1. Surat frozen greenfield - Phase 1 (2 product lines) began commercial production in the third week of March 2026 and shipped \~15 containers in Q1 FY27. Management targets ₹40-50 cr revenue in FY27, ramping to upwards of INR200 crores at full capacity.
2. Truly Indian US retail - Brand is now in 3,000+ US stores, up from \~1,400, with repeat orders arriving from Costco divisions and new listings at Safeway, Albertsons and Whole Foods. FY27 revenue target is ₹75-80 cr, with gross margins of 65-70% versus Ashoka's 60-65%.
3. Ashoka brand acceleration - Ashoka crossed ₹300 cr in FY26 after 20%+ five-year CAGR, and management expects to grow upwards of 30% in FY27. Management expects 30-35% growth in FY27, driven by SKU expansion from 440 to \~600 and deeper penetration in existing markets.
4. Brownfield debottlenecking - Completed Nadiad and Nashik expansions, including a 60% retort capacity increase and cold storage upgrade, with incremental revenue potential of ₹180-200 cr. Weighted average capacity utilisation is now 70-75%, up from peaking constraints on frozen lines.
5. Surat Phase 2 - New pizza base line and one more product line to be installed in Q3 FY27, with incremental capex of ₹25-30 cr. This adds to the \~10,000 MT frozen capacity already commissioned, supporting the ₹250-275 cr full-capacity revenue target.
6. Agency distribution scale-up - Distribution business grew 20% YoY in FY26, adding Lipton West Coast rights and Ashoka staples to the network. Management sees ₹100+ cr incremental revenue potential from distribution scale-up and outsourcing opportunities.
7. PLI incentive - FY27 is the last year of enrolment under Category 3, with \~₹16 cr accruing for the full year, roughly 2% of FY26 revenue. The company is hopeful of extension, which would protect this margin contribution beyond FY27.
8. US warehousing expansion - New Jersey freezer utilisation exceeds 100% (using outside storage), with plans to open another distribution centre in Q3. Combined 100,000 sq ft US warehouses support Truly Indian's store count growth and frozen category expansion.
9. Ireland subsidiary - Board approved a wholly owned step-down subsidiary in Ireland to support European growth, with the region expected to grow at high double digits. UK-India FTA, expected within 3-6 months, could reduce current 4-15% duties.