Real but narrow moat from 30+ yrs of trusted relationships & tech IP, constrained by sub-scale ROIC.

FY27 base-case growth 15-18%

Order conversion rate (pipeline to firm orders) — Conversion rates have shown variability but improved in H2FY25, consistent with management's rear-ended growth pattern. The ability to convert price negotiations (INR550-600 Cr in Q3FY26) into firm orders is critical for medium-term revenue visibility. The imp