The company claims to be the world’s largest manufacturer of precision engineering components using metal injection molding (MIM) technology. According to the F&S Report, it held a 6.8% global market share by MIM revenue in CY2025 and has maintained this position for the last six years. It also claims to provide end-to-end manufacturing capabilities, including mold design, tooling, finishing, and assembly.
The company has a diversified manufacturing setup supported by global facilities. As of March 31, 2026, it operated 15 manufacturing facilities across India, the United States, the United Kingdom, and Mexico. It also claims to have vertically integrated capabilities such as investment casting, precision machining, ceramic injection molding, metal 3D printing, heat treatment, plating, CNC machining, and product assembly.
The company claims to use advanced manufacturing technologies to improve production efficiency. As of March 31, 2026, it had deployed 436 robots and 476 IoT-enabled machines across its manufacturing facilities. The company also states that its production planning is supported by enterprise resource planning (ERP) and material requirement planning (MRP) systems.
The company serves a diversified customer base across multiple industries and geographies. Its products cater to the automotive, defence, medical, consumer, and aerospace sectors, and during FY26 it supplied products to customers in 55 countries. It also states that repeat customers contributed over 91% of its revenue from operations in FY26, indicating long-standing customer relationships.
The company’s manufacturing facilities are certified to multiple international quality and safety standards. These include IATF 16949:2016 for automotive quality management systems, AS 9100:2016 for aerospace quality management, ISO 9001:2015 for quality management systems, ISO 14001:2015 for environmental management systems, ISO 13485:2016 for medical device quality management systems, ISO 45001:2018 for occupational health and safety management systems, and NADCAP accreditation for special manufacturing processes.
The company has an export-oriented business with an established international sales network. In FY26, around 77.20% of its revenue from operations was generated from outside India. As of March 31, 2026, it had sales offices in China, Germany, and the United States, along with sales representatives across several countries in Europe and Asia.
The company has reported consistent financial growth over the last three financial years. Revenue from operations increased from Rs 2,870.39 crore in FY24 to Rs 3,329.58 crore in FY25 and Rs 4,192.98 crore in FY26. Profit after tax also increased from Rs 283.73 crore in FY24 to Rs 423.73 crore in FY25 and Rs 533.54 crore in FY26.
The top 10 customers contributed Rs 1,610.32 crore (38.41%), Rs 1,296.64 crore (38.94%), and Rs 1,205.65 crore (42.00%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. Any loss of these key customers, a significant reduction in orders, failure to meet their technical requirements, or adverse developments affecting their businesses could negatively impact the company’s revenue, cash flows, and overall financial performance.
The company derives a significant portion of its revenue from exports. Revenue from customers outside India stood at Rs 3,236.97 crore (77.20%), Rs 2,993.93 crore (89.92%), and Rs 2,533.49 crore (88.26%) in FY26, FY25, and FY24, respectively. Any adverse economic conditions, trade restrictions, tariff increases, changes in free trade agreements, or a slowdown in key export markets such as North America and Europe could negatively impact the company’s business, revenue, and financial performance.
The company relies heavily on imported raw materials for its manufacturing operations. Raw materials sourced from outside India amounted to Rs 533.00 crore (60.95%), Rs 432.55 crore (61.80%), and Rs 293.29 crore (59.63%) of its total raw material purchases in FY26, FY25, and FY24, respectively. Any disruption in imports, fluctuations in global commodity prices, geopolitical tensions, higher import duties, or stricter import regulations could increase input costs, disrupt production, and adversely affect the company’s business and profitability.
The company’s manufacturing operations in India are concentrated in the southern region. It operates six manufacturing facilities across Karnataka, Tamil Nadu, and Andhra Pradesh. Any adverse political, economic, social, regulatory, or natural developments in these states could disrupt manufacturing, logistics, and production schedules, which may adversely affect the company’s business, financial condition, and cash flows.
The company, its subsidiaries, promoters, directors, key managerial personnel (KMPs), and senior management are involved in certain outstanding legal proceedings. Any adverse judgment or unfavourable outcome in these matters could negatively impact the company’s business operations, financial condition, cash flows, and reputation.
The company’s revenue is dependent on multiple manufacturing end-use industries that are subject to cyclical and seasonal demand. The automotive segment contributed Rs 1,031.79 crore (24.61%), Rs 959.19 crore (28.81%), and Rs 873.13 crore (30.42%) to revenue in FY26, FY25, and FY24, respectively, making it the largest contributor. Any slowdown in key sectors such as automotive, defence, medical, consumer, or aerospace, or seasonal fluctuations in customer demand and order patterns, could adversely affect the company’s business, financial performance, and cash flows.
The company had contingent liabilities amounting to Rs 227.45 crore as of March 31, 2026. These primarily comprise disputed excise/service tax/VAT/GST claims of Rs 153.23 crore and income tax demands of Rs 74.22 crore. If a significant portion of these contingent liabilities materialises, it could adversely affect the company’s financial condition, cash flows, and overall profitability.
As of May 31, 2026, the company had outstanding borrowings of Rs 1,212.35 crore. These included term loans of Rs 893.04 crore, working capital loans of Rs 315.68 crore, and vehicle loans of Rs 3.62 crore. Any failure to service or repay these borrowings, or any increase in financing costs, could hurt the company’s financial condition, cash flows, and business operations.