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Britannia

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uuid002hh1j

Namestring
Britannia
Legal namestring
The Trustee for Britannia Metal Unit Trust, Trading as Britannia Metal Industries (ABN 24 815 806 828)
Websiteurl
brit.com.au
Company typeenum
Private
Founded yearint
1941
Descriptiontext

Britannia Metal Industries, trading through The Trustee for Britannia Metal Unit Trust (ABN 24 815 806 828), is an Australian original equipment manufacturer (OEM) of fabricated sheet metal products. Founded in 1941 and headquartered at 5B Bastow Place, Mulgrave, Victoria, it is described as Victoria's longest operating sheet metal facility. The company is part of the Design Group, alongside affiliated entities Design Sheetmetal Pty Ltd, Designer Panel Systems Pty Ltd, and Form2000 Sheetmetal Pty Ltd. It employs 51–100 people and operates as a privately held unit trust with no public listing.

The company's core offering is full-service sheet metal fabrication spanning conceptualization and CAD-based design, laser cutting and turret punching, precision bending and folding (including a Salvagnini Automated Folding machine capable of tolerances as tight as 0.1mm), certified MIG/TIG/spot welding, fastener insertion, multi-component assembly, and in-house powder coating. It holds ISO 9001:2015 accreditation and has won external design recognition, including a 2016 Australian Good Design Award for the Wheelchair Accessible BBQ, where re-engineering reduced component count from 114 to 40. Britannia serves tier-1 Australian plumbing companies and OEMs across six industrial verticals: Aerospace, Resources Technology and Critical Minerals Processing, Medical Products, Food and Beverage, Defence, and Recycling and Clean Energy. The company positions itself on design-led re-engineering to compete with overseas (notably Chinese) fabrication on landed cost while maintaining world-class finish.

The revenue model is project-based B2B contract manufacturing under quote-based pricing (not publicly disclosed). Customers are reached through direct OEM relationships and a quote-request workflow rather than distribution partners. The company emphasises service quality ("easy to do business with"), long-standing customer relationships, and design engineering as its value-add differentiator. Public operating geographies are Australia-dominant, with stated worldwide shipping capacity.

Short descriptiontext

Britannia Metal Industries is an Australian OEM sheet metal fabricator founded in 1941 in Mulgrave, Victoria, providing design engineering, laser cutting, welding, and finishing services to plumbing, aerospace, medical, defence, and clean-energy manufacturers.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
51–100
akta.pro rankint
HeadquartersMulgrave, Australia
HQ citystring
Mulgrave
HQ countrystring
Australia
HQ regionstring
Oceania
Markets served

Serves global market

Keyword5 values
sheet metal fabrication, OEM manufacturing, precision engineering, metal component manufacturing, contract manufacturing
Industry3 codes
1Metal Airframe Structures & Machined Parts
CodeIMABAEACPrimaryYes
2Military Aircraft Structures, Airframes & Composites
CodeIMABAMAHPrimaryNo
3Interior Structural Components (Floor Beams, Seat Tracks, Frames)
CodeIMABAEAJPrimaryNo
NAICS code2 codes
  • Aerospace Product and Parts Manufacturing33641
  • Other Aircraft Parts and Auxiliary Equipment Manufacturing336413
SIC code1 code
  • Miscellaneous Fabricated Metal Products3490
Product category
Sheet Metal Fabrication Services
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model1 record
1FMCG Product Sales
TypeOne Time License
Description

Britannia generates 93.5% of its sales from the Indian market through distribution of packaged food products including biscuits, snacks, bread, and dairy products.

marketscreener.com
Marketing channels2 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels2 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components6 values
Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

Britannia Metal provides full-service sheet metal design, engineering, and fabrication for Australian original equipment manufacturers (OEMs). Established in 1941, the company offers precision manufacturing capabilities including conceptualization and CAD/CAM design, laser cutting and turret punching, bending and folding, certified MIG/TIG/spot welding, powder coating, fastener insertion, and final assembly.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 value
  • 45% reduction in Cost Per Purchase and ROAS improved from 0.6 to 1.0 through quick commerce optimization
Product overview1 text field

Britannia Metal is Victoria's oldest and longest operating sheet metal manufacturing facility (established 1941), providing full-service Australian OEM sheet metal fabrication. The core offering is comprehensive sheet metal manufacturing services encompassing conceptualization and designing, laser cutting and turret punching, bending and folding, certified welding (MIG/TIG/spot), assembly and insertion, and powder coating. The company operates across six industry verticals: Aerospace, Resources Technology and Critical Minerals Processing, Medical Products, Food and Beverage, Defence, and Recycling and Clean Energy. Britannia serves as a tier-1 supplier to major Australian plumbing companies and ships products worldwide, with a focus on bringing manufacturing back to Australia at competitive prices with world-class finishes.

