1. 220 kV cable compounds - targeted for 2030 Pending - At the Q4 FY26 call, management targeted 2030 for 220 kV cable compounds, with 220 kV expected to take three to three-and-a-half years minimum for certification plus testing once 132 kV stabilizes. The 132 kV product is ready but not yet commercialized, with trials pending as of Q1 FY27, so 220 kV development has not commenced in earnest.
2. FY28 polymer volume growth - 12-15% over FY27 target Pending - At the Q4 FY26 call, management indicated FY28 polymer volumes of 12% to 15% growth over the 230,000 tons FY27 target, later confirming 15% volume growth. FY28 has not been reached; the FY27 volume target of 231,000 MT remains active as of Q1 FY27.
3. BESS revenue by FY30 - ₹2,000-2,500 crores additional On track - At the Q4 FY26 call, management anticipated additional top line of INR2,000 crores to INR2,500 crores from BESS beyond the INR5,000 crores FY2030 polymer aspiration; the FY26 annual report revised this to ₹1,000-1,500 crores by FY30. No BESS revenue has been recorded; the first phase is targeted for mid-FY29.
4. PE compound capacity - 25,000 MTPA by FY27 On track - At the Q4 FY26 PPT, management set a capex priority of expanding PE compound capacity by 25,000 MTPA by FY27, reiterated in the FY26 annual report. XLPE capacity increased from 1,66,500 MTPA to 2,14,500 MTPA with the Bhiwadi commissioning; the specific 25,000 MTPA PE addition is not separately disclosed as completed.
5. Bhiwadi XLPE facility - incremental revenue of \~₹500 crores On track - At the Q1 FY27 call, management expected the new Bhiwadi facility to contribute incremental revenue of close to INR500-odd crores as utilization scales up progressively, a figure also in the Q4 FY26 and Q1 FY27 PPTs. The facility was commissioned in April 2026 with 48,000 MT capacity; Q1 FY27 utilization was 66%, with \~₹200-250 crores expected in FY27 at 50% average utilization against current \~20-25%.
6. FY27 capex - ₹175 crores On track - At the Q4 FY26 call, the CFO planned to invest INR175-odd crores in FY27, primarily towards expanding XLPE compound capacity with investments earmarked for BESS diversification; by Q1 FY27 the range was ₹150-175 crores. Q1 FY27 capex of INR76-77 crores was already incurred; the full-year outcome is not yet available.
7. FY27 volume target - 231,000 MT, 15% growth On track - At the Q4 FY26 call, management guided FY27 volumes of 231,000 metric tons per annum with capacity utilization of 73%, reiterated with the 15% growth guidance at Q1 FY27. Q1 FY27 volume was 52,163 tons, \~1% YoY growth; the full-year FY27 outcome is not yet available.
8. FY27 revenue guidance - 13% growth, \~₹3,340 crores On track - At the Q4 FY26 call, management guided FY27 year-on-year revenue growth of 13%, with BESS revenue explicitly excluded, and at Q1 FY27 called the guidance deliberately conservative, saying "whatever guidance we have given, we will definitely surpass it". Q1 FY27 revenue was Rs 989 crores, up 29% YoY; the full-year outcome is not yet available.
9. BESS revenue - ₹800-900 crores per GW, FY27 ₹300-500 crores, FY28 1 GWh On track - At the Q3 FY26 call, management stated BESS early-stage revenue of Rs. 800-900 crores from 1 gigawatt, with FY27 BESS revenue of Rs. 300-500 odd crores and FY28 volumes "more than 1 gigawatt hour"; Q4 FY26 cut FY27 BESS revenue to ₹200-250 crores and Q1 FY27 pushed the 1 GWh timeline to mid-FY29. No BESS revenue has been recorded and the plant is not yet commissioned, with location finalization underway as of Q1 FY27.
