1. Bushing scale-up to ₹300 cr - Bushing sales hit ₹127 cr in FY26, up \~25%, with a signed long-term contract worth ₹117 cr peak annual value already contributing from Q4 FY26; management targets \~30% growth in FY27 and a ₹300 cr annual run rate. At roughly a third of current total revenue, this is the single largest near-term earnings driver, with wind gearbox design conversions shifting share from bearings to bushings.
2. Advantek Bhayla ramp-up - The ₹250 cr+ greenfield plant, commissioned June 26, 2025, hit positive EBITDA in FY26 and targets ₹140 cr+ sales in FY27, up from ₹43 cr in FY26, with PAT positive by end-FY27. Phase-2 adds ₹110 cr capex for 12 Mio pieces of bushing and stamping capacity within 18 months; combined phases are guided to ₹300-400 cr revenue by year three.
3. China steel-cage brownfield - A USD 9.94 Mio expansion at the existing Changshu site, funded 70-80% via local debt, adds 5.84 Mio pieces of steel cage capacity and is expected operational in Q3 FY28. This doubles China revenue at full maturity, moving the product mix from predominantly brass to steel and brass, with only 1-2 local steel cage suppliers in the industrial segment.
4. Stamping diversification into white goods - Stamping sales grew \~31% YoY in Q1 FY27 to \~₹90 cr, with a signed LOI from a leading multinational AC compressor manufacturer. New products in AC compressor components, railway seals, and automotive stamping target \~30% growth this year against last year's ₹60 cr, and management will not take business below 20-21% value addition.
5. Romania product-mix turnaround - Romania's cage sales mix is targeted to rise from \~22% to 30-35%, with a new CEO brought in and combined foreign subsidiary losses expected to taper to ₹2-3 cr vs ₹10 cr last year. The facility posted positive EBITDA in Q2 FY26 after several quarters of losses, with top-line growth of \~38% YoY.
6. Japan wallet-share expansion - Sales to Japan-based customers grew \~25% YoY in Q1 FY27 to \~₹21 cr, with full-year expectation of \~₹80 cr vs ₹72 cr in FY26. Wallet share is only 1-2% today, and management targets 5-10% over the next 2-3 years, a multi-year growth runway from a low base.
7. Solar EPC and O&M recovery - Solar revenue reached ₹183 cr in FY26 with PAT of ₹10.2 cr, returning to positive EBITDA after legacy receivable issues were resolved. FY27 outlook is \~₹200 cr revenue at 7-8% EBITDA margin, with growth of more than 25% expected going forward.
8. Export growth and tariff tailwind - Exports from India grew \~22% YoY in Q1 FY27 to ₹139 cr, with US import tariffs on cages reduced to zero. Europe is \~30% of total sales and industrial demand is reviving, while China Plus One sourcing is bringing new order inflows from customers setting up in India.