As part of its transformation strategy, the company is moving away from its traditional paper segment, planning to divest this division and pursue a reverse merger to enter the listed market—highlighting its aggressive growth ambitions.

Business Segments

a) IVD / MedTech Division
This segment focuses on rapid diagnostic solutions and management of non-communicable diseases. The company offers over 34 rapid test kits along with surgical consumables and biochemicals. It is also expanding into genome testing and direct-to-consumer healthcare through E-smart clinics.

b) Renewable Energy / LED Division
The group has established a strong presence in rooftop solar installations, particularly in Uttar Pradesh and Bihar. It has partnerships with major players like Philips and is involved in defense-related projects. The company is targeting 500 MW solar capacity over the next seven years and currently holds an order book exceeding ₹2,000 crores.

c) Paper Division (Planned Exit)
This segment currently contributes around 18% of total revenue but is slated for divestment as the company sharpens its focus on MedTech and renewable energy businesses.

Financial Highlights (FY22–FY24)
Revenue Growth:
Revenue expanded significantly from ₹213 Cr in FY22 to ₹555 Cr in FY24, reflecting a CAGR of 28%.
Profitability Improvement:
EBITDA increased from ₹13.1 Cr to ₹38 Cr (CAGR 62%), while PAT rose from ₹4.2 Cr to ₹11.3 Cr, delivering a strong CAGR of 93%.
Margin Expansion:
Gross margins improved from 8.92% to 13.33%, with operating margins consistently above 6%, indicating better efficiency.
EPS Growth:
Earnings per share increased to ₹1.01 in FY24 from ₹0.82 in FY23, despite dilution in equity.
Asset Growth:
Total assets rose from ₹220 Cr to ₹357 Cr, supported by growth in fixed assets from ₹18.8 Cr to ₹47 Cr.
Borrowings:
Debt increased from ₹123 Cr in FY22 to ₹216 Cr in FY24, primarily to fund expansion initiatives.
Capital Structure:
Share capital expanded significantly from ₹5 Cr to ₹56.2 Cr, while reserves increased to ₹32.6 Cr, indicating fresh equity infusion.

Pros
Strong growth in EBITDA and PAT reflecting improving profitability
Large order book (₹2,000+ Cr) across solar and healthcare segments
Strategic shift toward high-growth sectors like MedTech and renewable energy

Cons
Rising finance costs impacting overall profitability
Increased debt due to expansion activities
Equity dilution may reduce value for existing shareholders