India, Nov. 5 -- Every business has a shelf life. Markets get crowded, margins thin out, and one product can only carry a company so far. Many Indian small and mid-caps are now using new growth areas such as energy storage, power transmission, specialty chemicals and defence to broaden what they do. Here is where six of them started and where they are heading.

1. Belding India (formerly Synthiko Foils) Belding used to make foils, but it has discontinued that business. The group now holds subsidiaries across battery storage, modular data centres, power electronics and defence technology. In July 2026 it also bought Evolve IT Solutions, adding security screening systems. A planned merger of DC&T Global into the company has been put on hol...