1. CRAMS commercial production from Q4FY26 pilot successes - Pilot trials for CRAMS projects across agrochemicals, pharmaceuticals and electronics were successfully completed in Q4FY26, and the company is now moving into the commercial trial phase. Management calls this "an important inflection point" for the specialty and contract manufacturing platform, with traction expected during FY27.
2. Japanese strategic supply agreement moving to commercial trials - The MOU with a leading Japanese company for three first-of-their-kind-in-India specialty chemicals has progressed through successful pilot trials in Q4FY26 and is now entering the commercial trial phase. Final project approvals are expected by mid-2026, with commercial production to follow subject to customer and regulatory clearance.
3. Block 7 commissioning in Q2FY27 - The new manufacturing block for niche, application-led molecules is on track to commence commercial production from Q2FY27, with capex estimated at \~₹20 crores. This adds dedicated capacity for the growing pipeline of specialty molecules just as CRAMS projects are graduating from pilot to commercial scale.
4. European agrochemical order book starting Q4FY27 - A European client has approved a new agrochemical project with commercial orders scheduled to begin by Q4FY27, and a separate agrochemical product has secured approved-source status for supply into Europe. These wins convert the CDMO pipeline into committed revenue with visible start dates.
5. Dahej greenfield site - common infrastructure underway - Construction of common infrastructure, utilities and warehousing has begun on the 40,554 sq m Dahej land parcel acquired in 2022, with multiple customer projects under evaluation under NDA. Dahej unlocks large-scale custom manufacturing with capital-intensive, high-automation plants that the existing Ankleshwar site cannot accommodate.