The company is not as well known as its other defence peers – Cimmco and Pipavav. It makes the entire range of commercial explosives and accessories for the civil requirement. It is the only Indian private sector designing, developing and manufacturing solid propellants for Indian missiles viz. Akash, Astra, etc.  It holds the distinction of being the first company in the world to produce safer and greener NHN (Nickel Hydrazine Nitrate) detonators on commercial scale replacing ASA (Lead Azide, Lead Styphnate and Aluminum Powder) detonators. It is operating and maintaining a State-of-Art Chemical manufacturing facility of Indian Space Research Organisation (ISRO) at Sriharikota and Solid Fuel Complex of Advanced Systems Laboratory at Jagdalpur in Chhattisgarh. It is very known for its R&D - recognised by the Council for Scientific and Industrial Research (CSIR), Government of India, as an established research centre and has various collaborations with IIT, Madras and Gulbarga University for research in high energy materials.

For defence companies, Q3 is not really the big order getting season; Q4 is seasonally the best. Yet, the company has done well this Q3FY17. On a 16% (YoY) rise in net sales at Rs.56 crore, the company posted a net profit of Rs.2 crore, up 24%. Expenses rose 18% and EBITDA for the quarter was at Rs.5 crore, up 6.25%, margins slipped 100bps to 9%.

It has four segments – Explosives, which contributes over 70% to the total turnover and in Q3, it showed a 22% rise in revenue. Defence segment contributes around 20% and its topline declined 3%. Services contributes the balance 9-10% and its revenue rose 16%. Wind power does not really add to the revenue but is a good tax breaker.

Its equity is at Rs.8.13 crore and reserve is at Rs.37 crore. Promoters stake is at 47.50%. Annualised EPS is at Rs.10 (FV of Rs.10/share).

Total order book as on 31st December 2016 stood at Rs.256 crore of which explosives is at Rs.123 crore, defence at Rs.112 crore and services at Rs.21 crore.