1. Battery backward integration - Ground was broken for the Pillaipakkam battery pack plant in Q4 FY26, with production targeted for Q2 FY27 and a ₹5,000 Cr investment plan over 7-10 years. This creates a new earnings leg beyond vehicles, with captive packs for its own EVs and energy storage systems, funded by the Hinduja Group.
2. Electric bus scale-up - Switch Mobility delivered 225 electric buses in Q1 FY27 and 850 electric buses in 9M FY26, with an order book of 2,100 e-buses at Q1 FY27. The subsidiary is already net profitable and targets free cash flow positive by FY27, making it a self-funding growth driver.
3. Export expansion - Exports hit a historic high of 18,082 units in FY26, +18.5% YoY, with a medium-term target of 25,000 units. The new Saudi plant (incorporated Nov 2025) targets domestic and export markets, and ASEAN is being established as a fourth home market.
4. Defence order pipeline - Defence revenue grew 20% YoY in FY26 to ₹1,200+ crores, with an order pipeline above ₹1,500 crores. Q1 FY27 revenue grew 64% YoY, and management expects strong growth for the next 2-3 years.
5. New heavy-duty truck range - HIPPO tractors and TAURUS tippers (320/360 HP) started shipping in Feb-Mar 2026, with full ramp-up and market share impact expected from Q2 FY27. These fill a gap in the tipper and tractor-trailer segments, where the company had lost share due to delayed launches.
6. Bus capacity ramp-up - Bus body-building capacity will reach 20,000+ units per year after the Lucknow and Vijayawada plants ramp up, from \~12,000 currently. This removes a key bottleneck, supporting the company's 34.1% bus market share and a ₹668.76 Cr order from Tamil Nadu.
7. Aftermarket & power solutions - Aftermarket revenue grew 9.5% in FY26 to ₹4,450 cr, and Power Solutions grew 16.4% to \~₹1,400 cr. These high-margin, capital-light businesses add operating leverage and cash generation, with Q1 FY27 power solutions revenue up 51% YoY.