Once again, the global economy is threatened with being thrown off course - this time by the outbreak of war in the Middle East at the end of February 2026. Over the past year, headwinds from higher trade barriers and elevated uncertainty have been offset by tailwinds from technology-related investment; accommodative financial conditions, including a weaker US dollar; and fiscal and monetary policy support. The Middle East conflict presents a significant counterforce to these tailwinds through its impact on commodity markets, inflation expectations, and financial conditions.
Given the difficulty of underpinning in real time a consistent set of assumptions for projections, this World Economic Outlook (WEO) report presents a reference forecast - in lieu of the traditional baseline - predicated on the assumption that the war will have limited duration, intensity, and scope, such that the disruptions will fade by mid-2026, consistent with commodity futures prices as of March 10. However, given the fluidity of the situation, the report complements the global reference forecast with scenarios in which the conflict lasts longer or expands. The likelihood of these scenarios materializing rises progressively as hostilities and associated disruptions continue.
Under the reference forecast, global growth is projected to be 3.1 percent in 2026 and 3.2 percent in 2027, slower than its recent pace of about 3.4 percent in 2024-25, and to settle at about that rate in the medium term, slower than its historical (2000-19) average of 3.7 percent. The forecast for 2026 is revised downward by 0.2 percentage point and that for 2027 is unchanged, compared with those in the January 2026 WEO Update. Global headline inflation is expected to increase to 4.4 percent in 2026 and decline to 3.7 percent in 2027, marking upward revisions for both years.
Absent the war, global growth would have been revised upward. Indeed, forecasts based on pre conflict assumptions would have shown a slight upward revision of 2026 growth relative to that forecasted in the January WEO Update, by 0.1 percentage point to 3.4 percent. Hence, the downward revision for 2026. Largely reflects the disruptions from the conflict in the Middle East, partly offset by carryover from recent strong data and reduced tariff rates.
Crucially, there is a high degree of cross-country dispersion in the reference forecast. While the growth and inflation revisions seem relatively modest at the global level, the toll on the conflict region and more vulnerable economies elsewhere - in particular, commodity-importing emerging market and developing economies with preexisting fragilities - is much more pronounced. The downward revision to growth in emerging market and developing economies is 0.3 percentage point for 2026, relative to that in the January WEO Update, while the forecast is broadly unchanged for advanced economies.
Under an adverse scenario with larger and more persistent increases in energy prices, global growth would slow further to 2.5 percent in 2026, and inflation would reach 5.4 percent. Under
a more severe scenario in which there is more damage to energy infrastructure in the conflict region, the impact would be even larger: Global growth would be cut to only about 2 percent in 2026, while headline inflation would be just above 6 percent by 2027. The impact on emerging market and developing economies would be almost twice that on advanced economies.
Before the outbreak of the conflict, the bottom-up forecasts would have indicated a stable growth path ( Pre conflict WEO forecast in Figure 1.8). Global growth would have been 3.4 percent in 2026 and 3.2 percent in 2027, an upward revision of 0.1 percentage point for 2026 and unchanged for 2027 compared with the forecast in the January 2026 WEO Update.
Figure 1.8. Global Growth and Inflation Forecasts (Percent)
[Chart description: Bar chart showing GDP growth and Headline Inflation for 2026 and 2027 under five scenarios: January 2026 WEO Update forecast (blue), Preconflict WEO forecast (red), April 2026 WEO reference forecast (yellow), Adverse scenario (green), and Severe scenario (grey).]
Under the assumption in the reference forecast that the war turns out to be relatively short-lived, global growth is expected to slow down modestly. At 3.1 percent for 2026 and 3.2 percent for 2027, the forecasts mark a deceleration from the estimated 3.4 percent achieved in 2025 (Table 1.1). At market exchange rates, world output is projected to grow by 2.6 percent in both 2026 and 2027. The relatively modest downward revision to global growth in the reference forecast relative to the January 2026 WEO Update owes to continued tailwinds partially offsetting the negative shocks from the conflict, including lower tariffs, preexisting policy support, and carryover from stronger-than-expected outturns at the end of 2025 and the first quarter of 2026 in some cases. Compared with the pre conflict WEO forecasts, growth in the near term is revised downward by 0.2 percentage point. This masks significant variation across countries, with lower-income commodity-importing economies being hit particularly hard through higher energy and food prices as well as foreign exchange depreciation (Figure 1.9). Cumulative growth over 2026-27 is revised downward by 0.5 percentage point for low-income net energy-importing economies relative to the January 2026 WEO Update,
compared with a downward revision of 0.2 percentage point in energy-importing advanced economies and positive or neutral revisions for net energy-exporting economies.
