Yes. Rolex Rings has expanded capacity in the last 2–3 years, both on the manufacturing and energy side.

1. Core manufacturing capacity (forging & machining)

- At IPO time (FY21), installed forging capacity was about 1,44,750 MTPA and machining capacity 69 million parts per annum. (economictimes.indiatimes.com)

- As per the FY24–25 Annual Report, current installed capacity is about 1,65,000 MTPA of forgings and “more than 75 million parts per annum” machining capacity—roughly a 10–15% increase in both. (scribd.com)

- The same report mentions a new forging press from Kurimoto (Japan) with an annual capacity of 4,800 MT, which is part of this recent capacity addition. (scribd.com)

- Despite the higher installed capacity, management commentary around Q1 FY26 indicates overall capacity utilisation at ~62–64%, with some product lines up to ~85%, and selective capacity additions where demand is strong rather than a big greenfield expansion. (scanx.trade)

2. Power / renewable capacity (indirect capacity support)

- Historically, the company had 8.75 MW of wind power and began adding solar capacity. (economictimes.indiatimes.com)

- Chairman’s communication and FY25 disclosures show:

- 4 MW ground-mounted solar became operational in FY 2022–23.

- An additional 11.5 MW ground-mounted solar was installed in Feb 2024, taking total renewable energy capacity to around 26 MW and leading to significant power cost savings in FY25. (capitalmarket.com)

- A further 9 MW solar project is underway, expected to be commissioned by Dec 2025; management expects about 17 million units per year from this plant and additional power-cost savings. (prysm.fi)

3. Capex guidance going forward

- Management commentary for FY26 indicates annual capex of ₹30–35 crore, and broader plans (2024–2026) for incremental forging and machining capacity plus debottlenecking, not a one-shot large greenfield project. (scanx.trade)

In summary:

- Yes, they have expanded capacity “of late”—forging capacity is now about 1,65,000 MTPA (vs ~1,44,750 earlier), machining capacity is >75 million parts p.a., and there has been a major ramp-up in in-house solar power to support operations and margins.

- Near-term growth is likely to be driven more by higher utilisation of this expanded capacity and selective line additions, rather than another big step-up in installed capacity.

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