1. ECMS incentive - benefit up to 25% of eligible investment On track - In the August 2026 announcement, the company disclosed an ECMS incentive package for the Electrolyte Additives business at Jhagadia, Gujarat, with expected benefit up to 25% of Eligible Investment (₹119.12 crore of ₹256.47 crore cumulative investment) over a benefit period up to FY 2030-31, incentive period 5 years from January 27, 2026. Approval communication was received on August 17, 2026, and the benefit period commenced in January 2026.
2. ₹1,000+ crore investment for growth FY23-FY30 On track - In the Q4 FY26 PPT, management committed to investing ₹1,000+ crore for sustainable future growth over FY23 to FY30. FY24 capex was ₹280 crore, FY25 capex ₹195 crore, FY26 capex ₹195 crore plus ₹190 crore Indichem investment, taking cumulative investment through FY26 past ₹860 crore.
3. Three verticals as independent self-sustaining growth engines by FY28 On track - At the Q3 FY26 call, management expected pharma intermediates, battery chemicals and semiconductor chemicals to each operate as independent self-sustaining growth engines contributing meaningfully to top line by FY2028, reiterated at Q4 FY26. In Q1 FY27, battery chemicals commercial supply started, BFC recovered strongly and pharma intermediates grew strongly; FY26 mix was Pharma 87.7%, Commodity 11.2%, Semiconductor 1.2%, Battery nil.
4. Pharma share of revenue to come down to \~80% in 3 years Pending - At the Q1 FY27 call, management said Pharma Intermediates share (87% in FY26) should come down to around 80% in the next 3 years as battery chemicals, semiconductor and CDMO grow. In Q1 FY27, Pharma Intermediates revenue was ₹292.7 crore, up 76.5% YoY, and pharma was \~89% of revenue.
5. Commodity chemicals phase-out in FY27 On track - At the Q4 FY26 call, the company said it would begin phasing out select commodity chemical products in FY27, replacing them with higher-value products on the same infrastructure, and at Q1 FY27 did not expect the overall specialty business to decline for the full year. Q1 FY27 Specialty Chemicals revenue was ₹37 crore, down 10.6% YoY, with BFC recovery offsetting the commodity decline as expected.
6. Indichem Korea JV capex completion by H2 CY2026 On track - At the Q1 FY26 call, the Korea JV (Indichem) capex was expected to complete in H2 CY2026 with production by late 2026 or early 2027; later updates moved completion to end CY2026, then to end of Q2 FY27 ahead of schedule, with revenue from FY28. Groundbreaking took place in September 2025, ₹190 crore was invested in FY26, and the R&D facility is commissioned with product development started.
7. Zero debt for the next 1 year Delivered - At the Q4 FY25 call, management said "Today, it's zero. And going forward also in next 1 year, we are not expecting any debt to be on our balance sheet". Net cash stood at ₹270 crore in Q1 FY26, ₹240.6 crore in Q2 FY26, ₹198.3 crore in Q4 FY26 and \~₹314 crore in Q1 FY27, with reported financials showing debt of ₹26.49 crore and D/E of 0.02 as of 29 Aug 2026.
8. Working capital down to 100 days Partial - At the Q3 FY23 call, the CFO aimed to bring working capital to 100 days and to 90-100 days within a year, from 123 days then; at Q4 FY23 the target was 100 days from 108. Working capital moved through 95 days in 9M FY25, \~128 days in Q1 FY26, 100 days in Q2 FY26, 120 days in Q4 FY26 and 99 days in Q1 FY27.
9. FY27 capex - ₹50 crore spillover plus ₹40-45 crore maintenance On track - At the Q1 FY27 call, management guided FY27 capex of \~₹50 crore spillover for electrolyte additives plus pilot plant and \~₹40-45 crore maintenance capex, with R&D and land capex yet to be announced. Q1 FY27 capex was ₹56 crore - ₹15 crore at Indichem and ₹41 crore at ACL - with the full year not yet due.
