| Mining & Construction | Heavy earthmoving equipment including excavators, dumpers, dozers, loaders and motor graders for open cast and underground mining and construction sectors. | Strong government contracts, proprietary R&D capabilities, and extensive manufacturing footprint provide competitive moat. | Government mining companies, coal corporations, infrastructure firms; primarily B2G and B2B clients in mining and civil construction. | Electric and technologically advanced machinery exhibit higher margins due to proprietary technology and government preference. | 1645 | 41 | Sales of heavy equipment and spare parts, service contracts, and technology solutions for mining and construction companies and government agencies. | Direct sales with negotiated contract pricing; occasional service and after-sales support contracts. | Infrastructure investments, mining sector modernization, Make in India initiatives, and increasing demand for higher capacity electric equipment. | BD475-2 Dozer, BE1800E Electric Excavator, BH150E 150T Dump Truck, BG 1205 Motor Grader |
| Rail & Metro | Manufacture and supply of integral rail coaches, metro cars, electrical multiple units, and maintenance vehicles addressing urban and intercity transport needs. | Longstanding government relationship, design innovation, and manufacturing expertise within public sector strengthen position. | Metro rail corporations (DMRC, BMRCL, KMRCL), Indian Railways, regional transport authorities; B2G predominantly. | Advanced metro car manufacturing and indigenously developed sleeper coaches have higher margins. | 993 | 25 | Contract manufacturing sales to metro corporations and Indian Railways, after-sales maintenance services, and technology licensing. | Project-based contracts with milestone payments and support service agreements. | Urbanization, government metro expansion projects, Make in India policy, and export to emerging markets. | Delhi Metro Coaches, Vande Bharat Sleeper Coaches, Kolkata Metro Train Sets, Catenary Maintenance Vehicles |
| Defense | Ground support equipment, specialized military vehicles, tactical systems, engine components, and aerial UAV development for defense applications. | Government ownership, technology partnerships, and strategic importance create significant entry barriers. | Primarily Indian Defence forces and DRDO; focused on B2G segment. | Specialized vehicles and engine development exhibit higher margins due to technical complexity and limited competition. | 161 | 4 | Sales to Ministry of Defence under government contracts, customization, and maintenance support services. | Tender-based contracts with government procurement regulations, including long-term supply agreements. | Defense modernization budgets, indigenization policies, strategic partnerships, and increased exports in defense equipment. | High Mobility Vehicles (HMV 8x8, 12x12), Arjun Repair & Recovery Vehicle, Tactical Unmanned Aerial Vehicle |
| Others | Trading of non-company products such as iron ore, coal, steel billets; technology services and international business export division. | Leverages company’s market access and government relationships for commodity trading. | Industrial clients, government entities, and international buyers; mix of B2B and B2G. | Limited margins focused on volume-driven trading. | 3 | 0 | Trading margins, export revenues, and technology consultancy fees. | Transactional sales and service fees based on contracts and market conditions. | Commodity demand and government's export promotion strategies. | |
