Growth & capex delivery — the active build book, completion, and where project margin is slipping against plan.
8 active capex builds are tracking below target margin, putting ₹29 Cr of profit at stake — recoverable while the build is still in flight. With 3 of 9 initiatives needing attention and ₹680 Cr of capex still to deploy, the fastest margin recovery is on the builds already underway.
2 of 2 headline metrics improving vs prior · all on or above target
Hosur greenfield (new-mobility plant) is 55% deployed at 11% vs a 14% target — ₹8 Cr at stake that locks in once the line ramps.
₹680 Cr of committed capex remains to be deployed across 9 active builds at 43% average completion — capacity stays off-line until it commissions.
Behind the ₹1,180 Cr order book sit live die-casting capacity, machining, EV-component and new-mobility builds. This view is where capex becomes operating capacity — and where project margin erodes if a build runs long or scope creeps. 3 of 9 active builds need attention.
Margin shown as actual / target — red where the build is tracking below plan.
| Initiative | Anchor / sponsor | Division | Location | Capex | Complete | Margin | Health |
|---|---|---|---|---|---|---|---|
| Hosur greenfield (new-mobility plant) | Toyota / TKM | Machining, Assemblies & New Mobility | West India (Sanand / Hosur) | ₹280 Cr | 55% | 11% / 14% | Watch |
| Alloy-wheel capacity expansion (Rico Jinfei) | Hero MotoCorp | Aluminium GDC-LPDC & Alloy Wheels | Uttarakhand (Haridwar) | ₹180 Cr | 45% | 9% / 11% | On track |
| EV-component line (e-axle / housings) | Export OEMs (Europe / NA) | Machining, Assemblies & New Mobility | West India (Sanand / Hosur) | ₹150 Cr | 30% | 12% / 15% | Watch |
| BMW structural die-cast program (export) | BMW Group | Aluminium HPDC – Chassis & Body | Export – Europe | ₹130 Cr | 35% | 12% / 14% | On track |
| Maruti K15C pump capacity (Fluidtronics) | Maruti Suzuki | Machining, Assemblies & New Mobility | South India (Chennai) | ₹120 Cr | 60% | 13% / 14% | On track |
| HPDC machining / value-add cells | Honda (HMSI / Cars) | Aluminium HPDC – Powertrain | North India (Haryana cluster) | ₹110 Cr | 50% | 10% / 13% | On track |
| Sanand 4W capacity ramp | Tata Motors / Mahindra | Aluminium HPDC – Chassis & Body | West India (Sanand / Hosur) | ₹100 Cr | 40% | 9% / 11% | On track |
| Energy & scrap/yield reduction (Industry 4.0) | Internal (Operations) | Aluminium HPDC – Powertrain | North India (Haryana cluster) | ₹90 Cr | 25% | 8% / 12% | At risk |
| SAP S/4 + MES / GenAI rollout | Internal (Digital) | Machining, Assemblies & New Mobility | North India (Haryana cluster) | ₹70 Cr | 50% | 0% / 0% | On track |
The fastest margin recovery is on builds already in flight — tighten scope and conversion cost before they ramp.
Act now: the Hosur greenfield (new-mobility plant) build is 55% deployed at 11% vs a 14% target — recover via scope and conversion-cost discipline before it ramps, because once the line commissions the margin is locked in.