1. Gavasad Expansion #3 - The 6,500 MVA addition (₹120 cr capex, internally funded) is on track for April 2027 commissioning, with civil work complete and equipment ordered. It doubles capacity to 14,000 MVA and supports a guided ₹1,400-1,500 cr turnover potential at full utilization, versus ₹652 cr revenue in the last reported year.
2. 220 kV product vertical - The new facility makes transformers up to 160 MVA, 220 kV class, with order-taking starting January 2027 and manufacturing from April 2027. This moves the company from generation-linked solar/wind orders into transmission, where it has no presence today, and opens the export market once domestic references are built.
3. FY27 revenue guidance - Management maintains the ₹800 cr FY27 revenue target despite a softer Q1, backed by an \~₹800 cr order pipeline and an order book of \~₹500 cr spanning Q2-Q4. This implies \~27% growth over the last reported ₹628 cr, with the existing 7,500 MVA plant expected at near-full utilization for the year.
4. Export recovery - Deferred Middle East shipments resumed in April 2026, and US tariff reduction from 50% to 10% has restored order intake, with Q1 FY27 deliveries picking up notably. Exports carry \~10% higher EBITDA margins than domestic, and at 48% of FY26 revenue, recovery directly lifts profitability.
5. Price escalation pass-through - Transformer oil prices nearly doubled and other commodities rose 10-25%, but price revision discussions are underway with almost all customers, with new inquiries quoted at current costs. Since \~50-60% of the price rise is already passed through and remaining orders execute at market prices, margin recovery is built into the current order book.
6. NSE listing - Shares listed on NSE on 24 November 2025, adding to the BSE listing held since 1995, with no lock-in on the 1.14 cr shares. The broader investor access supports the stock's re-rating, with market cap at ₹5,235 cr as of August 2026.
7. Land for further expansion - The company bought \~4.5 acres adjacent to Gavasad, and the site has land for \~2X capacity beyond the 14,000 MVA expansion. Management aims to scale to 25,000-30,000 MVA in coming years, signaling the next capex cycle is already being prepared.