BUSINESS OVERVIEW:
Incorporated in 1973, Dynamatic Technologies Limited (‘Dynamatic Technologies or the ‘Company) is a manufacturer of highly engineered, mission critical products for the Aerospace, Hydraulics and Metallurgy industries. With futuristic design, engineering and manufacturing facilities in Europe and India, Dynamatic Technologies serves customers across six continents.
The Company is one of the worlds largest manufacturers of hydraulic gear pumps and automotive turbochargers, having held the leadership position in the hydraulic gear pumps market for 50 years. Dynamatic Hydraulics commands approximately 80% of the Indian OEM tractor market and about 38% of the global tractor market. Dynamatic Technologies is a pioneer and leader in the private sector, both in India and the UK, in the manufacture of precision flight-critical and complex airframe structures and aerospace components. It serves as a Tier-1 supplier to global aerospace OEMs and primes such as Airbus, Boeing, Bell Helicopters, Dassault Aviation, Deutsche Aircraft, Hindustan Aeronautics Limited, Bharat Electronics Limited and Spirit Aerosystems. The Company also produces high-precision, complex metallurgical ferrous components for performance-critical applications like turbochargers and exhaust manifolds, with advanced design and development capabilities to meet OEM needs.
Dynamatic Technologies facilities located in India (Bengaluru
& Coimbatore), United Kingdom (Bristol & Swindon) and Germany (Schwarzenberg), are environmentally sensitive - green, lean, clean and aligned to our vision of CARE. The Company is vertically integrated, with its own alloy-making and casting capabilities as well as its own captive green energy sources.
Dynamatic Technologies operates in three business segments: Hydraulics, Aerospace & Defence and Metallurgy. Hydraulics: Dynamatic Technologies is one of the largest manufacturers of hydraulic gear products in the world, with state-of-the-art manufacturing facilities in India, the United Kingdom, and Milwaukee, USA. This business unit designs and manufactures hydraulic gear pumps in both aluminum and cast iron, available in multiple frame sizes. The product range includes high-efficiency gear pumps, low noise pumps, high-pressure pumps, axial piston pumps, low torque high-speed hydraulic motors, plunger hand pumps, hitch control valves, rock shaft assemblies, power steering valves, and mobile control valves for global OEMs.
The business unit also manufactures bespoke, high-flow scavenging pumps, lube oil pumps, and water pumps for high-horsepower engines, which are used in off-highway vehicles, marine, and offshore equipment. Additionally, the Company designs and builds customized hydraulic solutions, from simple hydraulic pumping units to complex marine power packs, aircraft ground support systems, and turnkey industrial installations.
Equipped with advanced innovation and development centers in Bengaluru (India) and Swindon (UK), Dynamatic Technologies holds several patents and has a wealth of experience in application engineering and rapid prototyping capabilities. This allows Dynamatic Hydraulics to develop bespoke solutions for OEMs efficiently and effectively. Aerospace & Defence: Dynamatic-Oldland Aerospace? (DOA) is a pioneer and leader in the Indian private sector for the manufacture of high-precision airframe and aerospace components. The Company boasts best-in-class infrastructure to meet the needs of global OEMs such as Airbus, Boeing, Bell Helicopters, Dassault Aviation, and Deutsche Aircraft. Domestically, it collaborates with defense sector PSUs like HAL and BEL.
The major products of the Aerospace & Defence segment include control surfaces such as wings, ailerons, and wing flaps, fuselages, doors, and other key flight-critical airframe structures like flap track beams. Over time, the Aerospace division has developed excellent capabilities in automated robotic machining and the production of five-axis components in aluminium, steel, and titanium. Additionally, the Company has expertise in advanced tooling capabilities.
Metallurgy: The Metallurgy division supplies highly complex parts to customers worldwide, producing intricate iron castings in sophisticated alloys for various industries. Operating one of the most modern foundries in Europe, the company develops and manufactures components used globally. By leveraging a high level of specialist education and the strategic advantages of its location, the company creates significant added value for its international customers.
RESEARCH & DEVELOPMENT
With three design laboratories spanning India and Europe, Dynamatic Technologies stands as a leading private R&D organization, boasting numerous inventions and patents. The Company has established a robust Intellectual Property (IP) strategy aimed at constructing an effective portfolio for future monetization, collaboration, and risk mitigation, with a keen focus on emerging technologies.
The Company holds various patents across countries such as India, the USA, the UK, Germany, and other European nations. In addition to these patents, the Company has registered 39 trademarks and has applied for multiple others in various jurisdictions including India, the USA, the UK, and other European countries. Dynamatic Technologies boasts a talented workforce comprising over 90 scientists and 650 engineers and technicians.
These experts bring their skills in Product Design and Validation, Simulation, Application Engineering, Mechanical Engineering, Advanced Computer-Aided Engineering, Computer-Aided Manufacture, Materials & Metallurgical Engineering, Fluid Dynamics, and Defence & Aerospace Research. The state-of-the-art JKM Science Center serves as a hub, integrating Design Engineering, Development, Prototyping, Metallurgical, and Manufacturing Infrastructure. This cohesive setup empowers the Company to comprehensively address the diverse needs of its global clientele.
The Dynamatic Hydraulics Research Laboratory in Swindon, UK, has advanced design knowledge, focused on the Mobile Hydraulics, best-in-class engineering capabilities and intellectual property with several patented products and designs. This facility provides testing and validation of new products for various OEM customers. Dynamatic Technologies integrated engineering organisation focuses on new product development, new product introduction with the overlaid APQP process works closely with its OEM customers anticipating their future product needs.
GLOBAL MACROECONOMIC SCENARIO
In 2024, the global economy navigated a complex environment shaped by economic conditions, geopolitical dynamics, and policy changes. According to the International Monetary Fund (IMF), global GDP grew by 3.3%, with emerging markets, particularly in Asia, outpacing advanced economies in growth. Despite challenges such as the ongoing Russia-Ukraine conflict, trade tensions among major economies, and persistent supply chain disruptions, the global economy demonstrated resilience. Furthermore, investment decisions across sectors were increasingly influenced by shifting climate policies and regulatory frameworks.
The U.S. economy showed positive momentum, with a real GDP growth rate of 2.8%, supported by a stable labour market and moderating inflation. However, the Eurozone grew at a modest 0.9%, with Germany experiencing slight contraction. In contrast, emerging markets saw more robust growth, with Chinas economy expanding by 5.0%, driven by government measures and a stabilizing real estate market.
Global inflation, although still a concern, is gradually improving. It is forecasted to reach 5.7% in 2024, down from 6.7% in 2023. While inflation in advanced economies is expected to ease towards target levels by late 2025, emerging markets are anticipated to experience a slower, but steady, decline. Central banks globally are expected to maintain stable interest rates until mid-2025, after which they may begin easing policies in response to economic conditions.
OUTLOOK
The global economy is projected to maintain steady growth in the coming years, with GDP expected to rise by 2.8% in both 2025 and 3% in 2026, supported by strong performances from the U.S. and major emerging markets. Advanced economies will likely experience stable growth, with projections of 1.4% in 2025 and 1.5% in 2026. The U.S. is expected to see growth peak at 1.8% in 2025 before tapering off to 1.7% by 2026, largely due to changes in the labor market and slowing consumer spending.
Global inflation is anticipated to continue its downward trajectory, reaching 4.2% in 2025 and 3.5% by 2026. However, some regions may continue to face inflationary challenges, resulting in monetary policy divergence. While many central banks will reach their inflation targets by mid-2025, some will maintain tighter measures to manage persistent price pressures. The transition to cleaner energy presents both opportunities and challenges, particularly for resource-dependent economies, while the increasing frequency of extreme weather events poses a threat to agricultural productivity and broader economic stability.
(Source: IMF - World Economic Outlook)
INDIAN ECONOMY
Indias economic trajectory remains robust and promising, supported by strong domestic demand, strategic reforms, and a growing influx of foreign investments. As the worlds fifth-largest economy, India achieved a growth rate of 6.5% in FY2024-25, following an impressive 9.2% growth in the previous financial year. This sustained growth reflects the resilience of the countrys economic fundamentals, driven by favourable policy support, a dynamic services sector, and increasing domestic consumption.
The governments focus on infrastructure, both physical and digital, along with reforms such as ‘Make in India and the Production-Linked Incentive (PLI) scheme, continues to drive the countrys economic growth. The services sector is poised to maintain strong momentum, with an anticipated growth rate of 7.2%, supported by growth in key segments like financial services, real estate, professional services, and public administration. Additionally, Indias ranking as the fifth-largest economy globally by nominal GDP and the third largest by purchasing power parity (PPP) highlights its growing economic significance.
Inflation in India remains under control, with the Consumer Price Index (CPI) expected to stabilize at around 5.6% by the end of FY2024-25. The Reserve Bank of India (RBI) continues to maintain a balanced approach, supporting economic growth while managing inflation through a stable policy repo rate of 6.5%. Indias per capita Net National Income (NNI) saw a healthy increase of 6.08%, rising from Rs 98,374 in FY2022-23 to Rs. 1,04,550 in FY2023-24, contributing to enhanced household consumption across both urban and rural sectors.
