The naval HVAC order book and INR 800 crore pipeline are the engine. The latest print firmed up strongly, but the market still prices in less than the bear case.
Overall read
7.0/10
No price read
The three reads · this quarter
The naval HVAC order book and INR 800 crore pipeline are the engine. The latest print firmed up strongly, but the market still prices in less than the bear case.
Overall read
7.0/10
No price read
The three reads · this quarter
The standing reads · change less often
Moat
Moderate edge
Key variables
4 tracked
lead: Order book composition (HVAC/AC/Ref spares)Order book scale and mix shifted from defence core to HVAC and services, indicating expansion but spares drag on margins.
Walk the talk
Not enough data
as of Q4 FY26New 50,000 sq ft plant operational since June 2026, enabling revenue capacity up to INR 400 crore.
Latest · newest first
No material exchange filings in the last 60 days. Latest scored quarter: Q4FY26.
Open the Exchange Desk2 of 2 guidance items delivered on time
Where it sits