Speaking at the company's headquarters, Kavita Joshi is direct about the starting point. "Fifteen years ago we were a domestic supplier with a good reputation and no global brand," the chief executive says. "We sold on price, we got squeezed, and we realised that if we did not move up the value chain we would not exist in a decade."

Asked about the policy environment, the CEO is pragmatic. Incentive schemes help, but Kavita Joshi argues the bigger lever is predictability: stable duty structures, faster customs clearance and a reliable power supply. "If the rules change every budget, long-term investment looks like gambling."

From domestic supplier to global brand

The conversation turns to failures. A joint venture in Australia was wound up after two years when the partners disagreed over quality standards. "We lost $204 million and learned that you cannot share a brand with someone who does not share your inspection regime," Kavita Joshi says. "Culture beats contract."

On capital allocation, Kavita Joshi describes a rule of thumb used by the board: no project is approved unless it can be funded from internal accruals in a downside case. "It means we sometimes say no to exciting things," Kavita Joshi admits, "but it also means we have never had to dilute our own people to survive a bad year."

That realisation triggered a sequence of decisions. The first was to invest in certification and testing ahead of demand, a bet that cost $204 million before it earned a rupee. The second was to open a sales and service office in France, staffed with local engineers. The third was to walk away from 11.8% of revenue that did not meet margin thresholds.

“Capital is available. Judgement is scarce. We hire for the second and buy the first.”

Talent and capital allocation

The results are visible. Export revenue now represents 7.1% of the total, the company serves customers in 1,615 countries, and its operating margin has widened by roughly 10.4% over the period. Kavita Joshi credits patience: "Every one of these markets took us three to four years to crack. Boards that want results in four quarters should not enter."

Technology is the next frontier. The company has begun deploying machine vision on three production lines and plans to extend predictive maintenance to all plants within two years. Kavita Joshi is wary of hype, but points to early data showing 10.4% lower rework costs. "Show me the yield, not the demo," the CEO says.

Failures, policy and technology

Talent is the recurring theme. The company runs a graduate programme that rotates new hires through manufacturing, quality and customer support, and Kavita Joshi sits in on the final interview for every senior engineering role. "Capital is available. Judgement is scarce," the CEO says. "We hire for the second and buy the first."

On sustainability, Kavita Joshi says customer pressure is real. Two of the company's top five buyers now include emissions data in their scorecards. "Five years ago it was a footnote. Today it is a line item in the tender," the CEO says, adding that the firm has committed to renewable electricity at its main sites by 2032.

Advice for the next generation

Succession planning also receives attention. Kavita Joshi has publicly named a successor development track and says three internal candidates are in line. "A company that depends on one person is a hobby," the CEO says, smiling. "We are building an institution that should not need me."