1. Polyacrylamide Solids commercial launch by Q3 FY25 Missed - At the Q1 FY24 call, management set a target for commercial launch of Polyacrylamide Solids by Q3 FY25. As of Q4 FY26, the project has advanced only to piloting with no commercial production commenced, well past the original deadline and subsequent revisions to FY26 or early FY27.
2. 10% EBITDA margin for FY24 Missed - At the Q1 FY24 call, management stated they were trying to achieve about 10% margins for FY24. FY24 standalone OPM came in at 7.37%, falling short of the 10% target (SQL).
3. New R&D facility operational by FY25 Delivered - At the Q2 FY24 call, management hoped the R&D building would be in place by FY25, later refined to completion by end of Q4 FY25. The facility was inaugurated in March 2025 and became operational in May 2025, within the fiscal year.
4. Specialty chemicals project with Japanese principal by early FY26 Missed - At the Q1 FY24 call, management guided a new specialty chemicals manufacturing project with a principal should target early FY26, with investment later estimated at ₹20-30 cr. As of Q4 FY26, the project remains in feasibility and regulatory stages with no construction or commissioning.
5. 20-acre land acquisition for future projects Partial - At the Q3 FY24 call, management stated the company was seeking to acquire about 20 acres for future projects, with land near Dahej later identified and registration nearing completion by Q4 FY25. No disclosure confirms completion of the acquisition through Q4 FY26.
6. Acrylamide Solid plant commissioning by Q3 FY22 Partial - In the FY21 Annual Report, the company intended to commission its acrylamide solid plant by Q3 FY22 at a cost of ₹8 Crore. Commercial operation commenced in June 2022 with an initial capacity of 3,600 MTPA, approximately two quarters late.