1. Pipavav KGPL pipeline connectivity during the year Pending - At the Q1 FY27 call, management stated the Kandla-Gorakhpur pipeline connectivity at Pipavav is expected finally during the year, with better visibility now. As of Q1 FY27 no completion was disclosed; management said it should be up and running within the next 2 to 3 months.
2. Haldia-Panagarh pipeline commissioned October-November Pending - At the Q1 FY27 call, management stated the 60-kilometer Haldia-Panagarh pipeline being laid by HPCL is expected to be commissioned in October, November, revising the Panagarh uplift to 0.03 crore tons against a 0.05 crore ton plant capability. As of Q1 FY27 no commissioning was disclosed; it is the fourth cross-country pipeline being connected during the year.
3. Ammonia terminal first full year utilization of 20-25% Pending - At the Q1 FY27 call, management projected the Pipavav ammonia terminal to do 20% to 25% utilization in its first full year of operation, with realizations 2.5 to 3 times LPG realization. The terminal was officially commissioned in August 2026; the first full year is FY28 and no utilization data is out yet.
4. Mangalore-Hassan-Cherlapalli pipeline operative in FY28 Pending - At the Q4 FY26 call, management said the Mangalore-Hassan-Cherlapalli pipeline is expected operative in FY28. As of Q1 FY27 the Bangalore-Hassan-Cherlapalli connection is still some time away, expected later in the year.
5. Business mix 55-45 or 60-40 gas-liquid in next three years Pending - At the Q4 FY26 call, management said the business mix in the next three years will be gas more dominant, usually 55-45 or 60-40 between gas and liquid. Q1 FY27 revenue mix was 54.1% liquid and 45.9% gas, against FY26's 52.3% Gas / 47.7% Liquid.
6. FY28 capex of close to ₹5,000 crores Pending - At the Q4 FY26 call, management said FY28 capex numbers would come soon but would "definitely generally [be] in the range of close to INR5,000 crores". No FY28 capex figure was disclosed as of Q1 FY27; the ₹10,000 crore gross block should be reached by March '27, worst case June '27.
7. Throughput growth of 30-40% year-on-year Partial - At the Q4 FY26 call, management reiterated 30% to 40% year-on-year throughput growth, expecting it that year too; by Q1 FY27 this was softened to growing volumes at least 25% a year. FY26 gas throughput rose from 0.33 to 0.39 crore tons, about 18%, and Q1 FY27 gas throughput stood at approximately 0.09 crore metric tons.
8. Strategic partner for Pipavav ammonia asset Delivered - At the Q3 FY26 call, management said it was in talks to introduce a strategic partner into the Pipavav ammonia asset. ITOCHU Corporation acquired an initial 10% stake in Aegis Terminal Pipavav Limited and plans to raise it to 25% over the next three years.
9. Pipavav liquid take-or-pay operations - 15-year, 0.05 crore MT/year, start by year-end On track - At the Q3 FY26 call, management said a 15-year take-or-pay agreement at Pipavav would see AVTL manage over half a million metric tons annually starting end of calendar 2026, around October 2026; later quarters reiterated commencement by year-end. The agreement is signed with a leading conglomerate for over 0.05 crore MT per annum; operations have not yet commenced.
10. Pipavav VLGC-compliant jetty completed in this calendar year Pending - At the Q3 FY26 call, management said the new VLGC-compliant jetties at Pipavav, being built by the port, are expected to be completed in this calendar year; later revised to "probably mid of this FY" and then during the year. As of Q1 FY27 no completion was disclosed; Pipavav is described as evolving into an integrated logistics platform with VLGC handling.
11. HALPG acquisition - 75% stake, subject to shareholder approval Delivered - At the Q2 FY26 call, management said the proposed acquisition of 75% stake in Hindustan Aegis LPG (HALPG) was subject to shareholder approval, after which HALPG becomes a subsidiary. The acquisition was completed in Q3 FY26 - board approval 29 Oct 2025, SPA 02 Jan 2026, completion January 06, 2026.
12. 8-10 ammonia terminals by 2030 On track - At the Q2 FY26 call, management said it probably would have around 8-10 ammonia terminals by 2030, later saying it will "definitely be expanding our ammonia footprint". As of Q1 FY27 one ammonia terminal (36,000 MT at Pipavav) is commissioned, and the non-binding MoU with L&T for Kandla remains under discussion.
13. Liquid capacity to reach 0.25 crore CBM by FY27 end On track - At the Q2 FY26 call, management said liquid capacity will jump from 0.17 crore CBM to 0.25 crore CBM, "and then probably by December 26, maybe 0.3 crore odd"; Q3 FY26 guided "around 0.25 crore plus by FY27 end"; Q1 FY27 guided 1.7 to 2.2 this year and close to 3 by FY28 end. As of Q1 FY27 liquid capacity stands at 0.17 crore cbm, with announced additions taking it to 2,136k cbm.
14. Segment-wise operating EBITDA split in presentations from next quarter Pending - At the Q1 FY26 call, management said it may start putting the segment-wise operating EBITDA split (liquids vs gas) in the presentation from next quarter. This did not appear: the Q4 FY26 and Q1 FY27 presentations disclose only segment revenue splits, and at the Q2 FY26 call management said the EBITDA split is given "always at the year end", offering only per-ton EBITDA guidance instead.
15. JNPA ₹1,675 crore expansion - 318,100 cbm liquid, 77,286 MT LPG, 35,000 MT bottling plant Partial - At the Q1 FY26 call, management announced board approval of ₹1,675 crores capex on the additional 30 acres at JNPA; the first phase slipped from before end of FY26 to Q1 FY27 and then to Q3 FY27 for \~100,000 cubic meters. As of Q1 FY27 the expansion is under construction with no phase commissioned; a 51,998 MT LPG storage tank was board-approved during Q1 FY27.
