1. Ibuprofen strategic options - finalized by H1 FY27 On track - At the Q4 FY26 call, management expected the bankers' process to evaluate strategic options for the ibuprofen business to finish in the next 2 quarters, by H1 FY27. As of Q1 FY27 (Jun 2026) the process was still ongoing, with an announcement reiterated for H1 FY27, to be addressed by Q2 results.
2. Vizag Project - completion in less than 1 year (as of FY24) Missed - The FY24 annual report stated the Vizag Project (CWIP ₹240.29 cr) was expected to be completed in less than 1 year as at March 31, 2024. The FY25 annual report showed CWIP of ₹241.41 cr as to be completed in 1-2 years, and by Q4 FY26 Vizag was mothballed with no commercial contribution.
3. Rights issue proceeds - ₹156.20 cr spent on objects in FY25 Delivered - The Rights Issue offer document scheduled net proceeds of ₹156.20 cr for objects during Fiscal 2025: repayment of borrowings ₹117.15 cr and General Corporate Purposes ₹39.05 cr. Actual FY25 spend was ₹118.61 cr on borrowings and ₹35.87 cr on GCP; the monitoring account received ₹154.48 cr, fully spent, with ₹1.72 cr on issue expenses.
4. Net debt-to-EBITDA - below 3x maintained Delivered - Management committed to maintaining net debt-to-EBITDA below 3x through working capital optimization and higher operating cash flows. Q1 FY26 net debt-to-EBITDA was \~2.7x, improving to \~1.9x by Q1 FY27 - below 3x throughout.
5. Net debt-free - by FY29 On track - At the Q1 FY27 call, the CFO reaffirmed an internal aspiration of becoming net debt free by FY29. As of Q1 FY27, net debt was \~₹479 cr, reducing at \~₹135 cr per quarter; the FY29 horizon has not yet been reached.
6. Capex - ₹40-50 cr per year for FY28-FY29, ₹55-60 cr for FY27 On track - At the Q1 FY27 call, the CFO guided capex of close to ₹40-50 cr per year on average for FY28 and FY29, with FY27 already committed at close to ₹55-60 cr. The FY27 commitment is in progress; no FY28-FY29 actuals yet. H1 FY26 capex was \~₹29 cr.
7. DMF filings - 4-5 per year On track - At the Q4 FY26 call, management planned 4-5 DMF filings every year, with impactful revenues and margins coming around FY29-FY30. The first DMF under the revived plan was filed in the first week of April 2026; no further filings are disclosed as of Q1 FY27.
8. Base business growth - at least 10% YoY On track - At the Q4 FY26 call management gave a 10% FY27 base business growth target, and at Q1 FY27 said it was "fairly confident" of sustaining at least 10% YoY. Q1 FY27 base business revenue grew 24% YoY (₹307 cr vs \~₹248 cr), or \~18-19% adjusted for pass-through; FY26 growth was 6%.
9. Base business EBITDA margin - 25%±1% On track - At the Q4 FY26 call, management reiterated base business steady-state EBITDA margin guidance of "close to in the range of 25% plus, minus here and there"; at Q1 FY27 the CFO framed it as 25% plus/minus 1%. Q4 FY26 margin was 25.9%; Q1 FY27 was \~23.5% (₹72 cr on ₹307 cr); FY26 was 23.5%.
10. Gross margin - 53-55% range for Catalog business Partial - At the Q3 FY25 call, management stated 53-55% was the gross margin range they wanted to first establish, reaffirmed as sustainable at Q4 FY25 and as the FY26 base at Q1 FY26. Q2 FY26 came in at 51%; Q4 FY26 base business gross margin was 54%; Q1 FY27 was 51.3% reported, \~54.5% adjusted; FY26 was 55.0%.
11. EBITDA margin - 200-300 bps improvement in FY26 Missed - At the Q4 FY25 call, management stated an ability to move EBITDA margin by 200-300 bps in FY26. FY26 EBITDA margin came in at 13.9%, down from 16.5% in FY25 - a decline of 260 bps rather than an improvement.
12. Ibuprofen competitive landscape - solved by end of FY26 Missed - At the Q4 FY25 call, management expected to "solve for ibuprofen from a competitive landscape standpoint by the end of the financial year". The strategic review was not completed by end FY26: Board-appointed bankers extended the process to H1 FY27, while ibuprofen posted negative EBITDA in Q4 FY26 and a negative 12% EBITDA margin in Q1 FY27.
13. Net debt - sub-₹450 cr by Q1 FY27 Missed - At the Q1 FY26 call, the CFO guided debt to sub-₹450 cr by Q1 FY27, reiterated at Q2 FY26 with line of sight to \~₹446 cr. As of Q1 FY27 (Jun 2026), net debt was \~₹479 cr; the target was reset to sub-₹450 cr (\~₹440 cr) by March 2027.
