1. Power 930 execution - Management guides FY27 revenue of ₹1,377 crore and EBITDA of ₹270 crore on continuing operations, with EPS growth of 40-50% maintained for FY26 and FY27. The ₹9,000 crore FY30 revenue target implies roughly 60% CAGR from the FY27 base, with the mix shift to 80% products/solutions at 25-26% margins driving the step-up in profitability.
2. Akkodis divestment proceeds - The combined Phase 1 and Phase 2 divestment to Akkodis is valued at US$237 million (\~₹2,256 crore), with closing targeted in two phases by August 31 and November 30, generating \~₹920 crore net cash proceeds and a \~₹1,255 crore extraordinary gain. This funds the entire ₹2,100-2,250 crore capex and acquisition pipeline without equity dilution or incremental long-term debt, removing the balance-sheet constraint on growth.
3. Defence assured forecast visibility - Defence AFV stands at ₹4,557 crore as of Q1 FY27, up from ₹4,350 crore, with 8 design wins in the quarter and executable through FY30. At FY26 revenue of ₹379 crore, this represents over 12x revenue coverage, supporting management's guidance of 75%+ YoY defence growth over the next several years.
4. BrahMos seeker qualification - The ESA-based radar seeker for BrahMos NG is in advanced prototype stage with customer acknowledgement received, and business from seekers is expected from next financial year. Seekers represent at least 30% of missile cost, and with BrahMos ramping from 100 to 150 systems per year, qualification would open a recurring revenue stream tied to India's largest missile program.
5. XiDA customer acquisitions - XiDA added two of the world's largest technology companies via business transfer agreement - the world's largest semiconductor equipment manufacturer and a leading AI/hyperscale company - with the agreement completing in Q2 FY27. The business transfer contributes 46% EBITDA margin, lifting the combined stream to 30%, and XiDA is expected to grow over 100% this year on organic growth plus acquisitions.
6. Aerospace manufacturing acquisition - A signed non-binding offer for an AS9100-certified precision manufacturing company is expected to close in Q2 FY27, adding \~₹180 crore annualized revenue and ₹39 crore EBITDA at 22% margin. This replaces the divested aerospace EBITDA at roughly 25% of the cost (1:4 leverage) and provides the metallic manufacturing backbone for defence and electronics.
7. Devanahalli Atmanirbhar Complex (DAC) - Phase 1 construction is underway with radar hangars to be completely ready by Q3, and the facility will handle large-scale radar integration and maintenance with orders already in hand. At \~₹1,200 crore capex, DAC anchors the radar, unmanned warfare, and offset fulfillment strategy, with satellite MAIT facility construction started.
8. Missile Atmanirbhar Complex (MAC) - Land acquisition is complete at Hyderabad's IP Hardware Park for ₹39.4 crore, with groundbreaking in early July and construction begun. The \~₹300 crore facility is tailored for missile electronics and integration, targeting new missile production given the government mandate for missiles to be made in India post-Operation Sindoor.
9. MBDA test bench ramp - MBDA test benches are scaling from \~5 to \~10 per year, working on MICA and Meteor platforms and expanding to CAMM and Aster, with three benches to be completed this financial year. New Make in India initiatives under the Rafale program include local missile assembly and large electronics production, deepening a decade-old partnership.
10. Revenue deferral recovery - Over ₹60 crore of the ₹142 crore Q4 FY26 revenue deferral was recovered in Q1 FY27, with the balance planned across Q2 and Q3. This is hard revenue already under execution, with \~₹120-140 crore cash expected to be released in H1 FY27 from deferred and unbilled revenue.