1. Sangli coil factory - Trial production is targeted for August 2026 at the new 320,000 sq. ft. facility, which supports up to 8x current capacity and includes a 2,500 kV test lab. Management pegs peak revenue potential at ₹1,500-1,800 crore, with \~60 global customer audits lined up to unlock approvals for Adani and Power Grid HVDC projects.
2. Winwin insulators acquisition - Confirmatory due diligence is complete and the \~₹315 crore acquisition of Winwin Speciality Insulators is progressing toward definitive agreements, with consolidation expected in Q4 FY27. The factory can do ₹300-400 crore annually initially, and internal demand alone is ₹40-45 crore a year, removing a key supply-chain bottleneck.
3. Endoks BESS/PCS expansion - Operations at the new Turkey PCS facility begin in Q3 FY27, with a 1 GW order already secured against 4 GW capacity. Peak revenue potential is at least $70-80 million on a \~$2 million investment, and the BESS order book is \~US$31 million with a target of US$60-80 million in orders this year.
4. HVDC reactor orders - Multiple purchase orders for HVDC reactors up to 800 kV, worth approximately ₹146 crore and ₹57 crore, are in hand with \~18-month execution periods. A classic 6 GW LCC HVDC corridor entails ₹200-300 crore of reactors alone, and Power Grid has announced two more HVDC projects in the next year.
5. Mehru capacity expansion - Four new autoclaves at the Bhiwadi plant are being installed monthly, targeting a \~45% capacity increase by April 2026. Mehru can reach ₹450-500 crore revenue at current capex, and is already supplying 1 in 2 high-voltage instrument transformers in India with customers writing framework orders.
6. GIS instrument transformers with Hyosung - Co-development with Hyosung T&D India for gas-insulated switchgear instrument transformers is underway, with first prototypes expected around July-August 2026. This is a ₹200-300 crore import-substitution product with a global market of ₹2,000-3,000 crore and fewer than half a dozen competitors outside China.
7. Winwin type tests & orders - Type tests up to 220 kV are complete, with 400 kV and 765 kV tests slated in the next few months, and 800 kV/765 kV DC insulator orders already secured for HVDC projects. The facility is approved in over 55 countries, and management targets \~₹200 crore of orders in the next nine months.
8. Data centre reactors - A \~₹48.3 crore order for high-voltage reactors for a US data centre project was disclosed in Q1 FY27, following a Microsoft order in Finland. The US data centre integration reactor market is \~₹1,500 crore a year, and more projects are expected in the next few quarters.
9. Sukrut JV turnaround - The 50% stake in Sukrut Electric was acquired in January 2026, and the business turned operationally positive in its first month under new management. It brings access to in excess of 1,000 transformer customers, with revenue anticipated at \~₹28 crore this year and 70-75% growth expected without losses.
10. Turkey instrument transformer facility - A new facility in Turkey is being evaluated with an initial outlay of \~$6 million, expected to become a $25-35 million business in 2-3 years at 15-20% margins. Turkish local market prices are 30-35% higher than India, with overnight road access to Germany and France.