OUTLOOK
Indias growth outlook remains positive, with GDP expansion projected to range between 6.2% and 6.3% in FY2025-26. The countrys ambitious goals of becoming the worlds third-largest economy by 2030, driven by infrastructure investment, private capital expenditure, and financial services expansion, are well within reach. Indias demographic advantage, coupled with aggressive policy measures and a strong consumer base, further strengthens its long-term growth prospects. The governments continued focus on capital spending, fiscal discipline, and enhancing business and consumer confidence will foster an environment conducive to investment and consumption growth. Programs such as Make in India 2.0, Ease of Doing Business reforms, and the PLI scheme are expected to boost manufacturing, exports, and infrastructure, positioning India as a global manufacturing hub.
Moreover, Indias commitment to infrastructure development, coupled with adaptive monetary policies and rural consumption support, is expected to drive sustainable economic growth in the coming years. By 2027-28, India aims to achieve a $5 trillion economy, with a vision to reach $30 trillion by 2047. (Source: PIB, MoSPI, Economic Survey)
INDUSTRY OVERVIEW AND SEGMENT DISCUSSION: HYDRAULICS:
Dynamatic Hydraulics? stands as one of the global leaders in hydraulic geared products manufacturing, boasting cutting-edge facilities in India, the UK, and the USA. The extensive product line encompasses a diverse array of solutions, including hydraulic gear pumps in aluminium and cast iron, axial piston pumps, motors, valves, and complete hydraulic systems. With a commitment to bespoke design tailored to each application, they cater to both domestic and international markets, offering unparalleled versatility and reliability. This comprehensive approach, coupled with a dedication to innovation and quality, solidifies Dynamatic Hydraulics? as a premier provider in the hydraulic industry, serving a multitude of sectors worldwide.
INDUSTRY OVERVIEW AND OUTLOOK: FARM MECHANISATION:
The Indian agricultural machinery market continues to demonstrate consistent expansion, with its size estimated at USD 18.15 billion in 2025 and projected to reach USD 27.29 billion by 2030, representing a CAGR of 8.5%. This upward trajectory is primarily driven by the increasing need to improve farm productivity and operational efficiency in response to rising agricultural output and evolving cultivation practices. A key enabler of this trend is the persistent shortage of agricultural labour, prompted by the migration of rural workers to urban centres and the growth of alternative employment opportunities in allied sectors. Government schemes such as the National Rural Employment Guarantee Act (NREGA) have also contributed to reducing the seasonal workforce availability in key agrarian states, especially during critical phases such as sowing and transplantation. Consequently, demand for mechanised solutions has accelerated, particularly in regions like Punjab and Haryana.
India maintains its global leadership in tractor manufacturing, with this segment accounting for a significant share of the countrys agricultural machinery market. Tractor sales recorded a 28.6% increase between 2020 and 2023, supported by improved financing accessibility, greater affordability, and rising awareness of mechanisation benefits. The expansion of rural banking networks and microfinance institutions has further facilitated access to credit for machinery procurement. Government policy continues to play a pivotal role in driving the sector forward. Supportive measures, including reduced import duties, subsidies for agricultural equipment, and simplified credit disbursement schemes, have enhanced affordability and accessibility for farmers. At the same time, increased rural income-stemming from improved crop yields-has enabled higher spending on mechanised tools and equipment.
Despite these advancements, the overall penetration of tractors and related machinery remains moderate, suggesting strong potential for future growth. Additionally, the rise of contract farming is expected to accelerate the adoption of advanced farming technologies by enabling access to shared resources, technical training, and financial support through agri-enterprise partnerships.
As farming becomes increasingly time-sensitive and yield-focused, mechanisation will continue to serve as a catalyst for transformation in Indian agriculture. Supported by structural shifts and policy enablers, the agricultural machinery industry is expected to maintain its growth momentum over the coming years.
https://www.imarcgroup.com/farm-agricultural-equipments-industry-india http://mordorintelligence.com/industry-reports/india-agricultural-machinery-market
CONSTRUCTION AND MATERIAL HANDLING:
The Indian construction equipment market is positioned for long-term growth, with its size estimated at USD 7.91 billion in 2025 and projected to reach USD 11.78 billion by 2030, translating to a CAGR of 8.3%. This expansion is being driven by sustained government investments in infrastructure, rapid urbanisation, and the increasing requirement for mechanisation in large-scale development projects.
Government infrastructure initiatives such as Bharatmala and Sagarmala, along with ongoing developments in airport construction, railway corridors, and affordable housing under the Pradhan Mantri Awaas Yojana, are expected to stimulate demand for a broad range of equipment-including backhoe loaders, excavators, and wheeled loaders. These developments continue to support the sectors medium-to-long-term growth trajectory.
However, the Indian Mining and Construction Equipment (MCE) industry recorded a subdued performance during the first eleven months of FY2025, with growth moderating to approximately 3%, down from 26% in FY2024. This deceleration was primarily due to the general elections, which delayed project awards and execution, as well as prolonged monsoon conditions that impacted on-ground construction progress. Export performance also moderated, with growth of 7% in FY2025 compared to a 49% increase in the previous fiscal.
Within the domestic segment, earthmoving equipment retained its position as the dominant category, registering 5% year-on-year growth. In contrast, most other sub-segments reported volume declines. Overall industry volumes for FY2025 are expected to show limited expansion, with projected growth in the range of 2 3%. Notably, concrete and road construction equipment exports recorded a strong uptick, increasing by 133% and 122%, respectively.
Looking forward to FY2026, the industry is expected to register moderate growth of 2 5%. However, certain headwinds persist. Challenges related to liquidity constraints, rising financing costs, and upward revisions in equipment pricing-driven by compliance with new emission norms and enhanced safety standards-may limit short-term demand.
Price hikes in the range of 12 15% are anticipated, which could temporarily impact purchase decisions.
Despite near-term pressures, the medium-term outlook remains constructive, supported by the governments continued focus on infrastructure expansion and favourable trends in commodity markets. The construction equipment industry remains integral to Indias broader economic development plans and is expected to play a critical role in enabling infrastructure-led growth.
Dynamatic Technologies designs and manufactures pumps and motors for construction equipment applications. While the company currently holds a limited share in this segment, it views the space as a strategic growth opportunity. Continued investments in product development and market expansion are aimed at strengthening the Companys presence in this evolving sector.
https://www.mordorintelligence.com/industry-reports/india-construction-equipment-market http://timesofindia.indiatimes.com/articleshow/118385432.cms?utm_ source=contentofinterest&utm_medium=text&utm_campaign=cppst https://infra.tractorjunction.com/en/news/construction-equipment-industry-growth-in-fy2025
SEGMENT OVERVIEW:
Dynamatic Hydraulics manufactures high precision hydraulic products and solutions for tractors, construction equipment, material handling and machine tool industries. The Company has three state-of-art manufacturing facilities at Bengaluru for geared products- pumps and motors, Integrated Hydraulic solutions like hitch control valves, rockshaft assemblies and power units for defence applications. This manufacturing facility is supported by a very advanced design, R&D center and a rapid prototyping laboratory.
Dynamatic Hydraulics commands approximately 80% of the Indian OEM tractor market and about 38% of the global tractor market. It also designs and builds complete hydraulic solutions including hydraulic hitch control valve with draft control and complete rockshaft assembly for the agricultural tractors. The Indian agricultural machinery market continues to demonstrate consistent expansion, with its size estimated at USD 18.15 billion in 2025 and projected to reach USD 27.29 billion by 2030, representing a CAGR of 8.5%. This upward trajectory is primarily driven by the increasing need to improve farm productivity and operational efficiency in response to rising agricultural output and evolving cultivation practices. The Indian construction equipment market is positioned for long-term growth, with its size estimated at USD 7.91 billion in 2025 and projected to reach USD 11.78 billion by 2030, translating to a CAGR of 8.3%. This expansion is being driven by sustained government investments in infrastructure, rapid urbanisation, and the increasing requirement for mechanisation in large-scale development projects.
Furthermore, with given growth potential in the construction equipment sector, Dynamatic is investing in the development of high pressure, heavy-duty cast iron pumps to cater to the construction equipment sector. These products are in various stages of development and testing, which will cater to the global OEMs. Some of these products will undergo production phase in coming years, with supplies to global OEMs and aftermarket.
Operational Performance (Rs in lakhs)
Particulars |
FY2025 | FY2024 | Change (%) |
| Revenue | 45,804 | 44,834 | 2.16% |
| EBITDA | 2,415 | 3,771 | (35.96)% |
| Margin % | 5.3% | 8.4% |
The revenues for this segment increased to Rs. 45,804 lakhs compared to Rs. 44,834 lakhs in the same period last year. EBITDA for FY2025 was Rs. 2,415 lakhs and Rs. 3,771 lakhs during last year. This segment reported an increase in topline
FY2025 due to upward trajectory primarily driven by the increasing need to improve farm productivity and operational efficiency in response to rising agricultural output and evolving cultivation practices.
AWARDS & ACCOLADES:
Dynamatic Hydraulics? has successfully completed the 2nd surveillance audits by ULDQS India, to ISO: 9001-2015 for Quality Management System, ISO:14001-2015 for Environmental Management System and IS0 45001-2018 for occupational health and safety management systems. The store facility was shifted from existing stores to Unit 2 facility as a central store and same has been reflected and considered in ISO audit and certified.
Dynamatic Hydraulics? received a number of awards, listed below, at the National and State level in the FY2024-25. This is due to our relentless pursuit of excellence in everything we do.
Jan2025: 17th National Poka Yoke Competition, won silver award for "Elimination of wrong mounting in welding operation" on Hand pump reservoir.
Successfully implemented 9 stages cutting in cycle to reduce chips generation in the gear pumps.
