How this microcap is riding India’s railway and defence push

This microcap grew revenues from Rs 18 crore in FY21 to Rs 124.5 crore in FY25, with profits at Rs 22.7 crore and margins above 20%. It is targeting Rs 47,000 crore in railway and defence opportunities by FY30, though working capital stress, dependence on Indian Railways and margin slippage remain risks. The stock has already surged. Is there more to come?