• IPO proceeds deployment: The company will use its ₹353 crore fresh issue proceeds to repay ₹180 crore of debt—reducing total debt from ₹400 crore to ₹220 crore—and allocate ₹114 crore toward capex across three locations.
• Margin trajectory: EBITDA margins for core steam sales remain intact at 23–24% after being diluted by a low-margin coal trading business that generated ₹132 crore in FY26 and was discontinued from April 1, 2026.
• Capacity expansion: Current capacity of 345 tons will increase to 465 tons upon the commissioning of four under-construction boilers, with IPO proceeds earmarked to add another three boilers.
• Industry growth drivers: Demand is propelled by regulatory shifts toward community boilers across industrial clusters, state incentives like Gujarat's 40% capital subsidy, and an F&S-projected market CAGR of 9.4% through 2031.