Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Designs and installs central air-conditioning (chillers, VRF, ducting) and full mechanical-electrical-plumbing (MEP) packages for offices, malls and hospitals; supplies room ACs to homes; installs and maintains lifts.
Why it matters
HVAC and lifts are among the largest fit-out costs in a Grade A office or high-rise tower, and lift and HVAC service contracts earn recurring revenue for decades.
Where the value pool sits
Products and service earn healthy margins; MEP project contracting is lower-margin and lumpy. Lifts are dominated by global multinationals (Kone, Otis, Schindler, TK Elevator) operating unlisted Indian subsidiaries.
Key drivers
Office and data-centre construction
High-rise residential towers needing more lifts
Rising room-AC ownership
Potential bottlenecks
Import dependence for compressors and some components