Product and service2 records
1Sheet Metal Fabrication Services
CategorySheet Metal Fabrication
Description

Full-service Australian OEM sheet metal manufacturing offering precision design, engineering, laser cutting, turret punching, bending, folding, welding, powder coating, fastener insertion, and assembly services for industrial applications across aerospace, resources, medical, food and beverage, defence, and recycling/clean energy sectors.

2Conceptualization and Designing
Scale indicator3 records

Each record includes

Type, Value, Description, Source

Partnership3 partners
Strategic tierCoreTypeChannel Partner/ Reseller/ DistributorAnnounced on2026-01-07
Description

Britannia partners with major quick commerce platforms Blinkit, Swiggy, and Zepto for product distribution. The company achieved 45% reduction in Cost Per Purchase and improved ROAS from 0.6 to 1.0 through full-funnel strategies across these platforms.

Strategic tierCoreTypeGTM or Marketing Partner
Description

Britannia collaborated with WPP Media and Meta on the Collaborative Performance Advertising Solutions (CPAS) Playbook for Retail and Quick Commerce in India, implementing real-time catalogue integrations and AI-driven optimisation strategies.

Strategic tierCoreTypeTechnology or Integration
Description

Partnership for AI-driven optimisation and real-time catalogue integrations for quick commerce advertising on Meta platforms.

Recent move5 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Peers10 records
TypeBroad incumbent
Description

Australia's largest extruder and distributor of aluminium products. A broader incumbent operating at larger scale in the Australian metals supply chain, overlapping with Britannia in serving fabrication customers with mill products.

TypeDirect peer
Description

Australian precision manufacturing and assembly company serving aerospace and defence primes. Comparable as an AS9100-certified precision fabricator with similar engineering-led value proposition targeting the same OEM customer base.

TypeDirect peer
Description

Australian sheet metal fabrication business offering laser cutting, folding, welding, and finishing services to industrial customers. Comparable to Britannia in scale and service offering across similar manufacturing capabilities.

TypeDirect peer
Description

Australian metal casting and fabrication business serving defence, aerospace, and industrial OEMs. Comparable as a vertically integrated metal manufacturer supplying precision components to similar end-markets as Britannia.

TypeBroad incumbent
Description

Australia's largest steel manufacturer and a major input supplier into Australian sheet metal fabrication. Broad incumbent in the same industry ecosystem, supplying raw material (including COLORBOND used by Britannia) and competing for downstream value-added work.

TypeDirect peer
Description

Australian steel processing and profiling company offering laser cutting, turret punching, and folding services. Directly comparable to Britannia's core punching, cutting, and bending capabilities serving similar industrial customers.

TypeDirect peer
Description

Australian precision machining and fabrication company with strong aerospace and defence exposure. Comparable in offering contract manufacturing services to OEMs with similar quality and certification requirements to Britannia.

TypeDirect peer
Description

Australian precision engineering and manufacturing company serving aerospace, defence, and industrial customers. Highly comparable to Britannia as a contract manufacturer of precision metal components for OEM customers in similar verticals.

TypeEmerging player
Description

Australian advanced composites manufacturer serving aerospace and defence primes. Comparable as a smaller Australian Tier supplier to the same aerospace/defence customers Britannia serves, though focused on composites rather than sheet metal.

10Viscount Group
TypeDirect peer
Description

Australian sheet metal manufacturing group serving industrial and commercial customers with fabrication and finishing services. Comparable to Britannia as a multi-entity sheet metal group under private ownership with similar OEM customer focus.

Market position
Strengths5 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks7 records

Each record includes

Headline, Details, Source

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers1 record

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile3 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
No data
Compliance1 record

Each record includes

Name, Class, Description

Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Britannia

Sheet Metal Fabrication Servicesbrit.com.au

Britannia Metal Industries is an Australian OEM sheet metal fabricator founded in 1941 in Mulgrave, Victoria, providing design engineering, laser cutting, welding, and finishing services to plumbing, aerospace, medical, defence, and clean-energy manufacturers.

What Britannia does

Britannia Metal Industries, trading through The Trustee for Britannia Metal Unit Trust (ABN 24 815 806 828), is an Australian original equipment manufacturer (OEM) of fabricated sheet metal products. Founded in 1941 and headquartered at 5B Bastow Place, Mulgrave, Victoria, it is described as Victoria's longest operating sheet metal facility. The company is part of the Design Group, alongside affiliated entities Design Sheetmetal Pty Ltd, Designer Panel Systems Pty Ltd, and Form2000 Sheetmetal Pty Ltd. It employs 51–100 people and operates as a privately held unit trust with no public listing.