Should the conflict become more protracted than assumed in the reference forecast or the resumption of production and transport activities take longer than assumed because of possible scarring from closing of or damage to energy infrastructure, the impact on growth would be larger. To illustrate the potential range of magnitudes, the report considers two top-down model-based downside scenarios: an adverse one and a severe one.
In the adverse scenario, (1) Oil prices are assumed to increase by 80 percent starting in the second quarter of 2026 relative to the January 2026 WEO Update baseline, before falling back to about 20 percent above baseline in 2027, with the increase dissipating in 2028 (corresponding to an average petroleum spot price index of about $100 per barrel in 2026 and about $75 in 2027). Gas prices increase for Europe and Asia by 160 percent in the second quarter relative to baseline, before also mostly unwinding in 2027, and food commodity prices increase by 2.5 percent. (2) One-year-ahead inflation expectations increase by as much as 50 basis points by 2027 in advanced economies and as much as 90 basis points in emerging markets excluding China. Inflation expectations are unchanged in China, as current low inflation makes this less of a risk than for other countries. (3) A risk-off episode increases corporate premiums in advanced economies and China by 50 basis points, while emerging markets excluding China
Figure 1.9. GDP Growth Revisions in the Reference Forecast (Percentage points)
[Chart description: Bar chart showing GDP growth revisions for Energy exporters (EMs, LIDCs, AEs) and Energy importers (EMs, AEs, LIDCs) and Conflict-affected (MENA).]
increase by as much as 50 basis points by 2027 in advanced economies and as much as 90 basis points in emerging markets excluding China. Inflation expectations are unchanged in China, as current low inflation makes this less of a risk than for other countries. (3) A risk-off episode increases corporate premiums in advanced economies and China by 50 basis points, while emerging markets excluding China experience a 100 basis point increase as well as a 50 basis point increase in sovereign spreads. The tightening in financial conditions fades in 2027. Given the large impact on inflation expectations, the monetary policy response assigns less weight to output stabilization than usually assumed.
In the severe scenario, (1) The shock to commodity prices is more severe and persistent, with oil prices increasing by 100 percent starting in the second quarter of 2026, relative to the January 2026 WEO Update baseline, but also staying at that level in 2027, before dissipating in 2028 (corresponding to an average petroleum spot price index of about $110 per barrel in 2026 and about $125 in 2027). Gas prices for Europe and Asia increase by 200 percent over the same period, and food commodity prices increase by 5 percent in 2026 and 10 percent in 2027. (2) One-year-ahead inflation expectations ratchet up by as much as 100 basis points in advanced economies by 2027 and by as much as 130 basis points in emerging markets excluding China, also by 2027. (3) A significant risk-off episode pushes up corporate premiums in advanced economies and in China by 100 basis points
in 2026, and they stay at that level in 2027, while emerging markets excluding China experience a widening in sovereign spreads of 100 basis points over the same period, along with an increase in corporate spreads of 200 basis points. As in the adverse scenario, the monetary policy response is geared toward containing inflationary pressures rather than stabilizing output.
World trade volume growth is expected to decline from 5.1 percent in 2025 to 2.8 percent in 2026 and increase to 3.8 percent in 2027. These dynamics reflect front-loading early on and the impact of tariffs mitigated by adjustments in trade linkages and production chains as time goes by. Exports of both goods and services are projected to decline in percent of world GDP over the forecast horizon, with the decline in services trade being much less pronounced. This reflects the stronger underlying trend growth and greater resilience to rising risks in services trade compared with that in goods trade.
Figure 1.11. Current Account and International Investment Positions (Percent of global GDP)
[Chart description: Two stacked bar charts. Top chart: 1. Global Current Account Balance from 2005 to 2031, broken down by European creditors, European debtors, Japan, Oil exporters, United States, China, Others, and Overall balance (right scale). Bottom chart: 2. Global International Investment Position from 2005 to 2031.]
