1. Bhiwadi copper tubes ramp-up - The 24,000 MTPA Bhiwadi plant started commercial production in June 2025, taking total copper tube capacity to 36,000 MTPA, with utilisation at \~45% in FY26. As utilisation climbs toward the 80%+ levels of the wires business, this segment - already 26% of Q1 FY27 revenue versus 14% a year ago - becomes the primary earnings driver, with the ₹186.77 crore RIPS incentive package adding a direct margin tailwind.
2. CTC entry for HVDC transformers - Commercial production of Continuously Transposed Conductors is expected in Q2 2026, targeting the HVDC transformer industry. This is a new, high-value product category for a company whose wires business runs at 76% utilisation - it monetises existing Silvassa infrastructure while opening a segment tied to India's grid modernisation spend.
3. Silvassa capacity expansion - The board approved \~₹86 crore capex to add 3,600 MTPA at Silvassa by March 2027, lifting capacity from \~45,500 MTPA where utilisation already runs near 80%. With the wires segment contributing 4.56% PBIT margins and growing revenue 29% in the latest year, this directly funds the next leg of volume growth in the company's core product.
4. Epavo BLDC motor scale-up - The 50:50 JV with Epack Durable has 30 lakh motors per annum capacity, supplying BLDC motors for ACs under the PLI scheme, with Indian RAC demand alone implying 2.2-2.3 crore motor units annually. Even a modest share of that market, against a global BLDC market projected to grow from USD 22-25 billion to USD 38-45 billion by 2030, makes this the highest-ceiling growth option in the portfolio.
5. Tefabo wind capacity doubling - The Vadodara plant is expanding from \~40 to \~80 towers per month in two phases, targeting 70-80 towers/month combined capacity by FY26E, with Siemens in advanced talks for a 5-year capacity booking covering 50% of their requirement. Tefabo already holds 30-40% share in key wind segments and posted 14.6% EBITDA margins in FY25 - doubling capacity with pre-booked demand compounds both revenue and profit.
6. Import substitution in copper tubes - India's \~70% of copper tube demand has historically been import-driven, and the government has imposed countervailing duty on imports from Vietnam, Thailand and Malaysia. With Bhiwadi and Vadodara combined, the company is positioned to serve \~30% of India's copper tube demand in a market growing at 16-17% CAGR through FY2030.
7. GCPL merger integration - The GCPL amalgamation became effective June 23, 2025, bringing Daikin, LG and Panasonic as partners plus an ongoing expansion from 7,200 to over 12,000 MTPA. This consolidates the company's position as India's only Level Wound Coil producer and adds approved vendor status with Mitsubishi Heavy Industries, Whirlpool, Voltas and Blue Star to the combined customer book.
8. Advanced product development - New products include litz wires for EV charging, MCB coils now supplying Schneider, L&T, Siemens and Legrand, and copper Tripozal strips for solar inverters, with braid capacity expanded to 100 tons per month. These higher-margin specialised products shift the mix away from commodity winding wire, supporting margin expansion in a business where PBIT margins have already risen from 2.47% to 4.56% over four years.