Engineering, turnkey projects & plant sales — the active build book, completion, and where project margin is slipping against plan.
7 active capex builds are tracking below target margin, putting ₹25 Cr of profit at stake — recoverable while the build is still in flight. With 2 of 9 initiatives needing attention and ₹857 Cr of capex still to deploy, the fastest margin recovery is on the builds already underway.
2 of 2 headline metrics improving vs prior · still off target: New Mandates / Order Inflow ₹3,200 Cr vs ₹3,500 Cr, Order Cover (book-to-bill) 1.0x vs 1.1x
CleanMax Toyotsu green-energy build-out (300 MW by 2028) is 30% deployed at 20% vs a 22% target — ₹6 Cr at stake that locks in once the line ramps.
₹857 Cr of committed capex remains to be deployed across 9 active builds at 48% average completion — capacity stays off-line until it commissions.
Behind the ₹3,200 Cr order book sit live green-energy, rare-earths, recycling, steel-service-centre and EV-localisation builds. This view is where capex becomes operating capacity — and where project margin erodes if a build runs long or scope creeps. 2 of 9 active builds need attention.
Margin shown as actual / target — red where the build is tracking below plan.
| Initiative | Anchor / sponsor | Division | Location | Capex | Complete | Margin | Health |
|---|---|---|---|---|---|---|---|
| CleanMax Toyotsu green-energy build-out (300 MW by 2028) | Other OEMs (Hyundai / Tata / …) | Machinery, Energy & Project | West India (Mumbai / Pune / Gujarat) | ₹300 Cr | 30% | 20% / 22% | On track |
| Steel service-centre expansion (Gujarat / Aurangabad) | Maruti Suzuki | Metals | West India (Mumbai / Pune / Gujarat) | ₹260 Cr | 60% | 8% / 9% | On track |
| Circular economy — ELV & metals recycling scale-up | Toyota Kirloskar Motor (TKM) | Metals | North India (Delhi / Manesar) | ₹220 Cr | 45% | 15% / 17% | Watch |
| Electronics / semiconductor growth (NEXTY) | Chemicals / electronics customers | Chemicals & Electronics | North India (Delhi / Manesar) | ₹200 Cr | 50% | 10% / 12% | On track |
| TREI rare-earth processing expansion (Visakhapatnam) | Metals & industrial customers | Machinery, Energy & Project | East India & Visakhapatnam | ₹180 Cr | 55% | 22% / 24% | Watch |
| Digital supply chain & Toyota-group EDI/JIT integration | Internal (Digital) | Global Parts & Logistics | South India (Bengaluru / Chennai hub) | ₹150 Cr | 55% | 0% / 0% | On track |
| EV battery-charger & localisation pilot | Tier-1 / component makers | Machinery, Energy & Project | South India (Bengaluru / Chennai hub) | ₹120 Cr | 25% | 12% / 14% | On track |
| Airbag (TASI) capacity & quality upgrade | Toyota Kirloskar Motor (TKM) | Global Parts & Logistics | North India (Delhi / Manesar) | ₹110 Cr | 65% | 9% / 11% | On track |
| Working-capital & inventory optimisation program | Internal (Treasury) | Metals | South India (Bengaluru / Chennai hub) | ₹90 Cr | 50% | 0% / 0% | On track |
The fastest margin recovery is on builds already in flight — tighten scope and conversion cost before they ramp.
Act now: the CleanMax Toyotsu green-energy build-out (300 MW by 2028) build is 30% deployed at 20% vs a 22% target — recover via scope and conversion-cost discipline before it ramps, because once the line commissions the margin is locked in.