that's the game, i suppose you are using murican stories of valuation games as baseline, that's mostly a murican silicon valley phenomenon. core engineering oriented business world works very differently.
in general, core engineering companies usually grow incrementally not exponentially, based on their delivery on previous contracts, first they will have to convince the market that they are good at delivering 5 cr, then 10 cr, then 20cr and so on. depends on the owners, if the owner is risk taking kind, the money they get from one contract, they invest to build capacity and capability to take on bigger orders. etc. in some businesses, it takes decades to reach 100 cr revenue per year.
SSSD is already a maverick, they are front loading product R&D upfront even before they have sufficient orders, which is quite rare in India and the world. let's just hope their plan works, their success might create more mavericks . not sure what their current revenue is.
. In a recent gun show that I attended, I came across this guy who previously worked at a mediocre firearms firm and now setup a small company where him and his brother started making rifles and carbines, all in their modified garage where they bought a bunch of used equipment for their machine shop and I kid you not, their quality was on par with the likes of PSA or BCG
