1. CRGO lamination volume ramp to 30,000 MT - After tripling installed capacity to 36,000 MTPA and commissioning Unit 3 in July 2025, management targets 30,000 MT of CRGO lamination volume in FY27, a \~50% step-up from FY26's 19,856 MT. At an assumed ₹200-210/kg CRGO price, this alone drives \~₹600 crore of the guided ₹750-800 crore FY27 revenue, filling the capacity that is already built and paid for.
2. Copper conductor entry - H2 FY27 revenue start - Phase 1 of the copper conductor plant (1,500-1,800 MTPA, ₹25-30 crore capex) is under installation, with trial production expected by end-September 2026 and revenue from H2 FY27. Management targets \~1,000 MT of sales in FY27, assuming ₹110-120 crore of revenue at that volume, adding a new earnings stream that can reach ₹150-200 crore at peak utilisation.
3. Transformer radiators - first full year of commercial sales - Commercial sales of the new 7,200 MTPA radiator line began in April 2026, and FY27 is the first full year of contribution. With a target of 20-25% utilisation and \~₹25 crore revenue at 18-20% EBITDA margin, radiators lift the blended margin above the core lamination business.
4. Nanocrystalline cores scale to 180 MT - The 240 MTPA nanocrystalline core facility, commissioned in November 2025, generated ₹3.48 crore in H2 FY26 and is guided to reach \~180 MT of sales in FY27, yielding ₹18-20 crore of revenue at a \~25% PAT margin. At full tilt the plant can deliver \~₹50 crore of peak revenue, all at margins well above the company average.
5. CRGO price recovery and potential safeguard duty - CRGO prices have recovered \~5% in April 2026 to \~₹195/kg, and management's FY27 revenue bridge assumes ₹200-210/kg, with a long-term mean of ₹200-220/kg. If the government imposes a safeguard or anti-dumping duty on CRGO imports, prices could rise by another ₹25-30/kg, which would push the earlier ₹1,000 crore revenue target into FY27 without needing extra volume.
6. High-voltage bushings - new entity with technology tie-up - A separate entity is being set up for HV bushings (12 kV to 400 kV), with Vilas Transcore holding 25% equity, an R&D centre under development, and discussions underway for a JV or technology transfer for RIP bushings. Phased commercialisation is expected over the next year, and management has flagged a potential future merger into Vilas Transcore to make it a full-spectrum transformer-component flagship.
7. Main-board listing process begins December 2026 - The company becomes eligible to apply for main-board listing in June 2027 and plans to start the process around December 2026. A move to the main board widens the investor base and can improve trading liquidity and valuation multiples for a ₹966 crore market-cap company.