AEROSPACE & DEFENCE:
INDUSTRY OVERVIEW AND OUTLOOK: DEFENCE AEROSPACE:
Indias Aerospace and Defence (A&D) sector is undergoing a strategic shift, propelled by modernisation initiatives, enhanced capital outlays, and increased private sector participation. The domestic market is expected to expand from USD 19.81 billion in 2025 to USD 26.32 billion by 2030, reflecting a CAGR of 5.84%. This growth is underpinned by the governments strong policy push, rising defence exports, and an expanding industrial base.
The Ministry of Defence has set an ambitious target to achieve an annual turnover of USD 36.1 billion (INR 3 lakh crore) in defence manufacturing and services, along with annual defence exports of USD 6.02 billion (INR 50,000 crore) by FY2028-29. In FY2025-26, the defence budget allocation rose by 9.5% YoY to INR 6.81 lakh crore (USD 78.7 billion), with INR 1.80 lakh crore (USD 20.8 billion) earmarked for capital expenditure encompassing procurement of advanced military platforms such as aircraft, warships, and armoured vehicles.
The sector continues to benefit from increasing focus on indigenisation. Programmes such as the Arjun Main Battle Tank (MBT), T-90 Bhishma upgrades, Future Infantry Combat Vehicle (FICV), HALs Light Combat Helicopter (LCH), and advanced UAV procurements are contributing to the growth momentum. The Indian Air Force is also seeing renewed investment in indigenous platforms, with the LCA Tejas programme and expanded UAV development forming critical components of its future force structure.
The Maintenance, Repair, and Overhaul (MRO) segment is gaining traction in response to the growing need for reliable and cost-effective maintenance of the defence fleet. India is developing specialised MRO infrastructure supported by the adoption of digital technologies to enhance fleet readiness and reduce reliance on overseas service providers. Companies are increasingly adopting digital solutions to optimise MRO operations and extend aircraft lifecycles, thereby improving availability and cost efficiency.
Defence spending worldwide reached USD 2.4 trillion in 2023, reflecting heightened geopolitical risks and growing demand for unmanned aerial systems, cyber-defence, and ISTAR (Intelligence, Surveillance, Target Acquisition, and Reconnaissance) capabilities. The global appetite for drone technologies, particularly in military and strategic roles, is rising sharply.
India is positioning itself to integrate into global value chains through its expanding manufacturing base, favourable policy environment, and emphasis on self-reliance under initiatives such as ‘Make in India and the Strategic Partnership model. Indias growing engineering capabilities, competitive manufacturing costs, and commitment to building indigenous capacity are shaping its emergence as a critical player in global aerospace and defence supply chains.
https://www.statista.com/markets/407/topic/939/aerospace-defense-manufacturing/#overview https://www2.deloitte.com/us/en/insights/industry/aerospace-defense/ aerospace-and-defense-industry-outlook.html https://www.mordorintelligence.com/industry-reports/india-aviation-defense-and-space-market
COMMERCIAL AEROSPACE:
The commercial aerospace sector continued its recovery trajectory in FY2025, supported by sustained growth in passenger traffic, policy tailwinds, and infrastructure development. According to ICRA, Indias aviation industry is expected to register a revenue growth of 10 15% in FY2025, following a 15 20% increase in FY2024. While passenger volumes have rebounded strongly, earnings recovery remains gradual due to the sectors high fixed-cost structure.
Indias civil aviation market remains one of the fastest-growing globally. Key demand drivers include a growing middle-class population, a rising share of working-age individuals, and improved regional connectivity. During the
April December 2024 period, total passenger traffic stood at 196.91 million, comprising 140.11 million domestic and 56.8 million international passengers-reflecting year-on-year growth of 8.1% and 13.5%, respectively. For the full fiscal year FY2024, Indian airports handled 306.79 million domestic and 69.64 million international passengers, underscoring the sectors growth momentum.
This surge in air traffic is mirrored in aircraft movement, which has risen at a CAGR of 3.85% from FY2017 to FY2024, reaching 2.67 million movements in FY2024. The long-term aircraft demand is estimated to exceed 2,200 by 2042. In line with rising passenger volumes, domestic capacity, measured in Available Seat Kilometers (ASK), reached 162,289 million kms, while demand, measured in Revenue Passenger Kilometers (RPK), touched 148,251 million kms in FY2024. The Maintenance, Repair, and Overhaul (MRO) segment presents a significant growth opportunity. The Indian MRO market, which stood at approximately USD 800 million in 2018, is projected to surpass USD 2.4 billion by 2028. Policy initiatives announced under the Union Budget 2024 25-such as the standardization of IGST on aircraft parts to 5% and extended re-import timelines for repaired components-are expected to accelerate domestic MRO expansion. Industry forecasts indicate that domestic MRO revenues could triple by FY2028.
Air freight remains a priority growth area, with cargo volumes during April December 2024 reaching 2.79 million metric tonnes. Of this, 1.05 million tonnes were domestic freight and 1.74 million tonnes were international. Between FY2016 and FY2024, domestic and international cargo volumes expanded at a CAGR of 3.0% and 2.7%, respectively. The government aims to enhance perishable cargo connectivity by introducing 133 new dedicated cargo routes, targeting a 30% increase in cargo flight operations.
Infrastructure investment continues to anchor the sectors long-term growth. As of 2023, India had 148 operational airports, with plans to scale this to 220 by 2025. The Airports Authority of India (AAI), along with private developers, has earmarked a capital investment of Rs. 98,000 crore (USD 12 billion) over the next five years. Additionally, the government has allocated USD 1.83 billion for airport infrastructure and aviation navigation system development through 2026. Policy reforms have further supported the sectors growth. The government has permitted 100% Foreign Direct Investment (FDI) in scheduled air transport services-up to 49% under the automatic route and beyond that via government approval. For Non-Resident Indians (NRIs), 100% FDI is allowed under the automatic route, enabling enhanced private sector participation and capital inflows.
Collectively, these trends and policy measures position India as a key market in the global aviation landscape, underpinned by strong domestic demand, infrastructure augmentation, and a conducive regulatory environment.
https://www.investindia.gov.in/sector/civil-aviation https://www.ibef.org/industry/indian-aviation
SEGMENT OVERVIEW:
Dynamatic-Oldland Aerospace?, India, is a pioneer and a recognized leader in the Indian private sector for the development of complex aero-structures and manufacturer of aircraft parts and accessories. The Company is also vertically integrated to manufacture machined and sheet metal components, with soft and hard tooling, assembly jig manufacturing along with comprehensive engineering capabilities. The Aerospace & Defence Division has the largest infrastructure in the Indian private sector for the manufacture of complex aero structures. QMS is AS9100 approved, NADCAP approved for heat treatment, spot welding, non-destructive testing and metrology, the Company is also approved by major OEMs like Airbus, Boeing, Bell Helicopters, Deutsche Aircraft and Dassault Aviation. Further, it also caters to domestic requirements from major OEMs like Bharat Electronics Limited (BEL) & Hindustan Aeronautics Limited (HAL).
The Companys modern and state-of-the-art manufacturing facilities in India and the UK deliver high value to its customers, by seamless integration of highly skilled workforce for assemblies and sheet metal detail parts requiring artisanal capabilities and low cost of capital for manufacturing at the
UK. The Company launched ‘DOET Dynamatic Operational
Excellence and Transformation prevailing way to DTL 2.0 as the language of change for sustainable growth and increased value to the customers and shareholders.
The Company has delivered over 8,200 aircraft sets of Single Aisle Flap Track Beams till date and has successfully completed the A320 re-design of the Flap Track Beam with a Monolithic structure working closely with Spirit Aero
Systems. Dynamatic Technologies is a Tier-1 Global Single Source manufacturer of Airbus A330 Flap Track Beams, the long-range aircraft variant. The Company is the largest single source manufacturer of the flap track beams in the world for Airbus. The Company is focused on developing capabilities in doors and large aero-structural assemblies and systems.
Operational Performance (Rs in lakhs)
Particulars |
FY2025 | FY2024 | Change (%) |
| Revenue | 60,785 | 51,009 | 19.17% |
| EBITDA | 15,783 | 13,094 | 20.54% |
| Margin % | 26.0% | 25.7% |
During the FY2025, the Aerospace & Defence segment recorded a revenue of Rs. 60,785 lakhs compared to Rs. 51,009 lakhs in FY2024. Segment EBITDA for the year was Rs.15,783 lakhs, reported alongside Rs. 13,094 lakhs in FY2024. The Aerospace segment reported a growth of 19.2 % y-o-y driven by resilient performance of air transport industry. Commercial deliveries and ramp-up of parts for F-15EX Eagle and Escape Hatch Doors for Airbus A220 aircraft has contributed to top line and new business opportunities. A strong order book by major aircraft producers will drive both defence and commercial demand once global supply chain issues are resolved.
Indias growing engineering capabilities, competitive manufacturing costs, and commitment to building indigenous capacity are shaping its emergence as a critical player in global aerospace and defence supply chains. Indias Aerospace and Defence (A&D) sector is undergoing a strategic shift, propelled by modernisation initiatives, enhanced capital outlays, and increased private sector participation. The domestic market is expected to expand from USD 19.81 billion in 2025 to USD 26.32 billion by 2030, reflecting a CAGR of 5.84%. This growth is underpinned by the governments strong policy push, rising defence exports, and an expanding industrial base.