Over the medium term, global imbalances are expected to decline only modestly. Expansionary fiscal packages in some economies with current account surpluses are expected to contribute to this cyclical decline (Figure 1.11). Countering this is a technology-driven business investment surge, which is expected to continue to attract capital flows to the United States even as investment in technology moderates. Stronger productivity growth in the United States could enhance US competitiveness in technology-related services and improve the country s trade balance. But positive wealth effects that boost domestic demand, together with sustained capital inflows driven by higher returns, would dominate and keep the US current account deficit wider than that observed during the decade preceding the COVID-19 pandemic. Sustained large fiscal deficits in the United States and China s continued reliance on export led growth and limited rebalancing to domestic consumption contribute to external imbalances in these two countries.
growth and limited rebalancing to domestic consumption contribute to external imbalances in these two countries.
(Source:https://www.imf.org/en/publications/weo/issues/2026/04/14/world-economic-outlook-april-2026)
Even as the global economy navigates uncertainty, India continues to chart a strong growth path, as reflected in the First Advance Estimates (FAE) for FY26 released by the Ministry of Statistics and Programme Implementation (MoSPI). These estimates place the real GDP growth rate at 7.4 per cent and the GVA growth rate at 7.3 percent, surpassing earlier projections by various agencies and our own estimates in the Economic Survey of 2024-25, and reaffirming India s status as the fastest-growing major economy for the fourth consecutive year. On the demand side, domestic demand continues to anchor growth, supported by a strengthening momentum in capital formation. On the supply side, manufacturing activity has gained traction, and services continue to drive overall expansion, led by steady performance in trade, transport, and financial and professional services. The following sub-section examines the sectoral composition and drivers of growth in H1 and the implied growth in H2 of FY26.
Chart I.7: Growth in PFCE highest since H1 of FY24
[Chart description: Bar chart showing PFCE Growth for H1 and H2 of FY24, FY25, and FY26, with an average growth line for FY16-20 at 6.9. Values: FY24 H1=5.2, H2=6.0; FY25 H1=7.4, H2=7.0; FY26 H1=7.5.]
Domestic demand continues to underpin economic growth in FY26. According to the FAE, the share of final private consumption expenditure (PFCE) in GDP rose to 61.5 per cent in FY26, the highest level since FY12. This is corroborated by the strong performance during the first half of the year, with PFCE growing by 7.5 per cent in H1 of FY26, and its share in GDP rising to 61.4 per cent. This is the fastest growth rate since the first half of FY23 and remains higher than the pre-COVID trend of 6.9 percent10 (Chart 1.7). This strength in consumption reflects a supportive macroeconomic environment, characterised by low inflation, stable employment conditions, and rising real purchasing power. Moreover, steady
rural consumption, bolstered by strong agricultural performance, and the gradual improvement in urban consumption, aided by the rationalisation of direct and indirect taxes, reaffirm that the momentum in Consumption demand is broad-based.
It may be noted that implicit H2 estimates derived from the FAE indicate a slight moderation in consumption growth. FAE, however, are based on an extrapolation of FY25 consumption levels using data available up to November and are therefore subject to revision as additional information becomes available. Subsequent estimates, incorporating full-year data, will provide a more complete assessment of private consumption performance during FY26, including the impact of recent tax reforms. Currently, the strong consumption growth observed in H1, along with supportive high frequency indicators during Q3 of FY26, suggests that private consumption is likely to remain resilient throughout the year.
The key high-frequency indicators for the third quarter of FY26, including automobile and tractor sales, as well as air passenger traffic, signal the continuation of the robust demand conditions. Furthermore, in the November 2025 round of the NABARD Rural Economic Conditions and Sentiments Survey11 79.2 per cent of rural households reported increased consumption during the last year, with the share of monthly income spent on consumption rising to about 67 per cent, the highest since the survey s inception. This buoyancy in consumption demand can be attributed to the positive impact of GST rate rationalisation and softer inflation, improving the real purchasing power of rural non-farm income.
(Source: https://www.indiabudget.gov.in/economicsurvey/)
Indian construction equipment industry is the world s third-largest, next only to China and the U.S, transforming India s infrastructure growth. The construction equipment industry in India is experiencing significant growth, driven by various factors including urbanization, government infrastructure investments, and technological advancements.
