• Phase 1 revenue: The 24,000-tonne Phase 1 facility commenced commercial production on 24 September and is expected to reach full capacity in six months, generating an estimated revenue of Rs 200 to 250 crore.
• Capacity expansion targets: Phases 2 and 3 will add 25,000 tonnes each on a 20-acre complex, with commissioning targeted for March–April 2027 and December 2027–January 2028 respectively to bring total capacity to 80,000 tonnes by March 2028.
• Peak revenue outlook: Management expects capacity utilization to reach 80% to 85% in FY29 and FY30, offering an estimated total top-line revenue potential of Rs 1,000 crore at full utilization.
• Working capital dynamics: The recent spike in working capital was driven by precautionary steel stocking amid war disruptions and extended execution cycles for semiconductor, renewable, and EPC projects, with future requirements expected to scale strictly in line with top-line growth.