10. BESS Phase-1 capex - ₹150 crores, 5 GW initial capacity Pending - At the Q3 FY26 call, management stated BESS Phase-1 capex of approximately Rs. 150 crores, entirely funded through internal accruals, establishing initial plant capacity of 5 gigawatts; by Q1 FY27 the range was INR150-200 crores including working capital margin. No BESS capex has been incurred; the project remains in planning/location finalization stage, and Q1 FY27 capex of INR76-77 crores was for polymer expansion, not BESS.
11. BESS Greenfield plant - fully operational H2 FY27 On track - At the Q3 FY26 call, management stated the BESS Greenfield plant would be fully operational starting in the second half of FY27, commencing via an assembly business model; Q1 FY27 PPT pushed commissioning from Q3 FY27 to Q1 FY28, with the location shifted from Ahmedabad to Bengal and the project delayed "by a couple of quarters". As of Q1 FY27 the location was still being finalized and no plant has been commissioned; the FY26 annual report targets first-phase commissioning by Q1FY28.
12. Total installed capacity - 270,000-plus tons by end of H2 FY26 Delivered - At the Q2 FY26 call, management stated total installed capacity will be roughly 270,000-plus tons by end of H2 FY26. Total installed capacity stood at 2,68,400 MTPA as of March 2026, slightly below the target, and reached 3,16,400 MTPA by June 2026.
13. FY26 capex - ₹110 crores Partial - At the Q2 FY26 call, management guided FY26 capex of INR110 crores ("maybe we will end up doing more than that"), matching the Q4 FY25 guidance of another Rs 110-odd crores. FY26 capex incurred was close to INR100-odd crores, shown as Rs 96 Cr in the Q4 FY26 PPT, with INR90-plus crores committed by H1 FY26.
14. FY26 revenue guidance - ₹2,850-2,950 crores Delivered - At the Q2 FY26 call, management guided FY26 revenue in the range of INR2,850 crores to INR2,950-odd crores. FY26 revenue was Rs 2,948 crores, within the guided range.
15. FY26 volume target - 210,000-220,000 tons Missed - At the Q2 FY26 call, management reaffirmed the FY26 volume target of 210,000-220,000 tons. FY26 volumes stood at 2,01,370 metric tons, below the guided range, with the shortfall attributed to the Israel-Iran conflict.
16. FY25 EBITDA margin - 11% to 11.5% max Delivered - At the Q1 FY25 call, the CFO guided FY25 EBITDA margin "in the range of around 11%, 11.5% max". FY25 EBITDA margin was \~11%, within the guided range.
17. FY25 volume target - 180,000-185,000 tons Delivered - At the Q1 FY25 call, the CFO guided FY25 volumes of around 180,000-185,000 tons; the target was raised to 1,85,000-1,87,000 tons by Q2 FY25, with 9M volume of \~1,39,000 tons and "definitely we are on course of our targets" at Q3 FY25. FY25 volumes stood at 1,89,374 metric tons, registering 14% YoY growth, above the raised range.
18. EBITDA per kg - ₹15/kg blended sustainable Delivered - At the Q4 FY24 call, management stated the Rs. 15/kg blended profitability is sustainable; guidance was refined across FY25-FY26, with Q1 FY27 raising the conservative target to INR16-17 per ton. FY24 average was \~₹15, FY25 average \~₹15,100, FY26 ₹15,768 and Q1 FY27 ₹19,177, at or above the ₹15 floor throughout.
19. Export revenue share - maintain \~25% of topline Delivered - At the Q4 FY24 call, management stated export revenue percentage will remain roughly the same (\~25% of topline) as both markets grow; FY25 was guided to 20-22% on freight challenges, with recovery to 25% expected in FY26, and the longer-term range set at 22% to 26%. FY24 exports were approximately 25% of revenue, FY26 exports grew 30% to ₹718 crores, 24% of revenue, and Q1 FY27 exports were ₹312 crore, 32% of revenue.
