1. BESS greenfield entry - Board approved a 5 GWh BESS plant on 5 Jan 2026, with ₹150-200 crore Phase 1 funded from internal accruals and operations expected by mid-FY29. Management targets ₹800-900 crore revenue and 10%+ EBITDA margins on 1 GWh sales in FY28, adding a second earnings leg beyond polymer compounding.
2. Bhiwadi XLPE ramp-up - The 48,000-tonne XLPE facility in Bhiwadi commenced commercial operations in April 2026 at ₹80 crore capex, and is expected to contribute ₹500-odd crore incremental revenue as utilization scales. At 50%+ targeted FY27 utilization versus roughly 20-25% currently, this is the largest near-term earnings driver.
3. FY30 revenue target - Management targets ₹5,000 crore top line from polymer compounding by FY30, implying roughly 12-13% CAGR from current levels. BESS is expected to add ₹2,000-2,500 crore beyond that, giving a clear group-level growth framework.
4. Export market expansion - Exports doubled to ₹312 crore in Q1 FY27, contributing 32% of revenue, with EBITDA per ton up ₹3 driven by export margins. The India-EU FTA and US certifications open direct access to higher-margin markets, with exports targeted at 20-25% of the FY30 revenue mix.
5. PVC capacity build-out - PVC capacity rose from 44,000 to 69,000 MTPA during FY26, with 25,000 tonnes commissioned in October 2025, ahead of demand from new wire and cable entrants like Adani and UltraTech. PVC volume growth was 40%+ YoY in Q2 FY26, and the new entrants' building-wire demand is expected to go live next fiscal year.
6. 132 kV XLPE commercialization - Trials for 132 kV cable compounds are expected to complete in Q1 calendar 2026, with commercial rollout targeted by end of FY26. As the only Indian player offering 66 kV to 132 kV products, approvals should unlock greater share of existing customers' medium-voltage business.