ESWARI GLOBAL METAL INDUSTRIES LIMITED

Bull case

• The expansion of the Mundra manufacturing facility is completed on schedule.

  The company plans to utilize ₹1,500 million from the fresh issue for this expansion, which is expected to increase production capacity.

• Export markets continue to grow, maintaining or increasing the current export sales percentage.

  Export sales accounted for 75.70% of total revenue in the nine months ended December 31, 2025.

• The company successfully diversifies its customer base beyond the top five customers.

  Currently, the top five customers account for 49.65% of revenue, indicating a risk if any major customer is lost.