1. Ratlam Wires acquisition - The Wire Division of Ratlam Wires was acquired on a slump-sale basis for ₹30.60 crore in October 2024, adding Spring Steel Wires, PC Strand Wires, and Galvanized/Ungalvanized Wires. This brings immediate revenue from the automobiles and railways sectors and expands the portfolio beyond the legacy wire business that generated ₹225 crore in the latest year.
2. IPO debt repayment and lower finance costs - ₹46 crore of IPO proceeds were used to repay debt, cutting borrowings from ₹63.37 crore to approximately ₹17 crore and improving the debt-equity ratio from 1.4 to 0.16. Finance costs fell from ₹8.85 crore in FY24 to ₹2.99 crore in FY25, directly lifting pre-tax earnings by nearly ₹6 crore annually.
3. Madhya Pradesh industrial incentive - ₹20.94 crore of investment promotion assistance has been sanctioned under the state's 2014 industrial policy, with ₹12.21 crore already received and the remaining ₹8.73 crore receivable by FY28-29. These non-repayable cash inflows flow straight to the bottom line over the next three years.
4. Annealing furnace redeployment - IPO funds originally earmarked for the PTS division were redirected to install a PIT Type Electric Heated Bight Annealing Furnace and a 6T Capacity Bell Type Annealing Furnace in the Wire Division, with ₹35 lakh of the ₹1.75 crore utilised by March 2025. Management expects these furnaces to raise production capacity, improve throughput, and cut operational costs through energy-efficient technology.
5. Real estate diversification - The Board approved entry into real estate development in February 2026, with plans to alter the Memorandum of Association to permit residential, commercial, and township projects, subject to shareholder and regulatory approvals. This opens an entirely new revenue stream beyond steel manufacturing, though no capital commitment or timeline has been disclosed yet.