Infrastructure development is the foundation of the construction sector, which is supported by strategic government investment and active private sector participation, leading to widespread expansion of critical sectors. Infrastructure sector development under the government flagship programme i.e. National Infrastructure Pipeline and National Master Plan Gati Shakti , amongst other paves way for integrated, holistic, and inclusive economic development. In addition to this master plan, infrastructure development programmes launched by Ministry of Road Transport and Highways (MoRTH), Ministry of Shipping compliment construction equipment industry growth.
Construction and mining equipment comprise of machinery used in construction operation as well as mining. These include heavy lift equipment like crane, earthmoving equipment like dozers, loaders and heavy transport vehicles like tippers, dumpers and trailers. Manufacturing of these equipments are capital intensive and require access to superior technology, due to which only handful of players manufacture the large and complex equipment.
Nearly 65-70% of the different construction equipment in India operate on roads and highways, while the rest are in offroad/off-highway applications such as mining, quarrying, irrigation projects and the like. Construction equipment operating on roads are regulated by MoRTH from 1st April 2021, and so are at par with international standards, with global competitiveness. However, the off-road construction equipment is unregulated, thus lacking adequate governance.
The construction equipment industry in India is poised for substantial growth driven by infrastructure investments, urbanization trends, and technological advancements. While challenges such as high costs and labor shortages exist, the overall outlook remains positive as demand continues to rise across various sectors. As companies adapt to these dynamics, opportunities for innovation and expansion will likely shape the future landscape of this vital industry.
Despite the availability of multiple types of equipment deployed in construction activity, a construction project is incomplete without drilling equipment. Drilling equipment plays a crucial role in construction, particularly in foundation engineering, road construction, and various infrastructure projects. The types of drilling equipment vary widely, each designed for specific applications and geological conditions. Among them, the specialized drilling equipments are:
Horizontal directional drilling (HDD) is a sophisticated trenchless technology used primarily for installing underground pipelines, conduits, and cables with minimal surface disruption. This method is particularly advantageous in urban environments or areas with existing underground utilities. HDD is used when trenching or excavating is not practical. The tools and techniques used in HDD process are an outgrowth of the oil well drilling industry. HDD is characterized by its ability to create horizontal boreholes beneath obstacles like roads, railroads, and rivers without the need for extensive excavation. The process is generally divided into three main stages:
Advantages of Horizontal Directional Drill compared to traditional trenching methods are listed below:
Diaphragm wall drilling rigs are specialized machines used in the construction of diaphragm walls, which are reinforced concrete structures cast into the ground for various applications such as foundation support, excavation support, and cutoff walls. Diaphragm walls have become a standard method in specialist foundation engineering, acting as retaining structures, cut-off walls, foundation elements with structural function.
A diaphragm wall is a continuous wall constructed from a series of overlapping panels. These walls serve multiple purposes including:
Support for Excavation - Diaphragm walls provide stability during excavation in deep or challenging soil conditions. This is constructed using grab or cutters to create a narrow trench excavation into the ground. The trench is supported by engineered slurry. These walls are made with reinforced concrete, through unreinforced walls can be used.
Foundation Elements - Used as part of the foundation for large structures like buildings and underground stations. This is a reinforced concrete wall constructed in the ground to support major construction projects. These walls serve as both temporary and permanent earth-retaining structures, that are largely effective in urban areas with limited space for excavation and shoring systems.
Cut-off Walls - Diaphragm wall is used to prevent water seepage in areas like dams and basements. Diaphragm walls in dams are used as cut-off provisions or underground foundations for dams that require deep excavation or water control.
Diaphragm walls play a crucial role in foundation engineering across various applications, particularly where structural integrity and groundwater control are paramount. Their versatility makes them an invaluable tool in modern construction projects. Diaphragm wall drilling rigs are critical tools in modern construction engineering, allowing for efficient and effective installation of diaphragm walls under challenging conditions while minimizing surface disruption and maintaining structural integrity.
