1. CRGO capacity expansion to 23,340 MTPA - Installed CRGO capacity reached 23,340 MTPA by November 2025 after a brownfield expansion at Unit II, and FY26 production hit 15,554 MT against a 16,000-ton target. At 85% utilisation of the expanded base, volume growth flows directly to revenue - management had earlier mapped 30,000 tons to roughly ₹900 crores of topline.
2. EPC order book of ₹267.49 crores (inclusive of GST) - Three work orders from ABI Energy Solutions totalling ₹267.49 crores inclusive of GST were signed in September 2025 for T&D lines in Haryana and Punjab, with the majority of revenue expected in FY27. FY26 EPC revenue already reached ₹141.5 crores, so the existing order book alone provides near-term visibility well above the scale of the legacy CRGO business.
3. Unit III greenfield - core-coil assemblies and transformers - Unit III commenced commercial operations on 12 July 2025 with BIS approval secured, adding 1,200 MTPA of CRGO product capacity and 1,000 MVA per annum of transformer capacity. Management targets about ₹5 crores in transformer and CCA revenue in FY26 and about ₹40-50 crores in FY27, creating a new earnings stream from forward-integrated products at a capex of only ₹3 crores.
4. PGCIL 765 kV and NTPC approvals achieved - PGCIL 765 kV class and NTPC approvals were listed as achieved milestones in 2026, building on the 400 kV PGCIL approval that had already brought in ₹17 crores of orders within a month. Higher kV orders carry 2-5% better gross margins and open an addressable market management estimated at 70,000-80,000 tons for the 400 kV PGCIL approval.
5. NABL-accredited in-house CRGO testing lab - The in-house CRGO testing laboratory at Unit II completed its NABL audit and is expecting to receive the certificate very soon, eliminating dependence on third-party testing. Faster turnaround on quality certification removes a process bottleneck that previously stretched lead times.
6. Export customer diversification with delivered transformer orders - Developmental export orders for transformers have been received and initial units delivered and installed at customer locations, while the company added marquee domestic clients like BHEL Bhopal and reduced top-10 client concentration to 52%. An export customer commitment of ₹15-20 crores annually was indicated, with ₹3-4 crores expected in FY26, broadening the revenue base beyond domestic CRGO processing.