1. Technology tie-up for forward integration products Delivered - At the FY20 annual report, management stated the company was dialoguing with research institutions and leading global players for a technology tie-up for forward integration products. Partnerships are now in place with Anupam Rasayan (fluorination chemistry), a German company (know-how and equipment) and a Japanese company (refrigerant gas).
2. Open Offer by Anupam Rasayan - 26% at ₹595 per share Delivered - At the announcement of 16th February 2022, Anupam Rasayan offered to acquire up to 25,93,500 shares (26.00%) at ₹595 per share, unconditional on minimum acceptance, with post-completion restructuring rights reserved. The acquirer bought 24,89,802 shares on 11 March 2022 under the SPA, and conditions precedent were satisfied by the Letter of Offer date of 13 April 2022.
3. Dividend - ₹4.50 per share for FY26 Pending - At the Q4 FY26 PPT, the board recommended a final dividend of Rs. 4.50 per equity share (FV Rs. 5) for FY 2025-26, subject to shareholder approval at the ensuing AGM. No read yet on payment or approval; the record date for the share sub-division was revised from 5th March 2026 to 9th March 2026.
4. Overall capex next 4 years - ₹1,500-1,700 cr, all by 2030-2031 Pending - At the Q1 FY27 call, management guided overall capex of close to INR1,500 crores to INR1,700 crores over the next 4 years across all phases, all by 2030-2031, up from the INR500-700 crores flagged at the Q4 FY26 call. No capex committed yet; around INR300 crores is planned to start immediately after HFC-32 commissioning in December.
5. HFOs and fluoropolymers - execution after 2.5-3 years, projects announced FY28, executed by 2029-2030 Pending - At the Q1 FY27 call, management guided HFOs and high-performing fluoropolymers into execution after two and a half to three years, with projects to be announced in FY28 and executed by 2029 or 2030. Fluoropolymer development is underway with customers and five to eight products sit in the R&D pipeline, but no project has been announced yet.
6. Electronic grade (semiconductor-grade) capex - \~₹150 cr, approval cycle 1-1.5 years Pending - At the Q1 FY27 call, management indicated electronic grade capex of \~INR150 crores, "might be plus-minus 10%", following the technology tie-up decision, with a 1 to 1.5 year approval cycle before higher semicon margins. No electronic grade capex committed yet; \~INR150 crores is planned to start after HFC-32 commissioning in December.
7. AHF expansion - 20,000-30,000 tons, commissioned FY28 beginning or mid Pending - At the Q1 FY27 call, management guided AHF capacity addition of "anything between 20,000 to 30,000 tons", starting in '27 and commissioned in FY28 beginning or mid, about 12 to 15 months out. No expansion started yet; \~INR120 crores of AHF capex is planned to start after HFC-32 commissioning in December.
8. Solar grade DHF expansion - almost double capacity Pending - At the Q1 FY27 call, management guided a solar grade DHF expansion to "almost double" capacity, starting in 6 months, against the Q4 FY26 PPT's proposed doubling from 20,000 MTPA to 40,000 MTPA. No expansion started yet; \~INR30-40 crores is planned after HFC-32 commissioning in December, with the existing plant at full capacity and 80-85% contracted.
9. NSE listing - board approved, subject to regulatory approvals Pending - At the Q1 FY27 call, management announced board approval for seeking an NSE listing of equity shares, subject to regulatory approvals. No read yet on listing completion; the QIP was completed on 25th June 2026.
10. Revenue target - FY28 ₹1,600-2,000 cr; ₹3,000-3,500 cr in five years Pending - At the Q4 FY26 call, management guided revenue of close to around INR1,600 to INR2,000 crores by FY28 and almost INR3,000 to INR3,500 crores in the next five years. FY26 revenue was INR711 crores and Q1 FY27 was INR187 crores, with FY27 growth guided at "at least 30%"; no read yet on the FY28 or five-year targets.
11. FY28 EBITDA margin - about 25% once HFC-32 operational Pending - At the Q1 FY27 call, management guided the FY28 margin at "about 25%" once HFC-32 is operational, reiterating the \~30% project margin and \~25% overall EBITDA margin. No read yet as FY28 has not started; R-32 contracts are formula-based with "significantly good margins" and probable cost of production of INR240-280 per kg.