Rotary drilling rigs also referred as DTH Rigs or water rig is a water well application equipment. These are critical tools used in various industries, including, used in mining, quarrying, construction, and other industries. They operate by rotating a drill bit to bore into the earth s surface, making them versatile and efficient for deep drilling applications. This is the most common type of drilling deep into the ground for several centuries. Rotary drilling rigs use high level of torque and rotation. The rotation of the drill bit bores through the rock formation at a speed of 50 to 120rpm, with the use of fixed cutter bits (called as PDC bits) and roller-cone bits. These two types of bits are predominantly used in this process.
Indian CE market is poised for strong growth in FY2030, supported by steady economic growth, infrastructure projects and planned pipeline in place by Ministry of Road Transport and Highways (MoRTH), Ministry of Shipping, Ministry of Housing and Urban Affairs, Ministry of Planning and Development and Ministry of Commerce and Industry. In addition to these government projects and pipelines, urban infrastructure development, multiple commercial housing projects across the country are some of the factors that is assuring a remarkable growth to this sector by FY2030.
The expansion of metro rail networks and urban infrastructure in Tier 2 and Tier 3 cities is creating opportunities for specialized and compact equipment tailored to space-constrained urban settings. Increased construction activity under affordable housing schemes is expected to drive the need for innovative, space-efficient machinery.
The pre-owned equipment segment is also gaining traction, driven by increasing interest in cost-effective and quality-certified machinery. Strategic collaborations and innovative trade-in models are reshaping this space, offering new avenues for customer engagement and market penetration.
Sustainability, automation, and digital transformation are becoming key pillars of growth in the construction equipment industry. The integration of technologies such as predictive maintenance and green energy solutions is influencing product design, operations, and customer expectations. Focus areas such as eco-friendly machinery, energy efficiency, and smart equipment systems are aligning with broader regulatory shifts and the markets transition toward responsible and data-driven infrastructure development.
These multi-sector trends offer a robust and diversified opportunity landscape for the company in F.Y. 2026 and beyond, across infrastructure, manufacturing, agriculture, logistics, and sustainability-driven innovation.
The Company s primary segment is identified as business segment based on nature of products, risks, returns and the internal business reporting system and secondary segment is identified based on the geographical location of the customers. The Company is principally engaged in a single business segment viz., Heavy Machinery .
Segment Wise Revenue Bifurcation
(In Lakhs)
| Particulars | F.Y. 2026 | F.Y. 2025 |
| Sale of Goods | ||
| Sale of spare parts | 1,735.73 | 1,066.06 |
| Sale of finished goods | 8,565.40 | 7,610.65 |
| Sale of Traded Goods | - | 1,162.25 |
| Sale of Scrap | 16.89 | 28.19 |
| Sale of Services | ||
| Service Charges Income | 25.90 | 3.23 |
| Erection & Commission Income | 15.96 | 31.75 |
| Other Operating Revenues | 2.70 | 11.96 |
| Total | 10,362.58 | 9,914.09 |
Product Wise Revenue Bifurcation
(In Lakhs)
| Particulars | F.Y. 2026 | F.Y. 2025 |
| Horizontal Directional Drilling Rig (HDD) | 7,296.66 | 4,516.02 |
| Diaphragm Drilling Rig | 1,698.58 | 2,803.00 |
| Others | 245.67 | 291.62 |
| Total | 9,240.91 | 7,610.64 |
The geographical segment has been considered for disclosure as secondary segment, Two secondary segments have been identified based on the geographical locations of customers i.e. Within India and Outside India. Information about geographical segments are as below.
(In Lakhs)
| Particulars | F.Y. 2026 | F.Y. 2025 |
| Sales within India | 10,122.90 | 7,487.61 |
| Sales outside India | 239.68 | 2,426.48 |
Raw Material Price Fluctuation: Volatility in the prices and availability of key raw materials may increase production costs and affect profit margins.
Intense Competition: Competition from established domestic and international players may put pressure on pricing, margins and market share.
Economic Slowdown: Any slowdown in industrial, infrastructure or manufacturing activities may adversely affect demand for the Company s products.
Regulatory Changes: Changes in government policies, environmental regulations and other compliance requirements may increase operating and compliance costs.
Supply Chain Disruptions: Disruptions in the availability or transportation of raw materials may affect production schedules and timely delivery.
