Switching costs in CEM and regulatory brand trust provide a narrow moat, but limited scale and untested cycle post-IPO cap the tier.

FY26 base-case growth 12-15%

Capacity utilization by site — Site 2 utilization recovered steadily after fire incident, stabilizing near optimum. Site 3 utilization remains moderate due to pricing pressure but show gradual improvement. Site 4 utilization is ramping up as Baker Hughes contract scales, with significant he