1. 20%-25% overall growth for FY27 and FY28 Pending - At the Q1 FY26 call, management guided that the company wants to maintain the same trajectory of 20%-25% overall growth for FY27 and FY28, which they believe is sustainable. FY27 and FY28 have not yet been reached, and FY26 revenue growth is running below the 20-25% band, with Q1 at 8.14% YoY and Q3 subdued.
2. Preferential warrant issue of ₹37.97 crore for working capital Missed - In October and November 2024, the company proposed to issue 2.02 crore fully convertible warrants at ₹18.80 per warrant for an aggregate ₹37.97 crore, to be utilised for working capital with ₹8 crore up to April 2025 and ₹29.97 crore up to April 2026. As of 31 March 2025, the company had not raised any funds during the year, and no allotment has been disclosed in our record, with both the April 2025 and April 2026 tranche deadlines now passed.
3. Enhanced fertilizer capacity adding ₹25 crore topline and ₹10 crore bottomline Pending - In a September 2025 announcement, based on enhanced fertiliser capacity from 6,000 MT to 12,000 MT, the company expected to add approximately ₹25 crore to annual revenue and around ₹10 crore to annual profit. Enhanced capacity has been approved, but no revenue or profit contribution from it has been disclosed in our record.
4. Dividend policy in place by next year (FY27) Pending - At the Q3 FY26 call, management guided that a dividend policy is in the works and could be expected next year, for sure. No dividend policy has been disclosed in our record, and the FY27 horizon has not yet been reached.
5. Complex fertilizer revenue of ₹30-40 crore at full capacity Pending - At the Q3 FY26 call, management guided that the complex fertilizer at 3,600 MT per annum full capacity will be around ₹30 crore to ₹40 crore in revenue. Commercial production started in Q3 FY26 with none contribution, and full-capacity revenue is not yet measurable.
6. Zinc phosphate plant operational by Q4 FY27 Pending - At the Q3 FY26 call, management guided that the zinc phosphate plant should kick in end of next quarter, the last quarter of next year, meaning Q4 FY27. The plant capacity is stated as approximately 3,600 MT per annum, but the Q4 FY27 horizon has not been reached and no further progress has been disclosed.
7. 18%-20% CAGR top-line growth for the next three years On track - At the Q3 FY26 call, management reiterated long-term guidance growth of 18% to 20% CAGR top line growth for the next three years with higher focus on bottom line growth and higher margins. FY24 revenue growth was 24.1% YoY and FY25 was 24.4% YoY, while Q1 FY26 revenue growth was 8.14% YoY and 9M FY26 revenue was ₹140.74 crore, with the three-year horizon extending to FY29 not yet reached.
8. FY26 margin similar to Q1 FY26 Missed - At the Q1 FY26 call, management guided FY26 margin should be on similar lines as Q1 FY26, and at the Q3 FY26 call revised guidance to 15% to 16% EBITDA margins for FY26. Q1 FY26 EBITDA margin was 18.59% and 9M FY26 EBITDA margin was 16.56%, with the FY26 period having ended March 2026 and no full-year figure matching the initial guidance.
9. New product from waste introduced in Q3-Q4 FY26 Pending - At the Q1 FY26 call, management stated that after the next 2 quarters, in the subsequent 2 quarters of Q3-Q4 FY26, the company will be introducing one more product from its waste. No source in our record confirms or denies whether such a product was introduced in that window, so the outcome remains unverified.
10. Fertilizer EBITDA margin of 35% Pending - At the Q1 FY26 call, management guided that the EBITDA for the fertilizer will be in the range of 35%. Complex fertilizer commercial production started in Q3 FY26 with none contribution in that quarter, and no fertilizer segment EBITDA has been disclosed in our record.
11. Revenue growth from new CAPEX of 15%-20% Pending - At the Q1 FY26 call, management guided that revenue can go up by anywhere between 15%-20% from the new CAPEX. Total CAPEX incurred on setting up the facilities was ₹80 crore, and complex fertilizer CAPEX was capitalised in Q3 FY26, but no specific revenue attribution to new CAPEX has been disclosed and no explicit deadline was stated.
12. Debt reduction of 20%-25% in FY26 Pending - At the Q1 FY26 call, management guided that the company will be reducing debt this year by around 20%-25%. At the Q3 FY26 call, management stated the company has decreased its long-term debt, but no quantified debt-reduction figure has been disclosed in our record and FY26 is not yet complete.
13. Capacity utilization of 75% in the next 2 quarters from Q1 FY26 Missed - At the Q1 FY26 call, management guided that the company plans to go to about 75% capacity utilization in the next 2 quarters, along with the fertilizer and by-products. As of Q3 FY26, which marks the 2-quarter horizon from Q1 FY26, capacity utilization was approximately 67% and about 65% to 70%, below the 75% target.
14. Fertilizer product portfolio operational by end of September 2025 Partial - At the Q1 FY26 call, management stated that the company expects the fertilizer product portfolio to come into the fold by the end of September 2025, and at the Q3 FY26 call revised guidance for the complex fertilizer co-product to be operational from Q4 FY26. Commercial production started in Q3 FY26, the December 2025 quarter, with none contribution in that quarter, missing the original September 2025 deadline by one quarter.
15. Three new facilities - co-generation and two by-product plants On track - At the Q1 FY26 call, management stated the company plans to expand with three new facilities, including one co-generation and two by-product plants. The complex fertilizer plant started commercial production in Q3 FY26, the co-generation plant is partially commissioned with the boiler and fertilizer facility running and the turbine pending, and the zinc phosphate plant is guided to kick in by Q4 FY27.
16. Co-generation plant cutting coal use by 50% with $1.5 million annual cost savings from FY27 On track - At the Q1 FY26 call, management stated the co-generation plant is expected to cut coal use by 50% from FY27, enabling $1.5 million in annual cost savings, and at the Q3 FY26 call revised the cost-savings estimate conservatively to ₹3-4 crore, kicking in from the first quarter of FY27. The CTO for the co-gen plant has been received, and phase-wise commissioning is underway with the boiler and fertilizer facility started and the turbine to come in the next few months as of Q3 FY26.
17. Net profit margin of 20.8% by FY27 On track - At the Q1 FY26 call, management guided that the company aims to grow net profit margin from 5.4% in FY25 to 20.8% by FY27, and reiterated this at the Q3 FY26 call. FY25 PAT margin was 5.4%, Q1 FY26 PAT margin was 11.89%, and 9M FY26 PAT margin was 10.38%, with the FY27 horizon not yet reached.