AWARDS & ACCOLADES:
In FY2024-25, Dynamatic Technologies Limited received industry wide recognition and won a few major awards:
• SEP 2024: One team from DML presented Improvement case study secured the prestigious Gold Award at the Chapter Convention on Quality Concepts (CCQC) 2024 organized by the Quality Circle Forum of India (QCFI). The same team was awarded the First Prize in the English Slogan Competition held during CCQC 2024.
• DEC 2024: DML participated its 1st Nationals in 38th National Convention on Quality Concepts (NCQC 2024) & earned the Excellence Award.
Dynauton Systems? - Revolutionizing Defence Operations Dynauton Systems? is a next-generation Indian technology start-up and is wholly owned and housed within Dynamatic Technologies Limited. Dynauton focuses on the design and manufacture of advanced Unmanned Aerial Systems and critical subsystems such as gimbals, autopilots, radars, propulsion units, avionics, and integrated software solutions. The company is also developing cutting-edge anti-drone technologies including radio-frequency directional finders, drone detection radars, electro-optic systems, and loitering munitions.
With a highly experienced team drawn from premier Indian institutions and multinational organizations, Dynauton is dedicated to delivering world-class engineering and manufacturing excellence for unmanned systems in India. Our current focus is on expanding our UAV portfolio to enhance military operational capabilities and strategic intelligence, providing advanced surveillance and loitering munition solutions that empower armed forces to operate effectively in critical environments Over the past year, we have strengthened our position as a trusted partner in defense and strategic technology by delivering cutting-edge solutions across core domains.
METALLURGY:
INDUSTRY OVERVIEW AND OUTLOOK
Germanys economy continued to face a period of stagnation in FY2024, shaped by elevated energy costs, evolving global trade dynamics, and broad macroeconomic uncertainty. Despite these challenges, the conclusion of national elections and the outlook for fiscal reforms under the new government have created a cautiously optimistic environment, with expectations of targeted measures to revitalise domestic industry.
The German automotive sector remains a key contributor to the national economy, accounting for nearly 6% of the countrys GDP. However, structural headwinds have intensified, including high input costs, a deceleration in electric vehicle (EV) adoption, and weakening global demand. According to the German Automobile Association (VDA), Germany produced approximately 4.1 million passenger vehicles in 2024, a level consistent with the previous year but still 12% below pre-pandemic output in 2019. The combination of supply chain pressures, subdued consumer sentiment, and rising global competition-particularly from China and potential U.S. trade measures-has impacted production volumes and overall sector performance.
The industry is undergoing a period of transformation, marked by declining new vehicle sales, rising labour and energy costs, and a slow transition to EV platforms. These trends have triggered wider sectoral challenges, with implications for OEMs and Tier-1 suppliers across the value chain. Mass layoffs announced by some manufacturers reflect the extent of the pressures facing the industry. Nonetheless, Germany continues to maintain a deep manufacturing ecosystem, supported by engineering expertise, an innovation-led Mittelstand base, and a highly skilled workforce.
Despite the broader slowdown in the German automotive sector, long-term prospects are expected to be shaped by re-industrialisation efforts, enhanced capital deployment frameworks, and a push for innovation-led growth. The evolving policy direction in Germany, including a shift from fiscal conservatism towards strategic investments in core industries, is likely to play a key role in supporting industrial resilience. Dynamatic Technologies remains focused on aligning its operations with these long-term shifts while navigating short-term volatility in the external environment. Dynamatic Technologies German subsidiary, Eisenwerk Erla GmbH (EEL), remains aligned with the broader industry shift towards high-margin, technology-intensive segments. The company has taken strategic steps to transition from its traditional automotive and foundry operations to focus more deeply on the aerospace domain. This realignment supports the Groups objective of building a diversified portfolio anchored on performance-critical components and scalable platforms.
https://www.bbc.com/news/articles/cz6pzwj6qq7o https://www.weforum.org/stories/2025/03/germany-s-economic-crossroads-could-lead-it-to-thrive-in-the-re-industrial-era/ https://www.dw.com/en/in-2025-german-auto-industry-faces-make-or-break-year/a-71148148
SEGMENT OVERVIEW:
Eisenwerk Erla GmbH, Germany (EEL), a subsidiary of Dynamatic Technologies, is a preferred supplier of complicated and sophisticated castings to leading global OEMs. The companys most important customers in this segment are AGCO-FENDT, BMW, Rolls Royce, MAN, LIEBHERR, V?gele, Borg Warner Turbo Emission Systems, Daimler Truck, Continental Aerospace Technologies and Rotax.
Eisenwerk Erla is expanding its production of castings for agricultural and road construction vehicles as well as for stationary and sports engines, which are part of the newly developing business model. With its long history and major investments, the company has become one of the best developed iron foundries in Europe. The Erla ironworks produces extremely complicated iron and steel castings in the most difficult materials. The high level of research and development expertise ensures the plants continued development as a modern foundry. EEL continues to offer access to the latest technologies and global markets, which sets us apart from our competitors in this industry. The companys processing facilities are fully automated and utilise the latest technological innovations. This is the basis for high competitiveness and the opportunity to build on this expertise.
Operational Performance (Rs in lakhs)
Particulars |
FY2025 | FY2024 | Change (%) |
| Revenue | 33,483 | 47,081 | -28.89% |
| EBITDA | 1,004 | 2,467 | -59.55% |
| Margin % | 3.0% | 5.2% |
The revenue for this segment was Rs. 33,483 lakhs compared to same period last year Rs. 47,081 lakhs. Segment EBITDA was Rs. 1,004 lakhs compared to Rs. 2,467 lakhs in FY2024. The decrease in top line was owing to the combination of supply chain pressures, subdued consumer sentiment, and rising global competition-particularly from China and potential U.S. trade measures-that impacted production volumes and overall sector performance. The segment profitability decreased because of inflation scenario in energy, material cost, and rising labour cost alongside a slow transition to EV platforms. In FY2025, the entire industry in Germany was severely affected by continuing inflation and instability in Europe, the ongoing Russia-Ukraine conflict and developments in energy and material costs. German SMEs are particularly hard hit in this regard and are generally unable to pass on the sharp rise in costs in full to the end customer.
EEL is expanding the machining shop, the automation of cutting and grinding process in the foundry and also implementing its transition plan to build up a further line of business for the manufacture of components for aircraft applications at the EEL site in addition to the existing production.
TECHNOLOGY & QUALITY:
Dynamatic Technologies being a Tier-1 supplier for OEMs has continuously invested in technology to make the business more cost effective and world class. The Companys best practices include implementing lean manufacturing and continuous improvement programs. Dynamatic Technologies has also launched QSP Quality, Safety & Productivity and DOET Dynamatic Operational Excellence and
Transformation, as its new business initiative to emphasise these aspects to the customer.
The Company has state-of-the-art inspection equipments like CMM and laser tracker, and high accuracy 5-axis machines which are one of the largest giga milling machines in the country. This giga milling machine is equipped with a special probing software system complying to Industry 4.0.
Dynamatic Technologies continues to maintain skill and competency of its direct and indirect work force using a software called CATI (Competency Assessment & Training Identification). The software is designed to map each of the employees skill level and training needs and enables the management to provide employee development programs that are necessary for the business growth and sustainability. The Company has also established an in-house Skill Development Center to train and mentor new recruits. Having adopted a Government ITI under PPP, Dynamatic Technologies provides training to the students, preparing them to serve in any Aerospace and Defence industry in order to make the ‘Make In India drive a great success.
During FY2023, Airbus Group awarded the Global Sustainability Award to the company as a recognition of the services in delivering the products during Pandemic and post-pandemic period.
During FY2024, Boeing Defence awarded the Company with ‘Global Supplier of the year award as a recognition of its services in delivering the products with highest on time delivery and quality performance.
Dynamatic-Oldland Aerospace?, UK is a demonstrated leader in the development of exacting airframe structures and precision aerospace components. It has a unique state-of-the art facility at Swindon, possessing complex 5 axis with robotic machining capabilities for the manufacture of aerospace components and tooling. Dynamatic-Oldland Aerospace?, UK specializes in reverse engineering, re-engineering, fixture design and manufacturing. This division is a certified supplier to Airbus UK, GKN Aerospace Europe & USA, Spirit Aero Systems, Boeing, Magellan Aerospace, GE Aviation Systems and Leonardo. It is compliant with AS 9100 Rev D standards. In addition, Dynamatic Technologies maintains accreditation for Environmental Management System (EMS) certification under ISO14001, Occupational Health and Safety Management System (OHSAS) certification under ISO45001,
Information Security Management System certification under ISO/IEC 27001 and NABL-Competence of Testing & Calibration Lab accreditation to ISO/IEC17025.
Dynamatic Technologies offers its customers a comprehensive solution of high complex, highly skilled multi-axis machining from the UK and high value added, highly skilled sheet metal detail parts alongside assembly from India. This provides customers with offset credits and best value from two cost models.
ANALYSIS OF KEY RATIOS:
In accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is required to give details of significant changes (change of 25% or more as compared to the immediately previous financial year) in key sector-specific financial ratios.
