| Electronic Components | Design and manufacture of electronic cards, PCBs, and EMS for railways, defense, automotive, and industrial automation. | Strong technical partnerships, IP from acquisitions, skilled R&D teams, and established European customer base. | B2B clients in railways, defense, automotive sectors primarily in Europe and India. | Custom EMS solutions and R&D services. | 10 | 2 | Sales of electronic components, R&D services, and global robotics EMS solutions. | Project-based sales and contracts with OEMs and system integrators. | Rising demand for specialized railway electronic systems and defense electronics, plus expansion in European markets. | BeLink Solutions EMS, Railway Electronic Control Units |
| Equipments | Manufacturing of railway transformers, power electronic converters, HVAC for passenger coaches, water cooled rectifiers, and propulsion motors. | Proprietary technology, longstanding Indian Railways supplier, growing backward integration for key inputs, and robust order book visibility. | Primarily Indian Railways (B2G) and industrial sectors (B2B) domestically; expanding private rail manufacturers and export clients. | Advanced traction transformers and propulsion systems. | 119 | 98 | Sales contracts with Indian Railways and industrial customers, long-term supply agreements, and export sales. | Project-based orders, direct sales with negotiated contracts, and some recurring supply engagements. | Indian railway electrification pushes, industrial infrastructure expansion, product launches for modern trains, and export orders. | Hirect Traction Transformers, Converters, HVAC Systems, Rectifiers, Railway Propulsion Systems |
