Update on Subsidiary Company - Globe Forge Limited
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Awaiting price reaction for this filing.
Nibe Ordnance and Maritime Limited informed the stock exchange that its subsidiary, Globe Forge Limited, has secured purchase orders worth Rs. 282.61 Crore (inclusive of all taxes and duties) from one of India's leading defence companies. The order is for the supply of empty shells, which are components used in defence/ordnance applications. The deliveries are to be made in tranches, with the entire order to be completed by October 2026. The customer is a domestic entity, and there is no related-party interest involved in the transaction.
This is a sizeable order win for the subsidiary, strengthening its order book and providing revenue visibility for the next 12-13 months. For shareholders, this is a positive development as it signals business momentum in the defence segment, though execution timelines and conversion to actual revenue will be key things to watch.