An analysis of key ratios for the period under review is as follows: (Rs in Lakhs)
Particulars |
FY2025 |
FY2024 |
Change % |
Comments |
|||||||
EBITDA |
15,832 |
15,941 |
-0.68% |
Previous year net profit consists of exceptional income |
|||||||
EBITDA Margins |
11.3% |
11.2% |
INR 6,231 lakhs, hence margins were high as compared to |
||||||||
Net Profit |
4,304 |
12,181 |
-64.67% |
current year |
|||||||
Net Profit Margins |
3.1% |
8.5% |
|||||||||
Particulars |
FY2025 |
FY2024 |
Change % |
Comments | |||||||
Debt Equity |
0.80 |
0.88 |
-9.1% |
Changes are not material | |||||||
Current Ratio |
1.28 |
1.31 |
-2.0% |
||||||||
Interest Coverage Ratio |
1.57 |
1.49 |
5.5% |
||||||||
Particulars |
FY2025 |
FY2024 |
Change % |
Comments | |||||||
Return of Net worth |
6% |
18% |
-67.1% |
Previous year net profit consists of exceptional income | |||||||
Return on Assets |
3% |
8% |
-66.3% |
INR 6,231 lakhs, hence margins were high as compared to | |||||||
Return on Capital Employed |
7% |
12% |
-44.2% |
current year | |||||||
Particulars |
FY2025 |
FY2024 |
Change % |
||||||||
| Creditors Turnover | 3.1 |
3.2 |
-2% |
||||||||
| Debtors Turnover | 4.8 |
5.1 |
-7% |
||||||||
| Inventory Turnover | 2.0 |
2.2 |
-9% |
||||||||
FINANCIAL CONDITION:
Share Capital (Rs in Lakhs)
Particulars |
FY2025 | FY2024 | Change |
| (%) | |||
| Share Capital | 679 | 679 | - |
| Reserves & Surplus | 71,071 | 66,095 | RIGHT>8% |
As of 31st March 2025, the Company has an authorized share capital of Rs 2,500 lakhs, divided into 2,00,00,000 equity shares of Rs10/- each and Rs 500 lakhs divided into 5,00,000 redeemable cumulative preference shares of Rs 100/- each. The Companys issued, subscribed and paid-up equity share capital is Rs 679 lakhs. The Reserves and Surplus were Rs. 71,071 as on 31st March 2025, an increase amounting to Rs. 4,976 lakhs compared to 31st March 2024.
The change is attributable to: (Rs in Lakhs)
Particulars |
FY2025 |
Profit for the year |
4,304 |
| Other Comprehensive Income/ (Loss) | (323) |
| Credit balance arising on consolidation | 1,470 |
Net Comprehensive Income for the year |
5,451 |
| Dividend Distribution | (475) |
Total |
4,976 |
Borrowings:
Particulars |
FY2025 | FY2024 | Change |
| (%) | |||
| Long term borrowings | 17,524 | 19,319 | -31.6% |
| Short term | 27,580 | 26,497 | 30.0% |
| Borrowings | |||
Total |
45,104 | 45,816 | -1.5% |
| Lease Liability | 12,021 | 12,693 | -5.3% |
Total |
57,125 | 58,509 | -2.4% |
Fixed Assets:
Particulars |
FY2025 | FY2024 | Change |
| (%) | |||
| Property plant and | 58,541 | 57,292 | 2.2% |
| equipment | |||
| Right-of-use assets | 9,172 | 10,034 | -8.6% |
| Capital work in | 1,816 | 515 | 252.6% |
| progress | |||
| Goodwill | 9,802 | 9,397 | 4.3% |
| Other Intangible | 2,568 | 2,434 | 5.5% |
| assets | |||
| Intangible Assets | 1,071 | 483 | 121.7% |
| Under Development | |||
Total |
82,970 | 80,155 |
CAPITAL EXPENDITURE
During the year under review, the Company incurred capital expenditure of Rs. 5,860 lakhs for physical infrastructure and
Rs. 850 lakhs for procurement of intangible assets. Significant investments have been made in building infrastructure, data security, information systems, and design and development activities, for the future benefits of the Company.
INVENTORIES:
The inventories of the Company mainly comprise of raw materials of Rs. 15,942 lakhs. Work in progress of Rs. 14,127 lakhs finished goods of Rs. 3,113 lakhs and stores and spares of Rs. 1,480 lakhs.
OPPORTUNITIES & THREATS:
Aerospace and Defence Sector Growth:
The Indian Aerospace and Defence sector is undergoing a transformative phase, with significant modernization and indigenization efforts spearheaded by the Ministry of Defence. The focus is on reducing dependence on foreign imports, with the three services collectively driving the ‘Make in India initiative. The Governments strategic push towards indigenous manufacturing and research and development is evident in the defence policy framework, which emphasizes local value addition in future procurements. The Indian Government has actively identified the Aerospace and Defence sector as a strategic focus area within the ‘Aatmanirbhar Bharat programme, driving the establishment of indigenous manufacturing capabilities. This initiative is bolstered by significant investments in research and development, with the defence policy framework undergoing transformative shifts since 2020. The Union Budget for FY2025-26 allocates INR 681,210 crore (~USD 78.8 billion) for defence, reflecting a 10% increase compared to the previous year. Capital budget allocation for R&D has seen a 13% rise, further strengthening Indias defence capabilities. While the sectors growth prospects remain strong, challenges such as global geopolitical tensions and supply chain disruptions continue to pose risks, requiring ongoing innovation and adaptation.
Focus on Civil Aviation:
Indias civil aviation sector continues to experience rapid growth, driven by a rising middle class and increasing disposable income, with the country set to become the third-largest aviation market. The demand for air travel is expected to push the number of aircraft in operation to over 2,200 by 2042. The MRO industry, growing from US$ 800 million in 2018 to an expected US$ 2.4 billion by 2028, will benefit from incentives introduced in the Union Budget 2024-25, including a 5% uniform IGST on aircraft parts. The governments focus on infrastructure, including the privatization of 25 airports under the National Monetization Pipeline and investments of US$ 25 billion by 2027, will further enhance capacity. In FY2024, domestic passenger traffic grew by 13.5%, and international traffic by 22.3%, while freight traffic also saw steady growth. However, challenges such as geopolitical risks, fluctuating fuel prices, and regulatory complexities remain. Increased competition in the MRO sector and the need for infrastructure upgrades to meet growing demand also pose potential threats. Despite these challenges, the aviation sector remains well-positioned to capitalize on its growth potential through strategic investments and favourable government policies.
Support from Government and Industry:
Infrastructure investments in India are projected to increase to Rs. 111 lakh crores (approximately USD 1.4 trillion) during FY2020-25, providing a significant boost to demand for capital goods. In Budget 2024-25, the capital investment outlay for infrastructure was enhanced to Rs 11.1 lakh crores (USD 122 billion), constituting 3.4% of the GDP. The National Capital Goods Policy continues to play a crucial role in fostering industrial growth, aiming to elevate industrial production to USD 100 billion. The policy also focuses on promoting technology, skill development, exports, and the establishment of common facility centers to strengthen the industrial ecosystem.
India remains a key market for global aerospace manufacturers such as Boeing and Airbus, which view the country as a strategic hub for manufacturing and exports. With the high demand for aircraft, Indias strategic location, engineering capabilities, and competitive labor costs, both Boeing and Airbus are increasingly collaborating with Indian suppliers and SMEs to build a robust aerospace ecosystem. Boeings India supply chain now exports about Rs10,000 crore ($1.25 billion) in aircraft components annually and Airbus currently sources over Rs1 billion worth of parts from India a figure it plans to double before 2030. Major international collaborations are also underway in aviation infrastructure and skill development. These concerted efforts by the government and industry are enhancing capacity, self-reliance and export potential in Indias capital goods and aviation ecosystem, bolstering future growth.
Growing demand for agricultural machinery and equipment:
The demand for agricultural machinery in India has been steadily rising, driven by the governments focus on farm mechanization and technological advancements in the sector. As part of the Union Budget 2024-25, the government allocated significant funds to support the mechanization of agriculture, including increased subsidies for farm equipment and the expansion of custom hiring centers and farm machinery banks. These initiatives have made modern machinery more accessible to small-scale farmers, significantly enhancing productivity and reducing labor costs. Indias position as a major manufacturer of farm equipment, including tractors, harvesters, and tillers, further supports the growth of this sector. Additionally, the Make in India initiative continues to encourage domestic production and innovation, fostering a robust market for agricultural machinery. The rising adoption of precision farming techniques, including drones and automated systems, is also contributing to the growing demand for specialized equipment, aligning with Indias broader goals of improving agricultural efficiency and sustainability. With the ongoing push for farm mechanization, the agricultural machinery sector is poised for sustained growth, supported by both government policies and increasing private sector investments.
Investment in R&D:
The Indian government has significantly ramped up its investment in research and development (R&D) to drive innovation, develop new technologies, and position the country as a global hub for manufacturing and technological excellence. Under the Union Budget 2024 25, the government allocated substantial funds to support R&D initiatives across various sectors, with a particular focus on emerging technologies such as artificial intelligence (AI), quantum computing, and renewable energy. One key initiative, the National Research Foundation, aims to support research across universities and research institutions, facilitating the development of cutting-edge technologies and promoting private sector involvement in innovation. Additionally, the government has introduced a Rs1 lakh crore financing pool to facilitate private sector participation in R&D, addressing the current imbalance where the public sector contributes 64% of national R&D expenditure.
These initiatives are designed to foster the development of indigenous technologies and reduce dependency on imports, thereby creating a competitive manufacturing ecosystem. India is not only fostering innovation but also accelerating the countrys journey towards becoming a global leader in manufacturing and technological innovation. These investments are expected to generate high-value jobs, promote sustainable industrial growth, and bolster Indias standing in the global market.
