| Explosives & Accessories | Manufacture of bulk and packaged explosives, detonators, detonating fuse, slurry explosives, and related accessories for mining and infrastructure sectors. | Indigenous manufacturing technology, long-term supply contracts, licensing for explosives production. | Mostly B2B: mining companies like Singareni Collieries, Coal India, infrastructure firms, and industrial users. | Packaged explosives and detonators with proprietary technology offer better margins. | 163 | 39 | Sales of manufactured explosives products primarily to domestic and some international customers, including bulk supply contracts. | Contract and direct sales with negotiated pricing based on volume and supply agreements. | Demand from mining and infrastructure, raw material cost stabilization, increasing mechanization in mining. | |
| Defence & Space | Production of solid propellants, rocket motors, pyrogen igniters, countermeasures like chaff and flares, and related defence aerospace products; O&M of solid propellant plants. | Technological leadership, exclusivity as private sector supplier to key missile programs, diversification of defence products. | B2B: Defence Research Organizations, Indian Armed Forces, ISRO, and overseas defence customers. | Solid propellants, pyrogen devices, and countermeasure products have the highest margins. | 254 | 61 | Long-term government and PSU contracts with milestone-based invoicing and export orders. | Contract manufacturing, government tender-based pricing, export contracts. | Government defence modernization, missile program integration, export orders, and Make In India initiative. | |
