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.
Our business is more dependent on Projects/OEM business which contributed 67.55%, 69.16%, and 63.99% of our
revenue from operations (excluding scrap sale and export incentive) for Fiscals 2026, 2025, and 2024, respectively,
with the remaining contributed by our MRO business, and adverse changes in either category may materially and
adversely affect our business, financial condition, results of operations, and cash flows.
Our 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 our revenue from operations
(excluding scrap sale and export incentive) for Fiscals 2026, 2025, and 2024, respectively. Negative developments
in these sectors may materially affect our business, results of operations and cash flows.
Significant volatility, increases, fluctuations, shortages, or delays in the supply of primary raw materials may
adversely impact our 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 our exposure to supply disruptions, with the potential to adversely affect our business, results of operations,
and cash flows.
Significant concentration of our 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 our business, financial condition, results of operations, and cash flows
Our reliance on Subsidiaries / Joint Ventures for international market entry and product launches may expose us to
operational and strategic risks, potentially impacting our business, results of operations, and growth prospects.
Our ability to control and respond swiftly within our joint ventures is constrained by the need for majority consent or
unanimous consent or consent of our joint venture partner on key business actions, which may lead to delays or limit
our operational flexibility, potentially adversely affecting our business, results of operations, and growth prospects.
Our inability to maintain and protect our brand and business reputation could adversely affect our 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.
Our 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 our business, financial condition,
results of operations, and cash flows.