Technological Changes: Rapid changes in technology may require continuous investment in machinery, processes and product development to remain competitive.
The Company has put in place an adequate system of internal control commensurate with its size and nature of business to safeguard and protect from loss, unauthorized use or disposition of its assets. All the transactions are properly authorized, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements. The internal auditor of the Company checks and verifies the internal control system and monitors them in accordance with the policy adopted by the Company. During the year, such controls were tested and no reportable material weakness in the design or operation was observed.
The Company s financial performance, for the year ended March 31, 2026:
(In Lakhs)
| Particulars | Standalone Financial Year 2025-26 | Standalone Financial year 2024-25 | Consolidated 2025-26 | Consolidated 2024-25 |
| Income From Operations | 10,362.58 | 9,914.09 | 11,038.10 | 9,914.09 |
| Other Income | 109.77 | 51.96 | 216.90 | 52.13 |
| Total Income | 10,472.35 | 9,966.05 | 11,255 | 9,966.22 |
| Total Expenses | 9,933.60 | 8,490.09 | 9,950.28 | 8,486.90 |
| Less: Exceptional Items - Loss / (Gain) | 0.12 | (18.54) | 0.83 | (20.45) |
| Profit / (Loss) before Tax | 538.63 | 1,494.51 | 1,303.89 | 1,499.78 |
| Less: Tax Expenses | 6.45 | 366.31 | 199.47 | 126.32 |
| Net Profit / (Loss) for the year after Tax | 532.18 | 1,128.20 | 1,104.42 | 1,373.45 |
| Less: Other comprehensive income/loss | (0.82) | 3.28 | (0.82) | 3.28 |
| Total profit for the Period | 532.99 | 1,124.92 | 1,105.24 | 1,370.17 |
| Earning Per Shares (Basic in Rs) | 4.87 | 11.28 | 10.11 | 13.73 |
The Company had cordial and harmonious industrial relations at all levels of organizations. The company believes that the industry has the tremendous potential to impact the society, nation and the world positively. Its employees are major stakeholders and their efforts have direct stake in the business prospectus of the organization. The employees have extended a very productive cooperation in the efforts of the management to carry the company to greater heights. The Company considers employees as their biggest competitive advantages. The Company takes initiative like training and development for its people to increase the performance. The Company has taken various steps to improve and enhance skill of its people. The Company has continued to give special attention to human resources and overall development.
Policies related to Prevention of Sexual Harassment at workplace ( POSH ) and vigil mechanism / Whistle-blower are also available to all employees and workers. The Company is committed to creating and maintaining an atmosphere in which all employees can work together, without fear of sexual harassment, exploitation or intimidation. Whistle Blower Policy also enables employees to raise concerns about unacceptable, improper or unethical practices being followed in the organization, without necessarily informing their supervisors.
Your Company is committed to identifying, preventing, and mitigating adverse human rights issues which affect employees, suppliers, and other external stakeholders. The Company offers various safeguards to all stakeholders and maintain them with respect for their privacy and dignity.
The Company would like to sincerely appreciate the valuable contribution and support of employees towards the performance and growth of the Company. The management team comprises of professionals with a proven track record. The Company continues to remain focused and sensitive to the role of human resources in optimizing results in all its areas of working and its industrial relations also continue to be cordial.
| Particular | 31.03.2026 | 31.03.2025 |
| Debtors Turnover | 2.29 | 2.76 |
| Inventory Turnover | 2.34 | 3.05 |
| Interest Coverage Ratio | 34.57 | 38.90 |
| Current Ratio | 2.79 | 1.46 |
| Debt Equity Ratio | 0.06 | 0.37 |
| Operating Profit Margin | 24.04 | 32.66 |
| Net Profit Margin | 0.05 | 0.11 |
| Return on Net-worth | 5.59 | 30.56 |
Certain statement made in this report describing Company s Objective, Projects, estimates and expectations may be forward looking statement within the applicable laws and Regulations. Actual results may differ from such expectations and forward looking statement due to various risk and uncertainties. Several factors affecting company s operation like economic condition affecting demand and supply, Government regulations and Tax Laws, Competitions prevailing at the relevant time, natural calamities etc. The Company assumes no responsibility to publicly amend, modify or revise any of these statements on the basis of any subsequent developments, information or events.
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