
Steady growth masks GPU timeline risk
GPU deployment · AI infrastructure · Sharon AI deal

FDRE · battery cost · transmission risk

gear transmission · new customer ramps · capex cycle

propulsion systems · scale-up · order book

earnings · margin compression · EV tailwind

margin compression · raw material inflation · feed pricing

jewelry · B2C retail expansion · flagship showroom

volume-led growth · Sahyadri integration · greenfield ramp

order book expansion · working capital intensity · government concentration

volume growth · margin compression · TMT integration

LPG pricing · commodity-driven revenue · margin compression