Differentiated niche in high-mix defence electronics, but sub-scale economics limit moat durability.

FY26 base-case growth 30-35%

Capacity utilization — Capacity utilization has stayed low in the 35-40% range as the company’s capacity expansion (targeting ~INR 1,100-1,200 Cr revenue) was not fully utilized due to a high-mix, low-volume profile and long qualification cycles. Management expects this to rise to 5