1. Phase 2 modernisation at Unit-II - Phase 2 installation and modernisation at Unit-II was completed by end-October 2024, with all assets capitalised in FY25. The company achieved near-100% capacity utilisation in the last quarter of FY25, driving a 27.97% jump in sales volume and a 71.65% rise in revenue for the full year.
2. Debt refinancing and additional funding - The Board approved a change in borrowing facilities on 18 December 2025, including a term loan to take over existing debt and working capital, plus additional new bank funding. Fresh funding can support the capital expenditure and investment requirements that led to the dividend skip in FY25, freeing cash for the next leg of expansion.
3. Low-GSM and high-BF product grades - The company successfully manufactured low-GSM and high-BF paper grades, diversifying beyond standard testliner. New grades open higher-value segments in food boxes and e-flute packaging, lifting realisations from the same 2,46,000-tonne installed base.
4. Rights issue first-and-final call - The first and final call of ₹32 per share on partly paid equity raised ₹11.32 crore in July 2024, converting 35.38 lakh shares to fully paid. The inflow strengthens the equity base and signals that the promoter-shareholder group met its cash commitment to the Phase 2 programme.
5. Captive wind and co-generation power - Two windmills totalling 2.75 MW are operational with a wheeling arrangement in Gujarat, alongside an installed co-generation plant. Captive power insulates the energy-intensive kraft process from grid-price swings, protecting the margin gains already visible in the wind-power segment’s 56% PBIT margin.
6. Unit-II acquisition from NR Agrawal Industries - The Unit-II acquisition at Vapi, Gujarat, is complete and production has commenced, with Phase I assets capitalised from 1 January 2024. The acquired unit doubles the company’s manufacturing footprint and was the platform on which the Phase 2 modernisation was built.