over 90% market share, and the tube-to-tubeless transition is expected to complete in 4-5 years. The shift favours Triton's competitive position and carries slightly better gross margins, with capacity utilisation above 85-90% driving the \~₹10 cr FY27 automotive capex.
6. US climate control exports - A new US customer programme developed 14 components in 3-4 months, with \~₹1.5-2 cr sales expected in Q1-Q2 FY27 and potential to scale to ₹10-15 cr of exports. First export realizations for patented connectors came through in Q1 FY27, adding a new revenue stream in a vertical that is otherwise flat.