The journey so far
Maitreyi Vaqseni
Chief Executive Officer · India
I grew up in Cuttack and studied mechanical engineering at Vaqmuri Institute of Technology, completing the degree in June 1994.
510
Company colleagues across two offices
Six executive heads; Vadodara and Mysuru
₹184 crore
Revenue for FY ending March 2026
₹22 crore operating profit; company P&L responsibility
32 years
From mechanical analysis to enterprise leadership
Five continuous appointments beginning July 1994
The compass
I want commercial ambition to stay answerable to the capability behind it. A model can belong to a client even when our engineers created it. A visual demonstration can be useful without being continuously connected to the equipment. An annual capacity total can conceal a peak the proposed asset cannot serve. The CEO's role is to bring those facts into the enterprise choice, including when they make the offer smaller or the investment less attractive. I also need to correct claims I helped approve when the evidence supports less than the presentation suggests.
Expeditions
01
In 2021 our proposed engineering-model library contained sixty-four assets assembled from years of delivery work. The commercial team regarded that history as evidence of a substantial ready-made product. Technical colleagues could explain how the models worked. A rights review produced a different account: forty-one company-owned generic models, fifteen carrying client restrictions and eight whose rights remained uncertain. Those were non-overlapping categories. Creation by our employees did not, by itself, establish the rights needed for the proposed commercial reuse. The sales head wanted to launch the whole library while the uncertain files were reviewed. Some engineers argued that removing customer names would make the models sufficiently general. I asked legal and technical owners to assess the actual materials and terms together, then brought their findings into the product recommendation. The CEO could decide the commercial scope we were willing to support, but could not resolve ownership by declaring a file generic. We launched only the forty-one cleared assets. The fifteen restricted models remained excluded, and the eight uncertain files did not acquire clearance merely because the launch proceeded without them. The programme cost ₹1.8 crore and the launch moved twelve weeks. The annual sales forecast fell from ₹9.2 crore to ₹6.8 crore. That ₹2.4 crore difference was a revision to a forecast, not a realised revenue loss or the financial value of rights we had never established. The smaller launch gave the business a proposition it could explain through its actual rights and support responsibilities. It also reduced the breadth the team had expected to sell and required a continuing record for future additions. I would begin the rights review before presenting an accumulated technical archive as a product opportunity. Reuse can be commercially valuable, but the engineering ability to run a model answers a different question from the company's entitlement to sell it in a new context. Both need a defensible answer before the library becomes part of the growth plan.
02
In 2022 we used a shared digital-twin description for eight engineering pilots. I had approved the early commercial material because the demonstrations made the capability appear coherent. Three pilots received live feeds from the relevant equipment. Five were offline snapshot models with different update arrangements. All could support useful work within their stated purpose, but the shared account did not make those differences sufficiently clear. The issue was the service customers could reasonably expect from our description, not an attempt to settle a universal technical definition of the term. The commercial lead feared that separating the offers would make the company appear less advanced. Engineering colleagues wanted the actual inputs and update cadence stated. I supported their request and accepted responsibility for the earlier approval. We reviewed each pilot's agreed scope, the material used in selling it and the continuing work required. A revised presentation needed to reflect those facts, while any contractual correction belonged with the responsible commercial and legal owners and the customer. We separated the descriptions and spent ₹28 lakh on the implementation and communication changes. Two customer agreements were revised through agreed corrections that returned ₹18 lakh. That amount was a specific settlement of those arrangements, not a rule for all eight pilots or a finding that every delivered model was defective. The offline services remained described on their actual basis. We did not imply that renaming a service supplied a live connection it lacked. The consequence was a less uniform commercial story and a financial correction I had to explain to the board. I would require the data relationship and continuing service to be explicit before approving the umbrella language in future. A sophisticated name can help buyers understand a category, but it can also conceal differences that determine whether a service fits their use. The company's confidence in its technology should make those differences easier to state, not make the customer responsible for discovering them after the demonstration.
03
The 2023 capital proposal requested ₹8.4 crore for a new laboratory rig, with ₹1.7 crore annual operating expense. The operating case showed 3,600 nominal available hours against 3,200 hours of forecast annual demand. On those totals the asset looked comfortably occupied. The schedule revealed that 900 hours of the proposed work fell into the same six-week window, when the rig could supply only 480 hours under the stated operating plan. Annual capacity did not remove that 420-hour peak gap. The business head wanted the purchase approved before a supplier's quoted slot expired. Finance wanted a credible utilisation case, and delivery leaders were concerned that client test windows could not simply be moved. I asked for the schedule to be treated as part of the investment proposition, including staffing, maintenance and the conditions under which work could be shifted. A large annual opportunity was not the same as a set of jobs the proposed asset could actually serve. We deferred the purchase and accepted a smaller first-year programme using 1,600 hours of reserved external laboratory capacity at ₹1.3 crore annual fee, with defined windows. The remaining 1,600 hours of prospective work were not committed under that programme. The external arrangement had its own limits and did not establish that every future peak could be served. Nor did I subtract its annual fee from the proposed capital cost and report the difference as a saving; ownership, recurring expense, service scope and time periods were different. The decision delayed the ambition to own the capability and reduced the programme we could offer immediately. It bought a clearer view of demand without committing the company to an asset whose peak case was still unresolved. I would plot customer windows before using an annual utilisation percentage in the first capital paper. Capacity exists in a particular place and period with particular people and constraints. The board should see that operating shape before the headline hours turn a forecast into apparent certainty.