Diverse Product Portfolio and End Market Segments:
Dynamatic Technologies has a diverse product portfolio that spans across three key business segments: Hydraulics, Aerospace, and Metallurgy. This diversified approach ensures that the Companys performance remains relatively stable and not reliant on any single industry segment. Dynamatic Technologies continues to remain dedicated to advancing its technological and manufacturing capacities, particularly in its aerospace division. The company is poised to benefit from an expanded aerospace order book and anticipates that the growing demand in the Aerospace and Hydraulics sector will significantly enhance its overall performance.
Dynamatic Technologies faces several challenges that could impact its diversified operations across Hydraulics, Aerospace, and Metallurgy. In the Hydraulics segment, while the company maintains a strong market position, global supply chain disruptions and fluctuating raw material costs may affect production timelines and margins. Additionally, the Metallurgy division is undergoing a strategic transformation, focusing on higher-margin aerospace and defence sectors. This shift may result in short-term revenue pressures as the division exits less profitable automotive markets. In the Aerospace sector, despite a robust order book, potential delays in the delivery of critical components, due to supply chain issues, could affect project timelines and revenue recognition. Furthermore, geopolitical tensions and regional security concerns may impact defence contracts and international collaborations. These factors necessitate agile risk management strategies to mitigate potential adverse effects on the companys performance.
Regulatory changes:
With regulatory environments tightening, particularly around environmental and safety standards, manufacturing complexities and costs are on the rise. Dynamatic Technologies leverages its extensive R&D capabilities and diverse product offerings to adapt and thrive under these new regulations. Government investments in infrastructure and the agricultural sector further amplify Dynamatics ability to capitalize on emerging opportunities, thereby reinforcing its market position.
RISKS & CONCERNS: Global Economic Uncertainty:
Growth is expected to slow in 2025 as the effects of trade tensions and tighter monetary conditions start to weigh on business investment and household spending. Rising tariffs on key imports are adding to price pressures, with inflation proving more persistent than anticipated, particularly in services. Although wage growth has remained strong, signs of easing in the labor market are emerging. The Federal Reserve is expected to maintain a cautious stance, with policy rates likely to hold steady through most of 2025, as they balance moderating growth against lingering inflation concerns, Dynamatic Technologies faces significant risks from these uncertainties, which could adversely affect its operational and financial performance.
Intense Competitive Landscape:
The business environment in which the Company operates is highly competitive, characterized by rapid technological advancements and continuous innovation. The industry demands agility and resilience, as competition remains intense across all segments. It is common practice among OEMs to maintain a diversified supplier base, and exclusive contracts are generally not preferred. Consequently, any inability to meet customer expectations-whether related to cost, product specifications, or timely delivery-can adversely impact the Companys business performance, financial condition, and operational results. At Dynamatic Technologies, we place strong emphasis on nurturing long-standing relationships with our customers. We remain deeply engaged with them, offering high-quality products at competitive prices, while proactively adapting to their evolving needs to ensure we remain a trusted and valuable partner.
Technological Evolution:
Despite the positive developments, the global aerospace and defence industry is not immune to challenges. The increasing use of digital technologies has heightened cyberattack vulnerabilities. The industry strongly emphasises enhancing cybersecurity measures to protect sensitive data and maintain operational integrity. To stay competitive in the industry, it is crucial for the Company to continuously update its technological expertise. Additionally, protecting sensitive data is essential for maintaining its operational integrity.
Foreign Currency Fluctuations:
Dynamatic Technologies operates across several geographies and is therefore subject to foreign exchange fluctuations that may influence its financial performance. To address this, the company employs a structured hedging policy complemented by natural hedges arising from its global operations. Continuous monitoring of currency movements enables timely tactical adjustments. Additionally, efforts to align revenues and costs in matching currencies help reduce the impact of translation differences, thereby ensuring greater stability in financial outcomes.
RISK MANAGEMENT:
Effective risk management is fundamental to the business activities of the group. While we remain committed to increasing shareholder value by developing and growing our business within our board-determined risk appetite, we are mindful of achieving this objective in line with the interests of all stakeholders.
The Company emphasizes on achieving the corporate strategic objectives by following best practices in Risk Management. It has formulated a risk management policy and has in place a mechanism to inform the Board Members through risk management committee about risk assessment and minimization procedures and periodical review to ensure that executive management controls risk by means of a properly designed framework.
Our policy is based on the following principles:
• The Board of Directors, Risk Management Committee and Management are responsible for monitoring internal risk management
• Effective risk management and internal monitoring will reduce the likelihood of errors, wrong decisions and surprises due to unforeseen circumstances.
• In order to thrive, an enterprise must take risks. The Management Board is responsible for determining the limits of what is acceptable (referred to as ‘risk appetite).
• Line managers are responsible for the implementation of risk management for the processes for which they are responsible. This mechanism is implemented as an integral part of our business processes across the Dynamatic Group Companies and includes recording, monitoring, and controlling internal enterprise business risks and appropriate actions are immediately taken to mitigate such risks.
QUALITY MANAGEMENT SYSTEM (QMS)
Dynamatic Technologies is always focused on achieving international quality standards for its products and services. In pursuit of this goal, Dynamatic Technologies has established a comprehensive QMS which encompasses all aspects of the business with a focus on establishing a quality assurance ecosystem that is designed to consistently deliver quality products and superior service.
To achieve product quality assurance, the Company focuses on excellence in-house production processes while ensuring that sub-tiers consistently produce components as per specifications.
Aerospace:
During FY2025, your Company has successfully completed the surveillance and re-certification audits to ISO: 14001:2015 standard for its Environmental Management System, Information Security Management System (ISO/IEC 27001:2022) and Occupational Health and Safety Management System (OHSAS) certification to ISO45001:2018. Your Companys QMS which is compliant to ISO: 9001 and AS9100 standards since 2006, has evolved and matured and is highly system driven and was audited by DQS and Novostar, India with ZERO major non-conformances.
Dynamatic Technologies is NADCAP accredited (accreditation for special processes in the aerospace and defence industry) for special processes like heat treatment, spot welding, nondestructive testing, measurement & inspection, and chemical conversion. Hydraulics: Dynamatic Hydraulics? has successfully completed the re-certification audits by UL DQS India, to ISO: 9001 specifications for Quality Management System and also to ISO:14001 specifications for its Environmental
Management System. The Company has also successfully completed IS0 45001 AUDIT for occupational health and safety management systems OHSAS. Certification to ISO 27001:2022 is also completed satisfactorily.
Metallurgy: In the FY2025, Dynamatic Technologies successfully confirmed again the level of AS9100 standards at the Eisenwerk Erla GmbH plant. The company successfully completed the recertification process in November 2024 The Dynamatic Quality Management System (DQMS) addresses the quality requirements set out by the global OEMs. DQMS utilizes some of the best tools such as 5S, 8D, FMEA, APQP, Ishikawa, Business Process Re-engineering, Overall Equipment Effectiveness, Root Cause Analysis, Six Sigma, Statistical Process Control, Total Productive Maintenance, Visual Control, Learning-by-Doing and Employee Participation Program (EPP).
Lean Management concepts together with quality tools are being used on the shop floor by management to increase the overall equipment effectiveness (OEE) of the operations. This is achieved by reducing rejections, set-ups, cycle time and through effective material management. The EPP has resulted in the participation of employees in innovative activities and their contributions have resulted in continual improvements to work and work processes.
INFORMATION SECURITY MANAGEMENT SYSTEM (ISMS):
Dynamatic Technologies Limited has a robust ISO/IEC 27001-certified Information Security Management System (ISMS), initially certified in 2018 and recertified in 2022 for Dynamatic-Oldland Aerospace and Dynamatic Manufacturing Limited. The ISMS secures critical business information, meets global cybersecurity standards, and aligns with customer requirements from Airbus, Boeing, Bell, and HAL. In FY2025, the company completed all internal and customer ISMS audits, conducted a Cyber Security Gap Assessment, and implemented yearly VAPT to identify and resolve vulnerabilities. The upgraded data center with virtual servers has enhanced performance and reliability. Immutable backups and advanced email security protect against ransomware and sophisticated attacks. AI/ML-based Next-Gen Antivirus and Firewalls with IPS/IDS ensure comprehensive endpoint and network protection.
The SAP infrastructure is now cloud-based for secure remote access. Encryption, secure file transfers, and continuous employee training reinforce data protection. Separate virtual servers are maintained for each customer, and IP rights are strictly protected. Dynamatic Technologies continuously strengthens its cybersecurity posture to meet evolving threats and customer expectations.
DIGITAL TRANSFORMATION: Dynamatic Technologies extended its SAP implementation to Human Resources & Payroll, enabling digital transformation and standardizing HR processes across India. SuccessFactors was integrated with Microsoft 365 Active Directory for single sign-on (SSO). Power BI dashboards for Revenue, Procurement, Inventory, and HR Costing were developed and seamlessly integrated with SAP for enhanced MIS reporting.
In FY2025, Salesforce CRM was implemented, improving customer relationships, data management, sales productivity, and collaboration. AI tools were also introduced to automate repetitive tasks and accelerate data processing, freeing up resources for higher-value work. Ongoing automation and continuous improvement projects aim to boost operational and cost efficiencies across the group.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Internal controls and systems serve multiple needs in any organisation. Well-designed internal control systems lay down the framework for day-to-day operations and provide guidelines for employees and most importantly, provide a certain level of security against the risks. The primary responsibility for the development and maintenance of internal control rests with an organizations management. Internal control evaluation involves everything management does to control the organization in the effort to achieve its objectives. Your Companys control system and procedures are regularly reviewed for relevance and effectiveness.
