• Revenue and backlog: Q2 revenue is tracking near the ₹3,000 crore mark and is projected to rise well above that in Q3 and Q4, supported by an order backlog exceeding ₹14,000 crore.
• Legacy project status: Primary engineering risks on the unprofitable FY22 government contract have been resolved, with the final portion of the project scheduled to close in Q1 of next fiscal year.
• Finished goods inventory: Shipping constraints have stabilized compared to Q1, with unshipped finished goods inventory expected to hold steady around ₹300 crore.
• Data centers and power: Strong growth is driven by US data centers, which constitute 5% to 10% of the order book, alongside a major thermal power expansion driving large boiler orders in India, Africa, and the Middle East.
• Bio-CNG expansion: Favorable government policies and pricing are expected to deliver over 10 bio-CNG plant orders annually over the next two to three years, generating ₹1,000 crore to ₹1,500 crore in annual order value and revenue.