04
A 2024 demonstration model indicated a 32% energy saving under specified operating assumptions. A six-week site observation later showed an 18% reduction against the selected earlier period. The loads, weather and operating hours differed. Neither percentage could be used as a simple confirmation of the other, and the observed reduction did not by itself establish what the intervention had caused. Yet a draft portfolio presentation treated the modelled 32% as a broadly repeatable customer result. The commercial team wanted to retain the striking number with a footnote. Technical owners explained that the comparison needed a more appropriate measurement basis and a clear statement of intended use. I withdrew the broad portfolio claim and asked for the evidence question to be resolved before it returned to commercial material. Qualified engineers and client owners retained responsibility for equipment decisions; an executive presentation was not an alternative approval route. We authorised ₹46 lakh for a measurement programme and a revised baseline protocol. The account separated model assumptions, observed site conditions, measurement limitations and the conclusion the work was intended to support. At the point recorded in this case, it had not produced a new validated saving to publish. I did not substitute 18% for 32% as though a smaller number automatically made the claim sound. The uncertainty concerned the basis of comparison, not merely the ambition of the headline. The result was a withdrawn marketing claim and further expense before a stronger outcome could be stated. That made the sales story less immediate, but it prevented an unfinished evidence question from being treated as resolved through repetition. I would ask for the measurement plan at the same time as the projected benefit. A model can help identify a promising direction without establishing a customer's realised saving. Leadership should preserve the difference and fund the work needed to examine it, including when the answer remains unfinished at the reporting date.
05
In 2025 an equipment buyer proposed ₹26 crore over three years for an exclusive engineering-platform arrangement. The offer was commercially significant, but its proposed category restriction would prevent us from serving fourteen existing customers in that area. Those customers represented ₹11 crore combined annual revenue. The figures described different periods and could not be netted as though the proposal simply added ₹15 crore. The choice concerned the shape of the business and the relationships it would no longer be free to pursue. The account sponsor argued that the larger commitment would simplify selling and support deeper development with one buyer. Other commercial leaders were concerned about replacing a portfolio with dependence on a single customer's priorities. Legal owners examined the proposed terms while finance assessed the actual alternatives. I took the restrictions, customer effects and development obligations to the board rather than present exclusivity as a minor concession attached to an attractive revenue line. We declined the exclusive terms and pursued a narrower nonexclusive scope proposed at ₹8 crore over two years. That alternative had not been executed at the point recorded here. The account does not claim the smaller contract was won or that the existing fourteen customers would necessarily remain forever. It records a decision about acceptable commitment and a continuing negotiation, with the opportunity cost of rejecting the larger offer still visible. The result preserved the possibility of serving a wider customer set while giving up a substantial proposed commitment. I would bring category restrictions into the first commercial comparison rather than leave them to the final drafting stage. Terms can change what kind of company we are building, even when the technical work appears familiar. The board needs to see that strategic consequence alongside the money, and the CEO needs to accept that a promising alternative remains only a proposal until the parties actually agree it.
Terrain
Languages
Fellow travellers
Maitreyi kept the smaller programme and the uncommitted work in the capital account. She did not turn an annual external fee into a claimed saving against a purchase price with a different scope and life.
She accepted that a model's intended use and a customer's observed result were different evidence questions. The broader claim was withdrawn while we did the work needed to examine the comparison.
Dispatches
A sixty-four-asset library became a forty-one-asset launch after its rights were examined. Technical familiarity did not answer the commercial ownership question.
Read the essayAn annual utilisation case concealed a six-week peak the proposed rig could not serve. We deferred the purchase and accepted a smaller programme with defined external capacity.
Read the essayThe issue was not whether 32% or 18% sounded more cautious. The model and site observation answered different questions under different conditions, so the broader claim was withdrawn.
Read the essayAn invitation
I hold one executive directorship and am considering one outside contribution after a specific assessment of fit and capacity. Fictional IICA registration began in June 2026; the proficiency assessment is unfinished and no exemption is claimed. Twenty days is a provisional external allowance, subject to employer consent, relationships and the demands of the proposed appointment.
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