SUPPLY CHAIN MANAGEMENT (SCM) AND PRODUCTIVITY:
Dynamatic Technologies supply chain has a vision to provide flexible, sustainable and an efficient services and products lines delivered at right quality, right quantity, right place and on time to the Customers. Supply Chain evolves in each of the processes through continuous improvement and innovations thereby providing competitive advantage in the entire cycle of Operations. At Dynamatic Technologies there is a continuous emphasis on digitisation of key processes thereby reducing dependencies and efforts in performing repetitive activities. Flexibility, reliability, compliance, and cost efficiency are the key drivers for our Supply Chain Management practices. In the process of achieving a matured supply chain the skillsets at each individual levels are being enhanced by providing opportunities to an individual to lead and meet or exceed business objectives. During the year, focus was laid on stabilisation of operations within the S/4 HANA ERP Systems developed.
• Supply Chain has supported multiple work transfers from Customer into your Company.
• Identified and enabled suppliers enhancing their scope of activities in the pursuit of achieving end to end supply chain for new projects, helping to reduce internal logistics and enhancing efficiency.
• Indigenisation of some outsourced activities for new projects done to reduce lead time and cost.
• Alternate sourcing strategy adopted to mitigate risks of higher cost, uncertainty and delays in the delivery for some of the critical time bound projects.
• Enhancements deployed in ERP system in pursuit of digitisation of the processes.
• New opportunities being explored by adopting AI based software to increase efficiency.
• Standardisation of some processes being implemented across divisions, benchmarking best practices internally to improve efficiency and productivity.
• Inventory optimisation by effective scheduling of delivery and collaboration with suppliers.
• Supply chains are designing processes to adopt a proactive approach to foreseeable challenges.
• Speed to market management tools like Just in Time (JIT) manufacturing and distribution, vendor managed inventory (VMI) of detail parts and efficient customer response.
• Improving quality and productivity within operational areas such as warehousing, logistics, inventory management and packaging
• Value Addition & Value Engineering (VAVE) involvement with suppliers to drive the cost down
• Supplier rating linked scheduling
• Supplier audits and onsite training
• Integrated customer services cell
The Companys initiatives to leverage information technology in supply chain activities have resulted in improved efficiency through real-time information exchanges and processing. Dynamatic-Oldland Aerospace? has a 3-Tier approach Strategic, Tactical and Operational to ensure that the Supply Chain Management is operating efficiently and generating highest level of customer satisfaction at optimum cost. These measures have helped your Company improve cost and efficiency in a year, which was otherwise faced with global macroeconomic challenges.
ENVIRONMENT:
Dynamatic Technologies Limited is committed to sustainable industrial practices through a robust Environmental Management System (EMS), reflecting our responsibility towards the environment and the communities we serve. Key initiatives include:
• 100% Compliance & Periodic Review: We ensure full compliance with all applicable environmental laws and regulations through regular monitoring and systematic reviews of legal requirements, keeping our operations aligned with evolving statutory obligations.
• Rainwater Harvesting: Our rainwater harvesting system is designed to collect rainwater from surrounding areas, helping recharge local groundwater resources and reduce dependence on external water supplies.
• Adoption of environmentally friendly processes to minimize pollution and reduce ecological impact.
• Solar Energy Utilization through rooftop solar panel installations, contributing to renewable energy use and carbon footprint reduction.
• Continuous efforts in reducing water consumption through process optimization and conservation techniques.
• Zero Non-Conformances: Achievement of Zero Non-Conformance in all external audits related to EMS(ISO14001), reflecting our commitment to excellence and continuous improvement.
• Tree Plantation Across the Campus: Extensive tree plantation drives across our campuses have enhanced local biodiversity, improved air quality, and contributed to carbon sequestration efforts.
• Paper Recycling Initiatives: Implementation of paper recycling practices has helped reduce waste sent to landfills, conserve natural resources, and lower the companys overall environmental footprint.
Dynamatic Technologies jointly worked with "Karnataka gramodyoga" to recycle the paper waste stored at premises for long time and benefited to the organization in terms of paper envelops , paper carry bags.
• Retrofit Installation to DG Sets: Retrofitting diesel generators with emission control devices has significantly reduced air pollution, supporting cleaner operations and improved environmental performance.
• Elimination of Single-Use Plastics: Single-use plastic bottles are one of the largest contributors to global plastic pollution. By eliminating them, Dynamatic Technologies Limited significantly reduced its waste generation. A strict policy to eliminate single-use plastics has been implemented across all facilities, reducing plastic waste and promoting eco-friendly alternatives.
• Reducing dependence on Fossil fuel: By promoting EV usage, Dynamatic Technologies Limited is helping to decrease reliance on fossil fuels like petroleum. The shift to electric transportation contributes to energy diversification and helps reduce the global demand for oil, which is a major contributor to environmental degradation, including air and water pollution.
SAFETY AND HEALTH:
Dynamatic Technologies places the highest priority on employee safety and regulatory compliance. A detailed corporate safety manual, integral to new employee induction, clearly outlines the responsibilities of both management and staff. Regular safety training sessions are conducted by trained safety officers and divisional HR teams to reinforce safe practices. An external audit on industrial safety, health, and welfare, conducted last year, confirmed the effectiveness and resilience of the companys systems.
To achieve a zero-incident environment, the company has implemented stringent safety protocols, preventive training, and on-site fool-proofing systems. These efforts are further strengthened by adopting advanced engineering standards in design and execution, significantly reducing workplace risks. The company also offers health benefits such as periodic check-ups and structured awareness programs, consistently applied across all locations to ensure a safe and motivated workforce.
On the shop floor, targeted safety campaigns promote the use of personal protective equipment (PPE). Dynamatic has successfully integrated EMS and OHSAS standards into a unified EHS Management System, eliminating duplication and streamlining compliance efforts. All facilities are ISO 14001 and ISO 45001 certified for environmental and occupational health and safety standards.
In response to the COVID-19 pandemic, the company introduced ongoing preventive measures including in-house testing and tracking. A NABL-certified (ISO 15189:2012) and ICMR-approved molecular testing lab has been established, equipped with modern infrastructure and staffed by experienced microbiologists, research scientists, and lab technicians. This lab supports employees, stakeholders, and industry partners.
National safety week was celebrated with various initiatives to promote safety awareness both at work and beyond. The safety committee continues to organize regular sessions and implement proactive safety measures across the organization.
INDUSTRIAL RELATIONS:
Dynamatic Technologies remains committed to fostering a harmonious and inclusive work environment where employees are inspired to contribute towards shared goals. This commitment extends beyond offering competitive perks and benefits, encompassing equal opportunities for professional growth and skill development for all employees. The company is committed to improving day-to-day work life for the employees through safe work practices, the use of personal protective equipment on the shop floor and continuously educating the workforce through training programmes and demonstrations. The management team also works towards implementing industry best practices for safety and productivity across locations. On-site health care facilities, health and accident insurance coverage, medical feedback from experts, and support in maintaining special health requirements form part of the initiatives undertaken by the company.
The company wishes to put on record its appreciation of the cooperation extended and efforts made by all employees. In line with our commitment to employee health and well-being, we have established partnerships with two nearby hospitals in the Peenya area to provide prompt medical assistance and support during emergencies. Additionally, employees can now avail themselves of a minimal discount on personal visits to these partnered hospitals. We have introduced Group Medical Claim Insurance for all employees and families. As part of our ongoing health initiatives, annual health check-ups are conducted regularly to ensure early detection and prevention of health issues.
Dynamatic Technologies has further strengthened its digital HR infrastructure by enhancing the implementation of SAP HR modules to digitise and safely protect employee data and to manage employees attendance & leave availed data on real time basis in the system. The HR SAP system covers all the modules from hiring to retiring. The employee data is safely protected in servers and in cloud.
Reward and recognition of Employees: long term service award process to the workmen is continued. Those who have completed 15 years of continuous service have been rewarded with a Titan watch and those who have completed 25 years of continuous service have been rewarded with a gold coin with D Logo. Employee Engagement: DTL celebrated Family Day, conducted indoor and outdoor sports activities, cultural functions, and felicitation of retiring employees. DTL celebrated Womens Day on International Womens Day. Ayudha Pooja during Dasara festival and Laxmi Pooja on Diwali. Celebrated Kannada Rajyotsava on 1st Nov 2024 and National Safety week in March 2024.
Dynamatic Technologies has provided recreational centre to the employee refreshment at Hydraulics Unit 1 and 2 with facility for playing carrom, chess and table tennis to engage employees during breaks. A two-day outbound program was successfully conducted for managerial personnel and senior leadership outside of Bangalore. The primary objective of the program was to share key updates on the companys developments, strategic progress, and future direction. This initiative was designed to foster transparency in organizational activities and to cultivate a sense of ownership and alignment among employees.
By engaging leadership in open dialogue and collaborative sessions, the program aimed to strengthen commitment, enhance understanding of business goals, and reinforce a shared vision for the companys growth.
Provided on site safety training to all the employees across the Units. The number of people employed as on 31st March 2025 was 869. Industrial Relations were satisfactory during the year. The Company wishes to put on record its appreciation of the co-operation extended and efforts made by all employees.