10. FY26 capex of ₹250 crore Missed - At the Q4 FY25 call, FY26 capex was guided around ₹200 crore, raised to around ₹250 crore at Q1 FY26 and reiterated at Q2 FY26; at Q3 FY26 guidance was lowered to around ₹220 crore. FY26 capex stood at ₹195 crore, with 9M capex of ₹143 crore.
11. FY25 capex of ₹250 crore Missed - At the Q4 FY24 call, management guided FY25 capex of around ₹250 crore, and at Q1 FY25 said the guidance "remains intact". FY25 capex stood at ₹195 crore, with 9M FY25 capex of ₹118 crore.
12. FY24 capex of ₹200-220 crore Delivered - At the Q4 FY23 call, the CFO guided FY24 capex outlay of ₹200 crore to ₹220 crore including the Ankleshwar brownfield project. FY24 total capex was ₹280 crore, with 9M FY24 outlay of ₹212 crore.
13. 16 MW captive solar plant by FY25 Delivered - At the Q2 FY24 call, the board approved a 16-megawatt captive solar power plant with capex of ₹65-70 crore, targeted for completion by end Q2 FY25 and then end Q3 FY25. A 10.8 MW plant was commissioned on April 3, 2025, and a further 5 MW in Q1 FY26, taking the total to 15.8 MW operational.
14. Baba Fine Chemicals recovery in FY26 Partial - At the Q2 FY25 call, management said BFC growth should come back in FY26, reiterated at Q4 FY25 and Q1 FY26 with revenue expected similar to last year; at Q3 FY25 the significant ramp-up was pushed to FY27. BFC demand stayed soft through H1 FY26, bottomed in Q2 FY26, recovered from Q4 FY26 onwards and strongly in Q1 FY27, with FY26 semiconductor revenue of ₹15.7 crore.
15. Baba Fine Chemicals - 3x to 4x growth in a year Missed - At the Q4 FY23 call, Naresh Patel said Baba Fine Chem "will definitely grow more than 3x to 4x in a year"; later updates pushed the ramp-up to FY25 and then FY27. BFC quarterly revenue fell from ₹11 crore in Q1 FY24 to around ₹5 crore in Q1 FY25 and ₹2-3 crore by Q3 FY25, recovering only from Q4 FY26.
16. Fermion contract - commercial supply from Q4 FY24 Delivered - At the Q3 FY23 call, management said regular commercial supply under the Fermion contract starts from Q4 FY24, maturing by FY25, with ramp-up later extended gradually to end FY25 and full ramp-up in FY26. One production block at Unit 2 Ankleshwar (Fermion block) was inaugurated and commercialized in Q4 FY24, and Bayer/Orion guided 50% growth for the product in CY2026 with Acutaas as primary supplier.
17. Four validated CDMO products contributing revenue from FY27 On track - At the Q4 FY26 call, four validated CDMO products beyond the first Fermion product were expected to contribute revenue in FY27 with major ramp-up in FY28, each with peak revenue potential of ₹50-100 crore; at Q1 FY27 the revenue kick-in was set from H2 FY27. CDMO grew strongly in Q1 FY27 as expected, with no product-specific revenue figure disclosed.
18. Three new CDMO projects commercialized by end of FY26 Delivered - At the Q1 FY26 call, 3 more CDMO projects were expected to be commercialized by end of FY26, each with revenue potential of ₹50-100 crore. By Q3 FY26 four CDMO products were validated and already commercial products, and at Q4 FY26 four more were validated pending regulatory approval, with revenue expected from H2 FY27.
19. Second CDMO contract signed by end of FY25 Delivered - At the Q2 FY25 call, management said the second large CDMO contract with a European originator was in advanced finalization and expected to be signed by end of FY25, with commercial supply from FY26. Validation batch supply was already given by Q2 FY25, qualification was ongoing at Q4 FY25, and one project's validation quantity was supplied in Q4 FY25.