The company's core offering is full-service sheet metal fabrication spanning conceptualization and CAD-based design, laser cutting and turret punching, precision bending and folding (including a Salvagnini Automated Folding machine capable of tolerances as tight as 0.1mm), certified MIG/TIG/spot welding, fastener insertion, multi-component assembly, and in-house powder coating. It holds ISO 9001:2015 accreditation and has won external design recognition, including a 2016 Australian Good Design Award for the Wheelchair Accessible BBQ, where re-engineering reduced component count from 114 to 40. Britannia serves tier-1 Australian plumbing companies and OEMs across six industrial verticals: Aerospace, Resources Technology and Critical Minerals Processing, Medical Products, Food and Beverage, Defence, and Recycling and Clean Energy. The company positions itself on design-led re-engineering to compete with overseas (notably Chinese) fabrication on landed cost while maintaining world-class finish.

The revenue model is project-based B2B contract manufacturing under quote-based pricing (not publicly disclosed). Customers are reached through direct OEM relationships and a quote-request workflow rather than distribution partners. The company emphasises service quality ("easy to do business with"), long-standing customer relationships, and design engineering as its value-add differentiator. Public operating geographies are Australia-dominant, with stated worldwide shipping capacity.

Britannia firmographics

Firmographics
Name
Britannia
Legal name
The Trustee for Britannia Metal Unit Trust, Trading as Britannia Metal Industries (ABN 24 815 806 828)
Website
https://brit.com.au
Company type
Private
Founded year
1941
Operating status
Operating
Headcount range
51–100 employees
Short description
Britannia Metal Industries is an Australian OEM sheet metal fabricator founded in 1941 in Mulgrave, Victoria, providing design engineering, laser cutting, welding, and finishing services to plumbing, aerospace, medical, defence, and clean-energy manufacturers.
Ownership category
akta.pro rank

Britannia industry classification

Industry
Product category
Sheet Metal Fabrication Services
NAICS
Aerospace Product and Parts Manufacturing (33641), Other Aircraft Parts and Auxiliary Equipment Manufacturing (336413)
SIC
Miscellaneous Fabricated Metal Products (3490)
akta.pro primary industry
Metal Airframe Structures & Machined Parts (IMABAEAC)
akta.pro secondary industries
Military Aircraft Structures, Airframes & Composites (IMABAMAH), Interior Structural Components (Floor Beams, Seat Tracks, Frames) (IMABAEAJ)

Keywords

  • Sheet metal fabrication
  • OEM manufacturing
  • Precision engineering
  • Metal component manufacturing
  • Contract manufacturing

Where Britannia is headquartered

Location

Headquarters

HQ city
Mulgrave
HQ country
Australia
HQ region
Oceania

Markets served

Britannia business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

  1. FMCG Product Sales: Britannia generates 93.5% of its sales from the Indian market through distribution of packaged food products including biscuits, snacks, bread, and dairy products.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Britannia product offering

Product offering

Core offering

Britannia Metal provides full-service sheet metal design, engineering, and fabrication for Australian original equipment manufacturers (OEMs). Established in 1941, the company offers precision manufacturing capabilities including conceptualization and CAD/CAM design, laser cutting and turret punching, bending and folding, certified MIG/TIG/spot welding, powder coating, fastener insertion, and final assembly.

Product overview

Britannia Metal is Victoria's oldest and longest operating sheet metal manufacturing facility (established 1941), providing full-service Australian OEM sheet metal fabrication. The core offering is comprehensive sheet metal manufacturing services encompassing conceptualization and designing, laser cutting and turret punching, bending and folding, certified welding (MIG/TIG/spot), assembly and insertion, and powder coating. The company operates across six industry verticals: Aerospace, Resources Technology and Critical Minerals Processing, Medical Products, Food and Beverage, Defence, and Recycling and Clean Energy. Britannia serves as a tier-1 supplier to major Australian plumbing companies and ships products worldwide, with a focus on bringing manufacturing back to Australia at competitive prices with world-class finishes.