20. Capacity addition - 40,000 tons via ₹300 crore capex (HFFR 15,000 + other compounds 25,000) On track - At the Q4 FY24 call, management stated capacity addition of roughly 40,000 tons after the Rs. 300 crores CAPEX, split between HFFR 15,000 tons and other compounds 25,000 tons, with ramp-up across FY25-FY27; revisions broadened the plan to \~45,000 tons of HFFR and PE plus PVC and a consolidated \~1,30,000-plus tons. FY26 added 30,000 MTPA - 5,000 MT HFFR and 25,000 MT PVC - the 48,000 MT Bhiwadi XLPE facility was commissioned in April 2026, and HFFR capacity reached 10,000 MTPA against the 15,000-ton target, with total installed capacity at 3,16,400 MTPA as of June 2026.
21. XLPE 132 kV product launch - within FY25, then calendar 2025, then FY27 Partial - At the Q4 FY24 call, management stated the XLPE compound for 132 kV would be launched within FY25, with plans to extend focus up to 220 kV; the launch was pushed to calendar 2025, then to commercialization in FY27, with trials moving from Q1 FY26 to Q1 calendar 2026. Prototype laboratory testing was done as of Q3 FY25, but as of Q1 FY27 trials with tied-up customers had not yet taken place and no commercial 132 kV revenue has been recorded.
22. UL approvals for North American market - expected within calendar 2024 Partial - At the Q4 FY24 call, management stated UL approvals for the North American market were in process and expected within calendar 2024; the timeline was pushed to end of FY25, to before June 2025 for the first, and to FY26-27 for the remaining two of three. One US approval was in hand as of Q2 FY25 and remains the only one listed as of Q3 FY26, with direct US exports not yet commenced.
23. Volume growth - 12-15% CAGR over medium term (2-3 years) On track - At the Q4 FY24 call, management guided growth at 12%-15% CAGR over the medium term of 2-3 years, reiterated as at least 12% to 15% over the next 5 years and 12% CAGR for the next two, three years, with later refinements setting FY26 and FY27 targets. FY24 volume growth was over 15%, FY25 volumes grew 14%, FY26 grew 6% and Q1 FY27 \~1%; the medium-term window is still open.
24. EBITDA margin - sustainable 11-12% blended going forward Delivered - At the Q4 FY24 call, the CFO guided a sustainable blended EBITDA margin of 11%-12% going forward, with FY25 narrowed to 11%-11.5% max and later quarters maintaining the 10%-12% framing, FY27 anticipated at approximately 11%. FY24 EBITDA margin was 12%, FY25 \~11%, FY26 11% and Q1 FY27 10%, all within the guided range.
25. Capex plan - ₹300 crores over 3 years On track - At the Q4 FY24 call, management planned CAPEX of Rs. 300 crores over the next 3 years, funded mainly from internal accruals, with ₹125 crores allocated for FY25, and revisions adding a possible INR100-odd crores beyond the ₹300 crores and ₹150-175 crores for FY27. FY25 capex incurred was Rs 55-odd crores, FY26 close to INR100-odd crores and Q1 FY27 INR76-77 crores, with the 48,000 MT Bhiwadi facility commissioned in April 2026 at a committed capex of INR80 crores.
26. Revenue target - ₹4,500-5,000 crores by FY30 On track - At the Q4 FY24 call, management guided revenue of Rs. 4,500-5,000 crores by FY30 with improved margin, corrected as over the next 5 years with 12%-15% CAGR; the ₹5,000 crores figure was later firmed up from the polymer business alone, with BESS adding INR2,000-2,500 crores beyond it and the FY26 annual report adding ₹1,000-1,500 crores from BESS. Revenue grew from Rs. 2,431 crores in FY24 to INR 2,603 crores in FY25 and Rs 2,948 crores in FY26, with Q1 FY27 at Rs 989 crores, up 29% YoY; the FY30 horizon has not been reached.