20. CDMO revenue of ₹1,000 crore by FY28 On track - At the Q3 FY25 call, management guided the CDMO business to reach approximately ₹1,000 crore by FY28 versus ₹80-90 crore in FY24, reiterated at Q4 FY25, Q3 FY26, Q4 FY26 and reaffirmed at Q1 FY27 with confidence "to beat this target". CDMO had already crossed more than double FY24's ₹90 crore by Q3 FY25, five products were commercialized by Q3 FY26 and four more validated by Q4 FY26, with no FY26 revenue figure disclosed.
21. Electrolyte additives Phase 2 (third product) by Q2 FY27 On track - At the Q3 FY26 call, the second phase of electrolyte additive capex at Jhagadia was expected within 6 months, set to Q1 FY27 at Q4 FY26 and to end of Q2 FY27 at Q1 FY27. In Q1 FY27 the third product was developed with a signed long-term supply contract in final stage, and Phase 2 completion remained on track for end Q2 FY27.
22. Electrolyte additives - 100% growth in FY26 Missed - At the Q4 FY24 call, management guided the electrolyte additives business to grow by 100% in FY26 on the FY25 base; at Q4 FY25 this was softened to revenue "more or less in the range of the current" given very low initial utilization. FY26 battery chemicals had no commercial revenue, with capacity built and production starting only in Q4 FY26 and commercial supply starting in Q1 FY27.
23. Electrolyte additives - full capacity utilization in 3 years (\~FY29) On track - At the Q4 FY25 call, management said electrolyte additives production starts H2 FY26 and should reach optimum capacity utilization "in 3 years' time", reiterated at Q2 FY26 and Q1 FY27 with peak revenue potential by \~FY29. In Q1 FY27 the plant's trial run was completed and commercial supply started, with demand described as unprecedented.
24. 2,000 MT VC + 2,000 MT FEC capacity by H1 FY26 Partial - At the Q3 FY24 call, Naresh Patel said the company would add 2,000 MT each of VC and FEC electrolyte additives on top of existing 500 MT each, with the ₹100 crore Jhagadia project guided for H1 CY2025 / around Q1 FY26 and later pushed through Q3 FY26, Q4 FY26 and Phase 2 by end Q2 FY27. Phase 1 (VC and FEC 2,000 MTPA each) was inaugurated on 19 January 2026, production started in Q4 FY26 and commercial supply began in Q1 FY27.
25. 500 tons electrolyte capacity sold out in FY24 Missed - At the Q1 FY24 call, management confirmed the expectation that the 500 tons electrolyte capacity would be sold out in FY24 with revenues kicking in from FY24. Commercial operations started in Q4 FY24 but commercial supply had not yet begun, and in Q1 FY25 only small sampling and qualification invoices were booked.
26. Electrolyte additives - 10% market share by 2028 On track - At the Q1 FY23 call, management expected to capture 10% of an expected $2 billion electrolyte market in 2028, reiterated at Q3 FY23; at Q1 FY24 the share target was softened as "maybe it will be violated and maybe go off". VC and FEC capacity of 2,000 tons each was built and commercial supply started in Q1 FY27, with no market share disclosure yet.
27. Electrolyte additives commercialization by FY23/FY24 Partial - At the Q4 FY22 call, commercialization of the newly developed electrolyte was expected by end FY23 in the best case, with revenue from Q4 FY23 and confidence of commercializing before end FY23; later updates moved it to Q1/Q2 FY24, then H1 FY24, then supply from Q4 FY24. Commercial operations commenced in Q4 FY24 with supply to three manufacturers from Q3 FY24, but commercial supply had not started by Q4 FY24 and sales were still pending in Q1 FY25.
28. Sachin unit to reach full capacity Delivered - In the FY23 annual report and September 2023 announcement, the Sachin unit was expected to reach its full capacity, with new capacities being built for future growth. Utilization reached 75% in Q4 FY26 and 83% in Q1 FY27, with the plant described as hitting its capacity utilization roof.
