| Industrial Explosives | Manufacture and supply of slurry mixed explosives, emulsion explosives, detonator fuses, cast boosters, detonating cords and PETN. | Technical collaborations, multiple manufacturing units close to mining hubs, diversified product range, long-term client relationships. | Primarily B2B supplying Coal India Ltd and other mining firms. | Detonators and specialized emulsion explosives. | 247 | 100 | Sales contracts to mining companies and infrastructure clients, with stable recurring revenues. | Based on contract pricing and volume-based sales agreements. | Increased coal mining activity, government infrastructure projects, new product launches including detonators. | |
