1. MIM unit at Southern Veneers - Trial runs have started at the Metal Injection Moulding unit under the wholly owned subsidiary, and a marketing survey has been completed. This opens an entirely new revenue stream outside wood-based products, with management stating the project has "huge market potential" and expects full utilisation in coming years.
2. PCB manufacturing thrust - A focused, dedicated push is underway to maximise production and sales of PCB, driven by renewed demand from the power sector, EV growth, and the renewable energy shift. PCB is a high-performance industrial product that can lift margins above the company's current 3% OPM if volumes scale.
3. Government timber allotment - Malabar - The company secured a government timber allotment from the Malabar region of Kerala, providing steady access to input material. Reliable raw material supply directly addresses the kind of input constraints that held back hardboard sales in FY25.
4. Value-added pulp-based diversification - The company is positioning to enter moulded packaging, construction materials, specialty boards, and consumer products using its in-house R&D and fibre technology. These pulp-based lines can widen the addressable market beyond plywood and hardboard, leveraging existing fibre expertise.
5. Extra-large dimension plywood sheets - Launched in FY25, these sheets target seamless large-surface applications like modular furniture and wall panelling, reducing installation time and material waste. The format commands a premium and differentiates the product in the growing modular interiors market.
6. Hardboard demand from EV and packaging - The order book reflects strong interest from EV component makers and protective packaging suppliers, even though FY25 sales were flat due to raw material constraints. With timber supply now improving, this order book can convert into revenue growth in a segment where demand is structurally rising.
7. Resin cost reduction - boiler ash substitution - A study is underway to replace a fraction of caustic soda with boiler ash in PF and MUF resin synthesis, aiming to cut resin production cost. Resin is a major input cost; even partial substitution would directly expand gross margins on plywood and fibreboard.
8. Fibreboard capacity and product development - The fibreboard line's production was enhanced in November 2024, and R&D has incorporated alternative cellulosic materials to improve strength and durability. Capacity debottlenecking plus new value-added derivatives can lift a division that already grew 3% in FY25.