Differentiator

Problem solved

Functional benefit

Products and services

  • Sheet Metal Fabrication Services Full-service Australian OEM sheet metal manufacturing offering precision design, engineering, laser cutting, turret punching, bending, folding, welding, powder coating, fastener insertion, and assembly services for industrial applications across aerospace, resources, medical, food and beverage, defence, and recycling/clean energy sectors.
  • Conceptualization and Designing

Quantifiable outcome

  • 45% reduction in Cost Per Purchase and ROAS improved from 0.6 to 1.0 through quick commerce optimization

Companies that use Britannia

Customer profile

Named customers1 record

Segments1 record

Ideal customer profiles3 records

Britannia technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Britannia partnerships and signals

Strategic signal

Partnerships

Three partnerships are on record, tiered core.

  • Blinkit, Swiggy, and ZeptocoreChannel Partner/ Reseller/ Distributor · 7 January 2026Britannia partners with major quick commerce platforms Blinkit, Swiggy, and Zepto for product distribution. The company achieved 45% reduction in Cost Per Purchase and improved ROAS from 0.6 to 1.0 through full-funnel strategies across these platforms.
  • WPP MediacoreGTM or Marketing PartnerBritannia collaborated with WPP Media and Meta on the Collaborative Performance Advertising Solutions (CPAS) Playbook for Retail and Quick Commerce in India, implementing real-time catalogue integrations and AI-driven optimisation strategies.
  • MetacoreTechnology or IntegrationPartnership for AI-driven optimisation and real-time catalogue integrations for quick commerce advertising on Meta platforms.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Britannia competitors and assessment

Company assessment

Broad incumbents

  • Capral Aluminium: Australia's largest extruder and distributor of aluminium products. A broader incumbent operating at larger scale in the Australian metals supply chain, overlapping with Britannia in serving fabrication customers with mill products.
  • BlueScope Steel: Australia's largest steel manufacturer and a major input supplier into Australian sheet metal fabrication. Broad incumbent in the same industry ecosystem, supplying raw material (including COLORBOND used by Britannia) and competing for downstream value-added work.

Direct peers

  • Ferra Engineering: Australian precision manufacturing and assembly company serving aerospace and defence primes. Comparable as an AS9100-certified precision fabricator with similar engineering-led value proposition targeting the same OEM customer base.
  • Action Laser & Fabrication: Australian sheet metal fabrication business offering laser cutting, folding, welding, and finishing services to industrial customers. Comparable to Britannia in scale and service offering across similar manufacturing capabilities.
  • AW Bell: Australian metal casting and fabrication business serving defence, aerospace, and industrial OEMs. Comparable as a vertically integrated metal manufacturer supplying precision components to similar end-markets as Britannia.
  • ShapeCUT: Australian steel processing and profiling company offering laser cutting, turret punching, and folding services. Directly comparable to Britannia's core punching, cutting, and bending capabilities serving similar industrial customers.
  • Hofmann Engineering: Australian precision machining and fabrication company with strong aerospace and defence exposure. Comparable in offering contract manufacturing services to OEMs with similar quality and certification requirements to Britannia.
  • Marand Precision Engineering: Australian precision engineering and manufacturing company serving aerospace, defence, and industrial customers. Highly comparable to Britannia as a contract manufacturer of precision metal components for OEM customers in similar verticals.
  • Viscount Group: Australian sheet metal manufacturing group serving industrial and commercial customers with fabrication and finishing services. Comparable to Britannia as a multi-entity sheet metal group under private ownership with similar OEM customer focus.

Emerging players

  • Quickstep Holdings: Australian advanced composites manufacturer serving aerospace and defence primes. Comparable as a smaller Australian Tier supplier to the same aerospace/defence customers Britannia serves, though focused on composites rather than sheet metal.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Britannia social profiles

Digital presence

Britannia compliance and trust

Trust signal

Compliance1 record

Britannia financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Britannia leadership team

Management profile

Number of profiles

Britannia funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Britannia M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Britannia

What does Britannia do?

Britannia Metal provides full-service sheet metal design, engineering, and fabrication for Australian original equipment manufacturers (OEMs). Established in 1941, the company offers precision manufacturing capabilities including conceptualization and CAD/CAM design, laser cutting and turret punching, bending and folding, certified MIG/TIG/spot welding, powder coating, fastener insertion, and final assembly.

Is Britannia a public or private company?

Britannia is a private company. It is classified as corporate owned and is currently operating.

When was Britannia founded?

Britannia was founded in 1941. It employs 51 to 100 people.

Where is Britannia based?

Britannia is headquartered in Mulgrave, Australia, in the Oceania region.

How does Britannia make money?

One revenue line is on record: FMCG Product Sales.

Who are Britannia's main competitors?

