1. Ghiloth Unit 3 MV plant starts up - The new medium-voltage cable facility at Ghiloth is set to begin commercial production by the end of H1 FY27, adding \~₹150 cr annual revenue capacity at 85% utilisation. This is part of an expansion plan that is expected to increase the company's total installed revenue capacity to over ₹600 cr by Q1 FY28, with the first six months of output landing inside FY27.
2. Adjacent Ghiloth expansion by Q1 FY28 - An additional capacity block next to the new Unit 3 has been finalised, adding another \~₹100 cr annual revenue capacity at 85% utilisation, with commissioning targeted by Q1 FY28. Together with Unit 3, total installed revenue capacity crosses ₹600 cr - roughly 2.5x the ₹235 cr revenue base of FY26 - on a capex of only \~₹40 cr.
3. Order book has tripled and is converting fast - The unexecuted order book stood at ₹210 cr as of 30 June 2026, up from ₹130 cr at end-December 2025, with execution expected over the next 4-6 months. A ₹210 cr backlog against trailing quarterly revenue of ₹93 cr gives near-term revenue visibility that already covers most of the FY27 growth guide.
4. Existing facilities hit near-peak utilisation in March 2026 - The two legacy plants clocked a combined monthly revenue run-rate of \~₹30 cr in March 2026, implying \~85% utilisation against a combined peak potential of \~₹360 cr. This removes the utilisation drag that held blended margins down in prior years and shows the base business can fund expansion capex from internal accruals.
5. BIS upgrade to 33 kV unlocks higher-value tenders - The BIS license was upgraded from 3.3 kV to 33 kV for power cables, and new certifications were secured for solar cables and aluminium alloy stranded conductors. These certifications open participation in renewable EPC and higher-capacity transmission projects where MV cables carry 12.5-13% EBITDA margins versus 10-11% for LT.
6. Q1 FY27 revenue already exceeds H1 FY26 - Q1 FY27 delivered record quarterly revenue of ₹93.2 cr, up 169% YoY and higher than the entire ₹90.7 cr of H1 FY26. A single quarter matching the prior-year half puts the company well on track for the 40-45% FY27 revenue growth management has guided.
7. State vendor approvals widen the government funnel - The company is now approved across more than 18 states, with 5 incremental state approvals in FY26, and total vendor registrations at 44 including PSUs. Each new state approval opens a fresh tender pipeline from state electricity boards and DISCOMs, which already supply \~50-55% of the order book.
8. ₹32 cr record order signals EPC scale-up - The company won its largest-ever domestic order in April 2026, a ₹32 cr contract from a private-sector EPC for HT cables, LT AB cables and covered conductors to be deployed on a State Electricity Board project. A single order equal to 14% of FY26 revenue demonstrates the step-change in bid eligibility that the 33 kV BIS upgrade and new MV capacity bring.