• BESS revenue outlook: The battery energy storage systems (BESS) business is currently generating around ₹200 crore this year and is growing 50% to 100% month-on-month, with management aiming to reach ₹1,000 crore in top line over the next three to four years.
• C&I segment expansion: Supported by government mandates requiring 20% BESS for solar projects, the company plans to execute ₹300 to ₹400 crore in high-margin Commercial & Industrial (C&I) orders by FY28 utilizing its proprietary BMS and EMS technology.
• Cell manufacturing capex: Current BESS operations rely on low-capex shared infrastructure, with major future capital deployment focused on establishing a cell-manufacturing line, which is being finalized likely through a partnership by the end of the year.
• Wheelset production timeline: Under the partnership with Lucchini, axle production is scheduled to come online by the middle of next year, followed by complete wheelset production within the subsequent quarter.