1. Travel Stop - Phase II with multi-fuel stations, EV charging, food courts, retail Pending - At the Q4 FY26 call, management guided that Travel Stop-Phase II will be developed with integrated multi-fuel stations, high-speed EV charging, branded food courts, premium rest areas, and convenience retail. No construction start, completion timeline, or capital outlay has been disclosed as of 14th July 2026.
2. Business Hotel - Phase I development at SIPCOT industrial hub Pending - At the Q4 FY26 call, management guided that Business Hotel-Phase I will be developed to serve visiting executives and technical staff in the SIPCOT industrial hub, laying the foundation for stepping into hospitality in 2026. No construction start, completion timeline, or capital outlay has been disclosed as of 14th July 2026.
3. Capex for windmill repowering and engineering division upgradation - ₹20 cr, by March 31, 2027 Pending - In the Q4 FY26 result, the Board accorded in-principle approval for capex towards repowering of windmills at Aralvoimozhy and upgradation of engineering division equipment at an estimated outlay of ₹20 crores, with completion by March 31, 2027. No commencement or progress has been disclosed as of 14th July 2026, and the March 2027 horizon has not yet been reached.
4. Capacity addition of 140 MT - by October 2026, ₹45 cr investment On track - In the Q1 FY26 result, management proposed capacity addition of 140 MT to be added by October 2026 with an investment of ₹45 crores, financed through term loan and accumulated reserves. At the Q4 FY26 call, management guided that Project Lakshmi upgradation of the flagship mill at Gangaikondan will go-live in early FY27, with existing capacity utilization at 91% on 200 MT as of Q1 FY26.
5. Cash accruals over ₹10 crore in FY23 and FY24 - sufficient against term debt Delivered - In a CRISIL rating rationale dated 14th June 2022, management expected cash accruals of over ₹10 crore in FY23 and FY24, sufficient against term debt obligations of ₹4 crore and ₹5 crore respectively. PAT was ₹10.34 crore in FY23 and ₹7.81 crore in FY24, with EBITDA of ₹24.4 crore and ₹26.53 crore respectively, indicating cash accruals remained well above the ₹10 crore threshold in both years.
6. Sustained scale of operations over ₹315 crore and operating margins over 8% Partial - In a CRISIL rating rationale dated 14th June 2022, sustained scale over ₹315 crore and operating margins over 8% were cited as an upward rating sensitivity factor. Total income reached ₹337.67 crore in FY23 and ₹413.65 crore in FY24, but EBITDA margin was 7.2% in FY23, 6.4% in FY24, 3.9% in FY25, and 6.3% in FY26, never crossing 8% in any disclosed year through FY26.
7. New flour mill - 1,20,000 MT per annum at Gangaikondan, ₹50 cr cost, by Q4 FY23 Missed - In an announcement dated 16th July 2021, management guided installation of a new flour mill with capacity of 1,20,000 MT per annum at Gangaikondan at an estimated cost of ₹50 crores, to be added by Q4 FY23. Milling capacity remained at 74,900 MT per annum through FY23, total capital investment in FY23 was ₹2.77 crore, and no disclosure of the commissioned mill exists in subsequent filings.
8. 5 MW solar power plant at Gangaikondan - captive consumption, ₹30 cr estimated cost Delivered - In an announcement dated 16th July 2021, management guided installation of a 5 MW solar power plant at Gangaikondan at an estimated cost of ₹30 crores for captive consumption. A 5 MW AC / 6.9 MW DC solar plant was commissioned during FY22 for captive consumption, with total capital investment of ₹29.47 crore incurred in FY22.
9. Foundry division - reasonable profit in FY21 Delivered - In the FY20 annual report, management stated the company expects the foundry division to make reasonable profit in FY21 despite Covid-19 impact on volume, with all cost control initiatives. Engineering division EBIDTA for FY21 was ₹2.34 crore, with total company EBIDTA of ₹13.9 crore and PAT of ₹4.5 crore, consistent with a reasonable profit.