1. Group revenue and PAT guidance - Management guides revenue of ₹55 Cr in FY27 and ₹70-80 Cr in FY28, with PAT of ₹9 Cr in FY27 and ₹14 Cr in FY28. At the FY26 base of ₹41.79 Cr revenue and ₹5.59 Cr PAT, this implies a two-year revenue CAGR of \~33% and PAT CAGR of \~70%, driven almost entirely by utilisation gains and mix shift rather than new capex.
2. Plant 1 utilisation ramp to 90-95% - Plant 1 has already moved from 30% utilisation in November 2024 to 80% by May 2026, and management targets 90-95% without additional capex, needing only labour and shift adjustments. Every incremental tonne here drops straight to the bottom line at railway margins of \~35% EBITDA, since the fixed-cost base is already absorbed.
3. Plant 2 ramp to 70-80% utilisation - The newly inaugurated Plant 2, built for ₹8-10 Cr from internal accruals, is at 30% utilisation and is expected to reach 70-80% in 1.5-2 years as RDSO approvals convert to regular orders. At peak, Plant 2 alone can deliver ₹60 Cr in revenue, more than the entire company earned in FY26.
4. BEML vendor code opens defence and railway bulk orders - A maiden ₹1.2 Cr order from BEML in March 2026 came with a vendor code that unlocks both railway and defence supply opportunities. Management expects bulk orders roughly six months after delivery and certification, adding a new institutional channel beyond direct Indian Railways tenders.
5. Smart meter rubber - contracted growth to 2030 - The company is a single-source vendor to Genus Power and HPL Power under agreements running till 2030, with an annual order book of ₹12 Cr growing 15-20% year-on-year. With 75% of the national 250-million smart meter target still uninstalled and 20% free capacity on the 14 dedicated lines, volume growth is largely pre-sold.
6. Railway pads entry into a ₹200 Cr annual tender - The company is targeting railway pads, a ₹200 Cr-per-year tender market where 50-53 of 70 registered vendors are blacklisted, leaving only 15-17 active players. Entry requires no new plant - it leverages existing Class 1 status and the same EPDM rubber capability already running in Plant 1.
7. Bridge pads - new vertical from existing Plant 1 capacity - Management plans to enter the EPDM bridge pad market within the next 6-8 months, using Plant 1’s existing capacity and EPDM expertise. The company expects bridge pads to generate more revenue than solar rubber, adding a third railway-adjacent earnings stream with minimal incremental investment.