Broad incumbents on record are Capral Aluminium and BlueScope Steel. Direct peers are Ferra Engineering, Action Laser & Fabrication, AW Bell, ShapeCUT, Hofmann Engineering, Marand Precision Engineering and Viscount Group. Quickstep Holdings is listed as an emerging player.

Does Britannia have an API?

No public API is recorded for Britannia.

What industry is Britannia in?

Britannia's product category is Sheet Metal Fabrication Services. Its primary akta.pro industry code is IMABAEAC, Metal Airframe Structures & Machined Parts, with a secondary code of IMABAMAH, Military Aircraft Structures, Airframes & Composites. Its NAICS code is 33641 and its SIC code is 3490.

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Live signals
The Times of IndiaByju gets jail term; SC backs 28% gaming GST - The Economic TimesA Singapore court sentenced Byju Raveendran, founder of the bankrupt edtech firm Byju's, to six months in jail for contempt after finding he disobeyed multiple asset-related orders since April 2024; he claims settlement discussions with lenders are nearly complete. Separately, PhysicsWallah reported a 50% year-on-year rise in Q4 operating revenue to Rs 919 crore but swung to a net loss of Rs 69 crore, while the Supreme Court upheld the government's retrospective 28% GST levy on online gaming companies, ruling that gaming activities constitute betting and gambling under the GST framework. Quick commerce platforms now account for 60-75% of online sales for major FMCG companies including Dabur, Britannia, and Tata Consumer Products, emerging as the dominant e-commerce channel in India.NDTV ProfitCoal India To Britannia: West Bengal-Linked Stocks Trade Higher Amid State Election ResultsVote counting for West Bengal Assembly Elections 2026 drove stock price movements on Monday, May 4, with multiple companies linked to the state trading higher on the NSE. Ganesh Consumer led gains with shares jumping up to 11% intraday, followed by CESC rising over 9% and RPSG Ventures up 7.9%, while Coal India, Britannia, Titagarh Rail, and several other stocks gained over 1%. The market reaction reflects investor expectations tied to the state election outcome.The Times of IndiaTop stocks to buy: Stock recommendations for the trading week starting February 16, 2026Motilal Oswal Financial Services Ltd has issued buy recommendations for Delhivery and Britannia Industries for the trading week starting February 16, 2026, with target prices of Rs 570 (36% upside) and Rs 7,150 (20% upside) respectively. Delhivery's 3QFY26 performance was robust with EBITDA margins at 7.4%, driven by its acquisition of Ecom Express strengthening network reach and volume traction in Express Parcel and Part Truck Load segments, while management targets steady-state margins of 16-18%. Britannia delivered 3QFY26 revenue growth of 9.5% YoY with gross margin expanding 450 basis points to 43.3%, EBITDA margin of 20.7%, and APAT growth of 23% YoY, supported by healthy volumes across biscuits and adjacent categories.The Times of IndiaFlavour over fluency, India’s delicious dialect of foodThis article explores how Indians commonly mispronounce foreign food names as part of adapting international cuisines to local linguistic norms, with examples like 'croissant' becoming 'prashant' and 'quesadilla' being pronounced as 'kaise diya'. The piece notes that Britannia capitalized on this cultural phenomenon by renaming its croissants 'rashant' in response to the viral 'prashant' meme. The article presents mispronunciation not as an error but as a form of cultural ownership that demonstrates growing Indian interest in trying diverse foods.The Times of IndiaWhat’s in a name, if we can’t make it ‘ours’? Indians and their delicious dialect of foodAcross India, mispronunciations of foreign food names have become a cultural norm as people adapt pronunciation to local languages and dialects. A viral video of an Indian boy confidently misnaming croissant as 'prashant' sparked a social media trend, which food company Britannia capitalized on by renaming its own croissants 'prashant'. The article explores how these pronunciation variations reflect Indians' willingness to embrace and make foreign cuisines their own, highlighted through examples ranging from Mexican quesadillas to German dishes.Republic WorldBritannia, Varun Beverages Ltd Among Top FMCG Stocks; Key Industry Trends: Brokerage ReportA brokerage report highlights that Britannia and Varun Beverages Ltd (VBL) are among top FMCG stock picks in India, with positive sales growth expectations for Q3FY26. The sector is experiencing increased sales growth, margin improvements, and mixed demand trends influencing company performance.MarketScreenerBritannia gets tax demanded of 1.09 billion rupeesBritannia Industries Limited has received a tax demand of 1.09 billion rupees from Indian tax authorities. The demand represents a significant financial liability for the food processing company, which generates 93.5% of its sales from the Indian market. No further details regarding the nature or basis of the tax demand were provided in the available content.