Scaling up the non-Defense business: The management's target of scaling up the non-Defense business remains on track. It is aiming at a 20-30% share in total revenue over the next few years (~10% now). BHE has received a trail order from Delhi Metro, which marks its beginning in the Railways and Metro business. In Medical Electronics, it is working with aggregators who can undertake deliveries and installations across hospitals. It entered SaaS last year and aims to scale the business to INR50b over the next three years. The capex requirement in the non-Defense business is moderate as most of these...