12. FY27 EBITDA margin - 21-22% blended, 16-19% from next quarter On track - At the Q1 FY27 call, management guided full-year FY27 blended EBITDA margin at around 21% to 22%, improving to "in the range of 16% to 19%" from next quarter onwards. Q1 FY27 EBITDA margin was 15.3% (INR28.6 crores), hit by elevated sulphur and power costs, which management called one-off with pass-through over the normal 30 to 45 day pricing cycle.
13. FY28 revenue growth - over 60% vs FY27 Pending - At the Q1 FY27 call, management guided over 60% revenue growth in FY28 versus FY27 on ramp-up of the new project and other inorganic fluoride products. No read yet as FY28 has not started; R-32 volume guidance is a conservative 80% to 85% of capacity for FY28, with management confident of 90% plus utilization.
14. FY27 revenue growth - at least 30% vs FY26 On track - At the Q1 FY27 call, management guided revenue growth of "at least 30%" in FY27 versus FY26, on the HFC-32 launch in Q4 FY27 and ramp-up of existing products. Q1 FY27 revenue grew 6.3% year-on-year to INR187 crores, with temporary West Asia demand disruptions; HFC-32's Q4 launch is expected to drive acceleration.
15. Solar grade DHF orders - ₹1,068 cr executed over 3.5 years till FY29 On track - At the Q4 FY26 call, management guided solar grade DHF orders of approximately INR1,068 crores to be executed over the next 3.5 years till FY29, around 85% of the 20,000 TPA capacity each year. The orders are secured, both phases are commissioned, the plant runs at full capacity with 80-85% contracted, and long-term contracts extend through FY2029.
16. R-32 funding - ₹400 cr raise (₹100 cr preferential + ₹300 cr QIP/debt) On track - At the Q4 FY26 call, management guided raising around INR400 crores for the R-32 capex - INR100 crores from promoters via preferential allotment and INR300 crores via QIP and term debt. A INR250 crores QIP completed on 25th June 2026 at ₹1985.83 per share left the company net debt-free, and the \~INR100 crores preferential issue is approved but not yet completed.
17. R-32 revenue - ₹900-1,000 cr per annum at full capacity Pending - At the Q4 FY26 call, management guided the R-32 project to give revenue of around INR900 to INR1,000 crores every year, reiterated at the Q1 FY27 call at \~$5.5/kg on 20,000 tons. No R-32 revenue yet as the plant is not commissioned; long-term agreements cover approximately 65% of capacity at \~$5.5/kg average.
18. R-32 capacity contracting - 65% of 20,000 TPA under long-term contracts before commissioning On track - At the Q4 FY26 call, management stated nearly 65% of the proposed 20,000 TPA R-32 capacity was already under long-term contracts, with another 15% to 20% targeted so "most likely another 80%, 85% will be completely sold off before the plant comes online". As of Q1 FY27, 65% is contracted, with two firm contracts plus a 5,000-ton MoU; total wins aggregate 12,500+ MTPA and \~Rs. 649 crores per annum.
19. HFC-32 (R-32) plant - 20,000 MTPA, ₹495 cr capex, commissioning Q3 FY27 On track - At the Q4 FY26 call, management guided the HFC-32 project at approximately INR495 crores for a 20,000 MTPA facility at Cuddalore, commissioning by Q3 of FY27, first guided at the Q3 FY26 PPT. Investment was restated at \~₹390 crores with commissioning by end of Q3 FY27; 81% of budget is committed, 75% of civil works are done, and machines arrive by 10th September.
20. Solar Grade DHF - 20,000 MTPA capacity, two phases by FY26 Delivered - At the FY25 annual report, management guided the second 10,000 TPA phase of Solar Grade DHF for H2 of FY26, tightened at the 16th July 2025 announcement to the second quarter of FY26, after the first phase completed in June 2025. Both phases were commissioned in June 2025 and October 2025 for INR 47 crores of internal accruals, making TANFAC India's first and sole solar grade DHF maker with Rs. 1,068 crores of orders secured.
21. HF capacity doubling - 14,850 to 29,700 MTPA by September 2024 Delivered - At the FY24 annual report, management committed ₹102 crores to double AHF capacity by September 2024 through internal accruals, originally announced in February 2023 as a 15 to 18 month brownfield expansion from 14,850 MT to 29,700 MT. The expanded capacity was commissioned on 7th October 2024 at around ₹100 crores over 17 months, doubling capacity from 45 to 90 MT per day.