1. Net-cash balance sheet preserved for capex flexibility Delivered - In the Q4 FY26 PPT and Q1 FY27 PPT, management listed preserving a net-cash balance sheet for capex flexibility as a strategic objective. IPO proceeds received July 2025 funded repayment of \~₹210 crore of borrowings in the first week of July 2025, net cash stood at ₹355 crore as of Q3 FY26, and Net Debt/Equity was 0.03 with cash of ₹469.4 crore on 31 March 2026.
2. ROCE >15% via reinvestment in high-return organic projects Delivered - The Q4 FY26 PPT and Q1 FY27 PPT list reinvesting in high-return organic projects (ROCE >15%) alongside preserving a net-cash balance sheet as strategic objectives. ROCE was 15.4% in FY26 (excluding cash and investments), with Net Debt/Equity at 0.03 and cash of ₹469.4 crore as on 31 March 2026.
3. IPO General Corporate Purposes ₹42 crore utilised by FY26 Partial - Per the monitoring disclosure, ₹42 crore of IPO proceeds was estimated for general corporate purposes by Fiscal 2026, revised from ₹559.51 million to ₹586.36 million. Only ₹38.35 crore was utilised by end FY26; ₹140.29 mn deployed across contingencies, brand building and growth opportunities was ratified by the Board on May 14, 2026, with remaining proceeds to be utilised in the subsequent fiscal.
4. Uluberia-II ASU IPO proceeds ₹88.83 crore utilisation by FY26 Partial - The IPO prospectus estimated ₹88.83 crore utilisation for the Uluberia-II 220 TPD ASU by Fiscal 2026, within an IPO object cost of ₹1,045.00 million. ₹56.75 crore of ₹88.83 crore was utilised by end FY26, rising to ₹62.36 crore by end Q1 FY27 - a delay in the implementation schedule, with the remainder to be utilised in the subsequent fiscal.
5. Kurnool plant utilisation 85-90% in H2 FY26 Delivered - At the Q1 FY26 call, management expected the Kurnool plant to reach optimum capacity utilisation of about 85-90% in the second half of FY26. Utilisation moved from 60-65% in Q1 FY26 to 75-80% in Q2 FY26 and stood at 87% in Q3 FY26, within the guided range, with ramp-up progressing well in Q1 FY27.
6. Argon to reach \~15% of gas revenue as new capacity kicks in On track - At the Q1 FY26 call, management expected argon revenue to reach about 15% plus of gas revenue when all new capacity kicks in, vs \~9-10% currently; by Q4 FY26 this was restated as "in a longer term". Argon contributed 10% in Q1 FY27 (Q2 FY26 peaked at 13%), after argon prices fell more than 25% in Q3 FY26.
7. EBITDA margin \~37% maintained, \~40% medium-term target On track - At the Q1 FY26 call, management did not expect the \~37% EBITDA margin to go down; by Q2 FY26 the long-term target was \~40%, reaffirmed in Q4 FY26 "in the medium term" and in Q1 FY27 at 40% or higher for core gases. Margins ran \~37% (Q1 FY26), 38% (Q2), 31% (Q3), 30% reported/\~35% adjusted (Q4) and 39% in Q1 FY27.
8. Revenue growth 20-25% CAGR core gases, \~25% YoY overall for 2-3 years On track - At the Q1 FY26 call, management was "fairly confident of maintaining at least" \~25% YoY revenue growth over the next two to three years; from Q2 FY26 the guidance became a 20-25% CAGR over four to five years for core gases, restated in Q4 FY26 as a 20% CAGR. FY26 core gases revenue grew 14.2% over FY25, with Q1 FY27 core growth at 20% YoY.
9. Capex ₹250 crore FY26, ₹250 crore FY27, ₹200 crore FY28 Partial - At the Q1 FY26 call, the CFO committed to around ₹250 crores of capex over the next 1.5 years; guidance later set ₹250 crore for FY27 and ₹200 crore for FY28. FY26 capex was ₹1,584 mn (≈₹158 crore), below the ₹250 crore plan, while FY27 and FY28 horizons are not yet reached.
10. Owned capacity 1,910 TPD by end FY26, 2,130 TPD by FY27 Partial - At the Q1 FY26 call, management guided capacity of 1,910 TPD by end of FY26 and 2,130 TPD in FY27. FY26-end capacity was 1,609 TPD (Bulk 911 + Onsite 698); Q1 FY27 shows 1,933 TPD including the East India onsite plant not yet operational, with the over-2,100 TPD FY27 target not yet reached.
11. West-Central India merchant plant and speciality gases facility targeted FY28 On track - At the Q1 FY26 call, management said a Western India plant was at drawing board stage with an announcement "fairly soon"; by Q3 FY26 the merchant plant plus high purity and speciality gases facility was targeted for FY28, pulled forward in Q4 FY26 to "early next financial year". Construction of the West Central India plant has started as of Q1 FY27.
12. North India merchant plant (220 TPD) operational by H2 FY27 On track - At the Q1 FY26 call, management guided a North India merchant plant to be running by end of Q1 FY27; this slipped to Q2 FY27 and settled at H2 FY27 by the Q2 and Q3 FY26 calls. As of Q1 FY27 the plant is not yet operational - ordered with civil work under way, WIP for FY27.
13. East India on-site plant (Durgapur, 320 TPD) commissioned by March 2026 Partial - At the Q1 FY26 call, management guided the 320 TPD on-site plant for Forest Steel Mill to commence operation in March 2026; the FY25 Annual Report scheduled commissioning between October and December 2025. As of Q1 FY27 the plant, for Jai Balaji Industries, is under commissioning with revenue expected in Q2 FY27.
14. East India merchant plant (Uluberia 2, 220 TPD) commissioned by October-November 2025 Partial - At the Q1 FY26 call, management guided the East India merchant plant to commence operation in October 2025; Q2 FY26 revised this to end of November 2025. The Uluberia-II 220 TPD ASU commenced operation in February 2026, a quarter after the revised target, with ramp-up progressing well through Q1 FY27.