WORK CULTURE:
Human Resources (HR) at Dynamatic Technologies continued to play a pivotal role in managing, guiding, and motivating the companys workforce, and as a strategic partner, the function is aligned with the business needs. The company is always proud of its workforce, which is mature, involved, and identifies itself with the companys mission. The company is constantly focused on creating a conducive work environment through constant bilateral communication with the aim of achieving mutual growth. The company has put in place an HR development framework to ensure employees career progression and greater connection with the vision and mission of the company. This framework rides on multiple programmes and opportunities for individual training and development, skill upgrade schemes, a congenial atmosphere for labour-management relationships, and equal opportunities. HR policies, practices, and the work environment are constantly reviewed to make them current, inclusive, and enjoyable. The company also strives towards acquiring, developing, managing, and retaining the best talent in the market as we focus on optimising workforce productivity and achieving growth for all.
The focus of the HR team is to promote the recognition of merit and hard work across the work force. They also work towards improving transparency and trust across the organisation. HR teams work towards inculcating dynamic vision and values through training, sharing, inspiring, and celebrating to promote a sense of belonging amongst all the employees of the company.
Highlights for the Year:
The celebration of Womens Day was truly special, with all women employees being warmly greeted by the CEO & MD and CTO. The event highlighted and honoured the strength and resilience of women in balancing both their professional and personal lives with ease. It was a heartfelt tribute to their ability to manage work and home effortlessly. A small token of appreciation was given away to all the women employees. International Yoga Day was celebrated with a special session organized for employees, promoting wellness, mindfulness, and a healthy work-life balance. The event featured guided yoga and breathing exercises suitable for all levels, encouraging relaxation and rejuvenation. It was a refreshing break that fostered a sense of calm, unity, and overall well-being among the teams. Thereafter, in view of the overwhelming response, yoga sessions are being arranged on a weekly basis for all employees, for one hour virtually. The 77th Indias Independence Day was celebrated by hoisting the countrys flag and thereafter, we visited the local government school. School bags and other school essentials were distributed to the children.
JKM Football Tournament, a two-day event conducted in August consisted of 48 teams bringing together players from different departments to compete in a spirited and energetic atmosphere. The tournament showcased exceptional talent, teamwork, and sportsmanship across multiple matches. With intense competition and enthusiastic support, it turned into a memorable event celebrating the passion for the game. Ayudha Pooja was traditionally celebrated during Navaratri in the month of October, recognizing the importance of maintaining tools and instruments that are used in operations. Kannada Rajyotsava was celebrated by hoisting the Karnataka Flag and honouring the state. Lakshmi Pooja was celebrated in the month of November during Deepavali, and Sankranti was celebrated in the month of January.
Dynafest was organised on Nov 22, 2024, where more than 7000 guests, which included employees, and their families were present, making the event a grand success. Stalls showcasing the prototypes of the products manufactured in the Company were proudly displayed by the employees. Children enjoyed various activities and games. They were also recognized for their academic excellence by the MD. GEM awards were presented to employees in recognition of their outstanding performance and valuable contributions to the organization. Also, employees completing 15 and 25 years of service, were given Service Awards. The event closed with a grand cultural program by the employees. Employees and their families enjoyed grand lunch at the companys premises. Christmas was celebrated by emphasizing the "Joy of Giving". Grocery, home needs, essentials, blankets, clothes etc were collected by all employees of DOA and presented to a local Old Age Home. 54th National Safety Day on 4th March was an occasion for emphasizing the paramount importance of prioritizing safety across workplaces, communities, and organizations. It serves as a potent reminder of the need to prevent accidents, injuries, and fatalities, reinforcing the value of human life and well-being. The same was highlighted to all the employees. The Competency Assessment and Training Identification (CATI) software being used by the HR department captures the training provided to each employee. The total number of hours of training imparted is duly captured, and the effectiveness of such training is evaluated.
SAFE HARBOUR STATEMENT
Statements in this Management Discussion and Analysis contains "forward looking statements" including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Dynamatic Technologies future business developments and economic performance. While these forward-looking statements indicate the Companys assessment and future expectations concerning the development of business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from expectations. These factors include, but are not limited to, general market, macro-economic, governmental, and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with the Company, legislative developments, and other key factors that could affect the business and financial performance. Dynamatic Technologies undertakes no obligation to publicly revise any forward-looking statements to reflect future/likely events or circumstances, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with the Company, legislative developments, and other key factors that could affect the business and financial performance. Dynamatic Technologies undertakes no obligation to publicly revise any forward-looking statements to reflect future/likely events or circumstances.
RISK MANAGEMENT REPORT
The following section discusses various dimensions of our risk management. The risk-related information outlined in this section is not exhaustive and is for information purposes only. The discussion may contain statements, which may be forward looking in nature. Our business model is subject to uncertainties that could cause actual results to differ materially from those re ected in the forward looking statements. Readers are advised to refer to the detailed discussion of risk factors and related disclosures in our regulatory filings and exercise their own judgment in assessing risks associated with the Company.
Overview
Risk management is a continuous process that is accomplished throughout the life cycle of a Company. It is an organized methodology for continuously identifying and measuring the unknowns; developing mitigation options; selecting, planning, and implementing appropriate risk mitigations; and tracking the implementation to ensure successful risk reduction. Effective risk management depends on risk management planning; early identification and analysis of risks; early implementation of corrective actions; continuous monitoring and reassessment; and communication, documentation, and coordination The Company has a well-defined Risk Management Policy which has been developed after taking cognizance of the relevant statutory guidelines, Company internal guidelines, empirical evidences and stakeholder feedback. Dynamatic Technologies believes that Risk Management is the culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects within the Company environment. Our business plans articulate the key business objectives of the Company through a set of specific goals that have to be achieved in the short-term and strategic goals aimed at achieving our aspirations in the medium term. Several risks can impact the achievement of a business objective. Similarly, a single risk can impact the achievement of several business objectives. Our risk management practices seek to sustain and enhance the long-term competitive advantage of the Company. Our core values and ethics provide the platform for our risk management practices.
The risk scenarios for businesses are changing. As per the World Economic Forums Global Risks Report 2025, the following are the major risks identified:
Global risks landscape: an interconnections map
Dynamatic Technologies Limited Risk Management Framework
The Following framework shall be used for the implementation of the Risk Strategy
Key Business Objectives
We have a business planning process, and we quarterly review the business objectives of the Company. The corporate performance is measured, monitored and managed on an ongoing basis. The focus of risk management is to assess risks to the achievement of these business objectives and to deploy mitigation measures. This is done through periodic review meetings of the Risk Management Committe.
Risk categories
The risk landscape in the current business environment is changing dynamically with the dimensions of Cyber security, Information Security & Business Continuity and Data Privacy figuring prominently in the risk charts of most organizations. To effectively mitigate these risks, we have deployed a risk management framework which helps proactively identify, prioritize and mitigate risks. The framework is based on principles laid out in the four globally recognized standards.
The following broad categories of risks to the business objectives have been considered in our risk management framework: Strategic: An organization implements strategies in order to reach their goals. Each strategy has related risks that must be managed in order to meet these goals. Risks to the successful execution of the Companys articulated strategies. These originate from the choices we make on markets, business mix, resources and delivery models that can potentially impact our competitive advantage in the medium and long-term. Operational: Risks inherent to business operations including those relating to quality, delivery, cost competition.
Compliance: Risks emanating out of the policies and procedures. This also includes regulatory compliances covering various federal, state, local and foreign laws relating to various aspects of the business operations are complex and non-compliances can result in substantial fines, sanctions etc.
Governance: The current corporate governance models usually cater to the financial sector. Thus, current corporate governance principles havent proved to be reliable during serious financial crises, We feel that there is a need to place a heavier focus on identifying, monitoring and managing catastrophic risks, irrespective of the chance of such risks actually occurring. This also includes the reputational risk. Reporting: We encourage employees to report risk concerns to managers, who would communicate and coordinate information to be addressed by the appropriate parties.
Key Risk Management Practices
The key risk management practices include those relating to identifying key risks to our business objectives, impact assessment, risk analysis, risk evaluation, risk reporting and disclosures, risk mitigation and monitoring, and integration with strategy and business planning.
Risk identification and impact assessment: Risk register and internal audit findings also provide inputs for risk identification and assessment. Risk survey of executives across units, functions and subsidiaries is conducted on an annual basis to seek inputs on key risks. Operational risks are assessed primarily on three dimensions, namely, strength of underlying controls, compliance to policies and procedures and business process effectiveness.
Risk Evaluation: Risk evaluation is carried out to decide the significance of risks to the Company.
Risk Reporting and Disclosure: Risks to the achievement of key business objectives through the maintenance of Risk register are reported and discussed with the Risk Council and Committee.
Risk mitigation and monitoring: Risk mitigation is done based on risk score which is based on risk impact and risk probability. Risk are transferred, treated or tolerated based on Risk scores.
Integration with strategy and business planning:
Identified risks to the business objectives in the near term, medium-term and long-term are used as one of the key inputs for the development of strategy and annual business plan. Key strategic initiatives are identified to mitigate specific risks.
Risk Management Highlights for the Year
This year has brought a completely different perspective to the risk management and we as an organization have endeavored to remain abreast with these highly volatile risk scenarios.
Our robust and dynamic Risk Management processes have continued to improve during this fiscal year with the key focus being on consolidations and harmonization within the group thereby increasing the synergies at the group level.
Management remained closely involved in important risk management initiatives, which have focused particularly on preserving appropriate levels of liquidity and capital, and effectively managing the risk portfolios.
With the advent of the current scenarios, we are working towards strengthening our risk transfer and looking at a more robust framework in view of the emerging risks in the industry.
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