1. Order book of 8,000+ buses - Order book stands at 8,000+ buses, with \~4,000 for MSRTC and \~2,000 for BEST, to be delivered over the next 2 years. At FY26's average realization, this represents over 3 years of current EV revenue, giving multi-year visibility.
2. FY27 delivery ramp to 2,500 buses - Q1 FY27 deliveries rose 122% YoY to 358 units; management guides \~500 in the coming quarter, improving to 600-700 in Q4 FY27, with a full-year budget of 2,500 vehicles. This is nearly double FY26's 1,280 units, and the company has delivered 350+ buses for 4 straight quarters.
3. Next-generation bus and truck platforms - Investing \~₹450 crore in new programs, with products launching from Q4 FY27 - 1-2 launches per quarter for the next 4 quarters - featuring localized batteries and all-local aggregates except cells. Management expects better margins than current products, visible from Q4 FY27.
4. Greenfield EV facility at Seetharampur - Declared COD on 31 Dec 2025 with 2,500 buses per annum per shift capacity, 50% of the planned 5,000-unit capacity, scalable to 10,000. This removes the main capacity bottleneck - the company delivered 1,280 buses in FY26 against a 2,500-unit initial capacity.
5. Electric truck segment launch - \~115 trucks deployed as pilots, with 40-50 more to come; own next-generation truck launches at end of Q4 FY27, with sales impact from next financial year. The addressable market next year is \~1,500-2,000 vehicles, and the company targets 20-25% market share in year one.
6. Insulator division 5x growth path - Investing \~₹50 crore in a new building and equipment for capacity expansion, with a path for 5x revenue growth over 3 years; order book is \~₹300 crore. The division already earns \~45% gross margins and 34.5% PBIT margins, with exports at 35-40% of top line.
7. New insulator products - hollow core and solid core - New products approved with an addressable TIV market close to ₹500,000 crore, with multiple allied products under evaluation. This opens a market vastly larger than the current insulator business, which did \~₹325 crore revenue in the latest year.