• Top-line growth target: The company targets 25% annual revenue growth over the next 3 to 4 years to double its top line to around ₹4,000 crore, supported by clearances now in place and the current order pipeline.
• Order book breakdown: Out of the ₹13,000 crore order book, industrial accounts for ₹6,000 crore, water and wastewater contributes ₹4,000 crore, and buildings make up ₹3,000 crore.
• Operating margin profile: Margins across key verticals are projected to remain steady in the 18% to 22% band, supported by pass-through commodity cost escalations and higher-value HAM model projects.
• Revenue and IRRs: Annuity projects represent 25% of revenues with expected project IRRs of 18% to 20%, though the company has no current plans to form an InvIT structure.
• Capex and financing: Planned capex is ₹500 to ₹600 crore over the next 2 to 3 years funded primarily via internal accruals, while standalone borrowings will remain limited as debt is linked to project-specific SPVs at an average cost of 12%.