27. Net debt-free status - maintain through FY25 and beyond Delivered - At the Q4 FY24 call, management stated the company became net debt free in Q4 FY24 and committed to maintaining this status through FY25 and beyond, a commitment repeatedly extended through FY26 and FY27. Net debt-free status was maintained through FY25, FY26 and into Q1 FY27, with Net Debt/Equity at 0.0x across FY24-FY26.
28. HFFR capacity ramp-up - 20,000 MTPA by FY26, later FY27 Partial - At the Q4 FY24 call, management planned to ramp up HFFR capacity to 20,000 metric tons per annum by FY26; the timeline slipped through successive revisions - "by FY '26 end", Q1 FY26 commissioning, November FY26 - before being re-targeted to FY27. HFFR capacity reached 10,000 MTPA after an additional 5,000 MT was commissioned in December 2025; FY26 utilization was 49% and Q1 FY27 48% of 10,000 MTPA, with the additional 10,000 MTPA not yet commissioned.
29. FY27 year-end capacity - 3,34,400 tons On track - At the Q1 FY27 call, management guided that year-end FY27 capacity will reach 3,34,400 tons, up from 3,16,400 tons at end-June 2026, with the Q1 FY27 PPT showing \~3,34,400 MTPA FY27E installed capacity. Capacity stood at 3,16,400 MTPA as of June 2026; the year-end FY27 target has not been reached.
30. Annual cash accruals - ₹85-130 crore with nil repayment obligations Delivered - At the Q3 FY23 announcement, management expected annual cash accruals of Rs 85-130 crore with nil repayment obligations and adequate liquidity. FY24 PAT was ₹182 crores, FY25 PAT was ₹185 crores with close to ₹200 crores of cash in the system and FY26 PAT was ₹202 crores - accruals have exceeded the guided range.
31. Interest cover - improve to 5-6 times over medium term Delivered - At the Q3 FY23 announcement, interest cover was expected to improve over the medium term to 5-6 times from \~4.32 times for 9M FY23. The company became net debt-free in Q4 FY24 and maintained that status through FY26, with finance costs falling 38% YoY to ₹4.49 crores in Q1 FY25 and 23% YoY in Q2 FY25 - with minimal debt, interest cover has improved substantially.
32. Operating margins - 5.5-6.5% over medium term Delivered - At the Q3 FY23 announcement, operating margins were expected in the range of 5.5-6.5% over the medium term, versus \~5.6% in 9M FY23. FY24 operating margin was 11%, FY25 EBITDA margin was 11% and FY26 EBITDA margin was 11%, well above the guided range.
33. Revenue - cross ₹2,400-2,500 crore in FY23, grow 10-12% annually thereafter Partial - At the Q3 FY23 announcement, revenue was expected to cross Rs 2,400-2,500 crore in full fiscal 2023 and grow 10-12% annually thereafter over the medium term. FY23 revenue was ₹2,503.7 crore, crossing the target, but FY24 revenue declined \~3% YoY to ₹2,431 crore before growth resumed at 7% to ₹2,603 crore in FY25 and 13% to ₹2,948 crore in FY26.
34. HFFR capacity - \~6,000 MT/annum commissioned by Q1 FY24 Partial - At the Q3 FY23 announcement, HFFR compounds capacity of \~6,000 MT/annum was to be commissioned by quarter 1 of fiscal 2024. HFFR capacity of 5,000 tons was live only in Q1 FY25, with the 6,000 MT facility operational from Q1 FY25 per management, roughly one year late; FY24 utilization was \~30% of the 5,000-ton capacity.
35. WTR XLPE for 72 kV - launch in FY24 Delivered - At the Q3 FY23 announcement, third-party approval had been received for TR XLPE for 72 KV applications, with launch expected in fiscal year 2023-24. FY23 saw the first locally produced WTR-XLPE for cables up to 72 KV launched; the product passed a two-year test on cable at the VDE laboratory, Germany and is already being supplied in good quantities as a regular product.