29. Ankleshwar asset turnover - 3x revenue on capex On track - At the Q4 FY22 call, the CFO expected \~3x asset turnover from the ₹190 crore Ankleshwar capex within three years of commercialization, reiterated as 3-3.5x at Q3 FY24 and more than 3x, possibly 4x, at Q1 FY25 on ₹310 crore total capex. Revenue-to-net-block asset turn was \~2.8x at Q4 FY24, with Unit 2 utilization at 40% in Q3 FY26, 31% in Q4 FY26 and 23% in Q1 FY27.
30. Ankleshwar greenfield facility completion by Q4 FY24 Delivered - At the Q4 FY22 call, the new Ankleshwar plant for pharma intermediates with capex of ₹190 crore was expected on stream in Q4 FY24, with the timeline later set to December '23 readiness and revenue from FY25. The plant was inaugurated in December 2023, the Fermion block was commercialized in Q4 FY24, and full capex of ₹310 crore completed with the last block commissioned in Q1 FY26.
31. Specialty Chemicals portfolio restructuring in FY27 On track - At the Q1 FY27 call, management said FY27 restructuring is in the Specialty Chemicals portfolio. Q1 FY27 Specialty Chemicals revenue was ₹37 crore, down 10.6% YoY, with the commodity chemical decline offset by BFC recovery.
32. Specialty chemicals - 10-15% growth in FY26 Missed - At the Q2 FY26 call, the traditional specialty chemicals business was guided to grow around 10-15% for FY26. FY26 specialty chemicals revenue was ₹165.2 crore against ₹153 crore in FY25, growth of \~8% YoY.
33. Specialty chemicals revenue - 2.5x in 2-3 years Missed - At the Q2 FY23 call, management targeted specialty chemicals (Gujarat Organics) revenue to grow 2.5x from FY21's ₹90 crore in the next couple of years, reiterated at Q4 FY23 and Q2 FY24. Specialty revenue was ₹99 crore in FY23, ₹153 crore in FY24 and ₹165.2 crore in FY26, well short of the implied \~₹225 crore.
34. Specialty chemicals EBITDA margin - 18-19% in FY24 Missed - At the Q4 FY23 call, Naresh Patel targeted specialty chemicals margin of 18-19% "in this year" (FY24), with the CFO at Q1 FY24 expecting 50-100 bps improvement each quarter toward 18-19%; at Q4 FY25 the improvement was pushed to \~16-17% by Q4 FY25 or early FY26. FY24 specialty segment EBITDA margin was 10.3%, FY25 was 14.7%, and Q1 FY27 reached \~24%.
35. Gujarat Organics EBITDA margin to lower double digit Delivered - At the Q2 FY22 call, management expected the newly acquired Gujarat Organics to move from high single digit to "lower double digit" EBITDA margin, with Q3 FY22 guidance of 14% to 19% over two years. GOL EBITDA margin improved from 5% to 11% over four quarters through Q4 FY22 and crossed the two-digit mark in Q3 FY22.
36. Gross margin normalized at 48-50% Delivered - At the Q2 FY23 call, the normalized gross margin level was stated as 48% to 50% going forward, with Q2 FY24 expecting a return to 48% "in the next couple of quarters" and Q1 FY26 seeing steady state at 48-50%. Gross margin was 53.2% in Q1 FY26, 55.8% in Q2 FY26, 57% in Q3 FY26, 62% in Q4 FY26 and 57.9% in Q1 FY27, consistently above the range.
37. EBITDA margin in FY27 similar to FY26 On track - At the Q4 FY26 call, management was confident of maintaining EBITDA margin at a similar level in FY27 to FY26's \~34.5-35%, reaffirmed at Q1 FY27 even at a higher revenue base. Q1 FY27 EBITDA margin was 34.3%, with the full-year outcome not yet due.
38. EBITDA margin - 28-30% in FY26 Delivered - At the Q2 FY26 call, management revised FY26 EBITDA margin guidance to 28-30%, then upgraded it to 32-35% at Q3 FY26. FY26 EBITDA margin came in at 35.9%, with Q4 FY26 at 42.4%.
