We are the largest manufacturer of contact and non-contact temperature sensors in India in terms of
revenue and one of the largest manufacturers of electrical heaters in India with a
focus on indigenisation resulting in high entry barriers.
We have established research and development capabilities enabling customized, critical solutions and
innovation.
We have global presence through strategic alliances, diverse customer base, export sales and strong longstanding
customer relationships.
We have integrated global operations featuring backward integration, digital traceability, and stringent
quality control.
Our operations are led by the Promoters and supported by an experienced management team driving
long-term business growth.
The company's business is more dependent on Projects/OEM business which contributed 67.55%, 69.16%, and 63.99% of its
revenue from operations (excluding scrap sale and export incentive) for Fiscals 2026, 2025, and 2024, respectively,
with the remaining contributed by the company's MRO business, and adverse changes in either category may materially and
adversely affect its business, financial condition, results of operations, and cash flows.
The company's performance is influenced by demand trends in certain end-user industries, in particular, metal and petro
chemical industries which collectively contributed 41.13%, 42.90%, and 41.52% of its revenue from operations
(excluding scrap sale and export incentive) for Fiscals 2026, 2025, and 2024, respectively. Negative developments
in these sectors may materially affect the company's business, results of operations and cash flows.
Significant volatility, increases, fluctuations, shortages, or delays in the supply of primary raw materials may
adversely impact the company's business, financial condition, results of operations, and cash flows, particularly for projectspecific
or custom orders.
Dependence on a limited group of suppliers and absence of definitive supply agreements for raw materials may
increase the company's exposure to supply disruptions, with the potential to adversely affect its business, results of operations,
and cash flows.
Significant concentration of the company's manufacturing units at Udaipur in Rajasthan, India and operating risks at both
domestic and international manufacturing units including infrastructure and location-specific shortcomings could
result in disruptions that adversely affect its business, financial condition, results of operations, and cash flows.
The company's reliance on Subsidiaries/Joint Ventures for international market entry and product launches may expose it to
operational and strategic risks, potentially impacting the company's business, results of operations, and growth prospects.
The company's ability to control and respond swiftly within its joint ventures is constrained by the need for majority consent or
unanimous consent or consent of the company's joint venture partner on key business actions, which may lead to delays or limit
the company's operational flexibility, potentially adversely affecting its business, results of operations, and growth prospects.
The company's inability to maintain and protect its brand and business reputation could adversely affect the company's business, prospects
and financial performance.
Recognition of significant goodwill arising from the Marathon Heater amalgamation as at March 31, 2025 is a onetime
event and may not be repeated in future periods. Any goodwill recognised in subsequent periods may arise from
separate acquisitions and may not be comparable.
The company's business is dependent on temperature sensing solutions, electrical heating solutions, and specialised cables, and
adverse changes in demand for any vertical may materially and adversely affect its business, financial condition,
results of operations, and cash flows.