14. Net debt-to-EBITDA - 1.7-1.8x by Q1 FY27 Missed - At the Q4 FY25 call, management guided net debt-to-EBITDA down to 1.7-1.8x by Q1 FY27 after second call money realization, later revised to 1.5x at Q1 and Q2 FY26. As of Q1 FY27 (Jun 2026), the ratio was \~1.9x on net debt of \~₹479 cr.
15. Gross debt - ₹650 cr by end of May 2025 Delivered - At the Q4 FY25 call, management stated gross debt would come down to ₹647 cr by end of May 2025 after first call money utilization. Q1 FY26 debt was reduced by \~₹143 cr from the FY26 opening level, and gross debt stood at ₹623.3 cr as of Sep 2025 - consistent with the target being met or beaten.
16. Cost of money - reduce by \~200 bps in FY26 Missed - At the Q4 FY25 call, management expected cost of money to reduce by about 200 bps in FY26. At Q2 FY26, finance cost was expected to remain around current \~13% levels, with no disclosed reduction of 200 bps in the record.
17. FY26 EBITDA - \~15-20% growth outlook Missed - At the Q4 FY25 call, management gave an FY26 EBITDA growth outlook of \~15-20%, reiterated at Q1 FY26 and Q2 FY26. FY26 EBITDA came in at ₹191.54 cr, down 10.4% YoY - a decline against the growth outlook.
18. FY26 revenue - \~10% growth outlook Missed - At the Q4 FY25 call, management gave an FY26 outlook of \~10% top-line growth, reiterated at Q1 FY26 and Q2 FY26. FY26 revenue was ₹1,375.14 cr, up 6.4% YoY, below the \~10% outlook, despite Q4 FY26 revenue of ₹391.9 cr up 40% YoY.
19. CRAMS incremental capex - ₹100-150 cr over 3 years for Vizag retrofit Missed - At the Q3 FY25 call, management committed to incremental capex of at least ₹100-150 cr "in the next three years" for the Vizag retrofit to achieve CRAMS goals. By Q4 FY26, no big capex was planned and Vizag was mothballed pending a decision by H1 FY27; at Q1 FY27 the retrofit was on hold.
20. CRAMS revenue - ₹500 cr in 3-4 years, EBITDA 35-40% Missed - At the Q3 FY25 call, management aspired to take CRAMS EBITDA to 35-40% and grow turnover from \~₹120 cr to "₹500-odd crores" in about three to four years. As of Q4 FY26, CRAMS revenue was close to ₹10-12 cr annually with no strong pipeline, and the build-out had gone "back to the drawing table".
21. Post-carve-out debt-to-EBITDA - closer to 1x / below 1x Missed - At the Q3 FY25 call, management stated that post carve-out, with \~₹200 cr of debt pushed into the new CRAMS entity, debt-to-EBITDA in Solara would be "closer to the one time range", reiterated at Q1 FY26 as below 1. The carve-out has not occurred; as of Q1 FY27, net debt was \~₹479 cr with net debt-to-EBITDA \~1.9x.
22. CRAMS carve-out - completion in 12-15 months / NCLT process 9-12 months Missed - At the Q3 FY25 call, management said carve-out completion was subject to approvals taking "upwards of between 12 and 15 months", with the NCLT demerger process expected to take "between 9 and 12 months". As of Q1 FY27 (Jun 2026), the demerger decision was still pending, the carve-out on hold pending the ibuprofen strategic review - past the original window ending around Mar 2026.
23. Net debt-to-EBITDA - \~3x by Q4 FY25 Delivered - At the Q1 FY25 result, management guided net debt-to-EBITDA of \~3x by Q4 FY25, expressing confidence of beating it. FY25 ended with gross debt of roughly ₹776 cr, and Q1 FY26 net debt-to-EBITDA was close to 2.7x - consistent with the \~3x target being beaten.
24. Q4 FY25 exit quarter - revenue \~₹400 cr, EBITDA \~₹80-90 cr Missed - At the Q1 FY25 result, management guided Q4 FY25 exit quarter revenue of \~₹400 cr and EBITDA of \~₹80-90 cr, implying EBITDA margins of 20-22%. Q4 FY25 revenue came in at roughly ₹280 cr, and management acknowledged missing the exit quarter guidance.
25. FY25 EBITDA - ₹230-260 cr Missed - The FY25 EBITDA guidance of ₹230-260 cr was reaffirmed at the Q1 FY25 result and again at the Q3 FY25 call, where it was said to "be maintained", with about ₹10 cr adjusted for Q4 FY25. FY25 EBITDA came in at ₹213.84 cr, below the guided floor.
26. FY25 revenue - ₹1,400-1,500 cr revised to ₹1,300-1,400 cr Missed - The Q1 FY25 result reaffirmed FY25 revenue guidance of \~₹1,500 cr; at the Q3 FY25 call management revised it down to "more in the Rs. 1,300 crores, Rs. 1,400 crores range". FY25 revenue came in at ₹1,292.08 cr, below even the revised range.