39. EBITDA margin - 25-30% in three years (by FY28) Delivered - At the Q2 FY25 call, management set an EBITDA margin target of 25-30% to be reached in the next three years, with Q3 FY25 adding that margins "can reach to, let's say, 27% to 30% also". FY26 EBITDA margin was 35.9% and Q1 FY27 was 34.3%, exceeding the target well ahead of the FY28 horizon.
40. EBITDA margin - return to FY21's \~23% and improve beyond Delivered - At the Q2 FY23 call, management set a first margin target of returning to FY21 levels (best of the last 14 years) then improving \~1-2% yearly toward 25-27%, with the CFO citing "around 23%, 24%" and later targets of 25-30% in three years. FY25 EBITDA margin was 23.0% and FY26 reached 35.9%.
41. Revenue - ₹1,000 crore by FY26 Delivered - At the Q2 FY23 call, management said surpassing ₹1,000 crore top line by FY26 was "possible if VCB will be commercialized" while not guiding numbers, and at Q3 FY24 Naresh Patel cited an internal target of ₹1,000 crore by "FY2025-26 midway". FY25 revenue crossed the threshold at ₹1,006.9 crore, and FY26 revenue was ₹1,339 crore.
42. Revenue growth - 25% CAGR over FY26-FY28 On track - At the Q3 FY25 call, management committed to doubling in 3 years - "a 25% to more than 25% growth guidance we are committing" - reiterated at Q3 FY26 for the next 3 years. FY26 revenue growth was 33% and Q1 FY27 growth was 59.1% YoY, with the 3-year period not yet complete.
43. Revenue growth - 25% CAGR over FY23-FY25 Missed - At the Q2 FY23 call, management reiterated a 25% CAGR outlook for FY23, FY24 and FY25 ("23% to 25% for the longer term"), with FY24 guided at CAGR 25% at Q3 FY23. FY23 growth was 18.6%, FY24 was 16.3% and FY25 was 40.3%, so the 25% CAGR was not achieved over the period.
44. Revenue growth - 25% in FY27 On track - At the Q4 FY26 call, Naresh Patel expressed confidence in delivering 25% revenue growth in FY27, reiterated by Abhishek Patel and in the Q1 FY27 PPT with stable margins. Q1 FY27 revenue grew 59.1% YoY to ₹329.7 crore, with the full year not yet due.
45. Revenue growth - 25% in FY26 Delivered - At the Q4 FY25 call, management guided 25% revenue growth in FY26, reaffirmed through Q1 and Q2 FY26 and revised upward to around 30% at Q3 FY26. FY26 revenue was ₹1,339 crore, up 33% YoY, with the highest-ever PAT of ₹356 crore.
46. Revenue growth - 25% in FY25 Delivered - At the Q4 FY24 call, management firmly guided 25% revenue growth for FY25, reiterated at Q1 FY25 as "comfortably" achievable, then revised upward to 30% at Q2 FY25 and 35% at Q3 FY25. FY25 revenue from operations was ₹1,006.9 crore, up 40.3% YoY.
47. Revenue growth - 25% CAGR in FY24 Delivered - At the Q3 FY23 call, management guided FY24 revenue growth of CAGR 25%, confirmed at Q4 FY23 as 25% plus in specialty and 20-22% in core pharma, then revised down through 20-25%, 18-22% and finally 15-18% amid price pressure. FY24 revenue was ₹717 crore, up 16.3% YoY, within the final guided range.
48. Revenue growth - 25% CAGR in FY23 Missed - At the Q2 FY22 call, management said "We will grow 25% to 30% CAGR is our historical", with Q4 FY22 expecting around 25% growth in FY23 excluding electrolyte revenue and Q1 FY23 guiding sustainable 25% growth. FY23 revenue from operations was ₹617 crore, up 18.6% YoY versus ₹520 crore in FY22, with the shortfall attributed to API-manufacturer supply-chain deferrals.