How This ₹2 Stock Transformed Into a Defense & EPC Powerhouse in Just 4 Years

Engineering Works. A company that was ₹2 stock just 4 years ago. Here's what changed — and how quietly they did it: FY26 results (audited, filed May 2026): Revenue: ₹1,301 cr → up 54% YoY Net Profit: ₹198 cr → up 88% YoY Order Book: ₹2,643 cr → up 91% YoY The capex moves, one by one: → Rights Issue at ₹32/share. ₹987 crore raised. Zero deviation in fund utilisation — confirmed by monitoring agency. Every rupee went where they said it would. → Acquired Bhilai Engineering Corp assets. Heavy manufacturing capability. Added to the core. → Merged 3 group companies — Infrastructure & Construction, Metalfab Hightech, Techno Industries — into one clean entity. Combined order book post-merger: ₹6,150 crore. → June 18, 2026 — board approved acquisition of 88.12% stake in SISCOL (Steel Infra Solutions) for ₹1,073 crore. SISCOL: 6 plants, 1 lakh MTPA capacity, ₹817 crore FY26 revenue, ₹1,134 crore order book. Target post-merger: ₹10,000 crore revenue by FY29/30. → Incorporated "Lloyds Advance Defence Systems" subsidiary in December 2025. Mandate: drones, radars, sensors, autonomous systems. This isn't random dealmaking. Every acquisition adds a capability. Every merger cleans the structure. Every subsidiary opens a new market. From a process equipment company → integrated EPC platform → now defence. The stock noticed. Up 40%+ in a month. The order book will do the rest. ⚠️ For informational purposes only. Not investment advice.