• Revenue mix shift: Growth segments—including exports, metal cards, RFID, and tax stamps—are projected to rise to 70%–80% of total revenue over a two-year horizon, while traditional domestic PVC cards decline to 20%–30%.
• Export expansion targets: Exports are expected to scale from around 7.5% to 25%–30% of top-line revenue over the next two to three years, driven by expansion across the UK, Europe, Nigeria, GCC, LatAm, and the US.
• Capex and capacity: Deploying ₹238 crore of fresh issue proceeds into plant and machinery is projected to generate ₹1,200 to ₹1,500 crore in incremental revenue via 6x to 8x asset turns, scaling card production to 17–18 crore cards against an existing 22 crore capacity.
• Customer concentration risk: Management plans to reduce exposure to its top 10 customers (currently 59% of revenue) by upselling multiple products to existing clients and onboarding new customer bases in target international markets.