16. Non-binding MoU with L&T for ammonia terminals at Kandla Pending - At the Q1 FY26 call, management stated a non-binding MoU was signed with L&T to set up ammonia terminals at Kandla for their upcoming green ammonia manufacturing facilities, build-and-operate about 20 km from the jetty. Discussions progressed toward a framework agreement, but as of Q1 FY27 the MoU remains non-binding with no framework agreement or binding contract disclosed.
17. Seventh port expansion On track - At the Q1 FY26 call, management stated the company is looking to expand to a seventh port once land is allotted, with the name to be shared when available; a new port announcement was expected "in a quarter or so", a non-binding MoU was signed for around ₹20,000 crores at Vadhavan Port, and by Q4 FY26 the target was 12 ports by end of 2030. As of Q1 FY27 no binding agreement or new port operationalization was disclosed.
18. Additional liquid capacity at Mangalore - 60,000 cbm Partial - At the Q1 FY26 call, management stated intent to add further liquids capacity at Mangalore, with additional land already secured; Q2 FY26 committed the 60,000 cbm expansion "should be by December 26, all done and finished". As of Q1 FY27, Mangalore liquid storage stands at 193,000 cubic meters with the 75,000 cbm added last year fully operational, while the further 60,000 cbm remains at evaluation stage.
19. Additional liquid capacity at Kochi - 60,000 cbm Partial - At the Q1 FY26 call, management stated intent to add further liquid capacity at Kochi Port, with additional land already allotted; Q2 FY26 committed the 60,000 cbm expansion "should be by December 26, all done and finished". As of Q1 FY27, Kochi operates 82,545 cubic meters; the board approved 49,577 cbm of additional capacity, expected to be commissioned by early next financial year, taking total to 132,122 cubic meters.
20. Liquid realizations improve from Q2 onwards on product mix Delivered - At the Q1 FY26 call, management stated liquid realizations will improve from Q2 onwards on product mix, as JNPA and Mangalore liquids commissioned in March start with a lower basket of products. Q2 FY26 liquid realization improved to 2,500 from \~2,250, Q3 FY26 liquid terminalling revenue rose 37% YoY, Q1 FY27 liquid revenue was up 31% YoY, and JNPA yields ₹6,000 a year against a blended average of ₹3,000.
21. Average gas terminaling realization of ₹1,300 per ton Partial - At the Q1 FY26 call, management guided that average gas terminaling realization should be taken as ₹1,300 per ton, with higher realizations from off-and-on take-or-pay revenue; later quarters guided "a shade above 1,200" and around 1,250 per metric ton. Actual realizations moved from ₹1,300 in Q1 FY26 to 1,200 in Q2 and 1,210 in Q3 FY26, and Q1 FY27's standard rate is ₹1,175 across customers, up to \~₹1,200 for principals.
22. Full quarter impact of debt repayment and interest saving from Q2 FY26 Delivered - At the Q1 FY26 call, management stated the full quarter impact of debt repayment and interest saving would be seen from Q2 FY26, with 8% on ₹2,000 crores being ₹160 crores applied for 10 months from June 2. Q2 FY26 interest costs decreased 61% YoY on repayment of bank borrowings, after IPO funds entirely repaid approximately ₹2,016 crores.
23. Mandatory 25% dilution within three years of IPO On track - At the Q1 FY26 call, management stated the company is mandated by law to dilute up to 25% within three years of IPO, the second dilution after the completed 13% phase one; by Q1 FY27 they aimed to reach equity net worth of $2 billion via the second-phase dilution to 25% by 2nd June 2028 plus internal accruals. Phase one of 13% is complete; no second-phase dilution has been disclosed yet.
24. Mangalore rail LPG gantry - operational in 6-9 months Partial - At the Q1 FY26 call, management stated the Mangalore rail LPG gantry is expected to become operational in six to nine months, also stated as "in about the next nine to 12 months" with a bottling plant; Q3 FY26 revised this to operational by September '26. As of Q1 FY27 the gantry and bottling infrastructure, with investment of ₹52.5 crores, remain under active construction with no commissioning disclosed.
25. Pipavav ammonia terminal - 36,000 MT, completion before Q1 FY27 Delivered - At the Q1 FY26 call, management stated the Pipavav ammonia terminal (36,000 MT static capacity, India's first independent ammonia terminal) is expected to be completed before Q1 of the next fiscal year, backed by a 15-year take-or-pay contract with Hindustan Zinc; Q4 FY26 said "maybe next month". The facility was officially commissioned in August 2026, with the 15-year take-or-pay agreement signed with Hindustan Zinc for part of the capacity and ITOCHU taking an initial 10% stake in the subsidiary.
26. VLGC berthing at Kandla - "in a couple of months" Delivered - At the Q1 FY26 call, management stated VLGCs will start berthing at Kandla Port "in a couple of months"; Q2 FY26 geared up for commencement in Q3 FY26. The first-ever VLGC docked at Kandla Port on December 31st, the final day of Q3 FY26, making it a VLGC-compliant facility with the jetty operational in Q3.
27. KGPL and JLPL pipelines operational - Q2 FY26 Partial - At the Q1 FY26 call, management guided KGPL and JLPL pipeline operationalization in Q2 of FY26, which would jump Kandla volumes; JLPL slipped to December 2025 and then February end, while KGPL moved to June 2026 and then H1 FY27. The JLPL connection at Kandla is completed; KGPL is not yet complete, expected "within the next 2 to 3 months".
28. Kandla CRL-4 liquid terminal - 94,148 cbm operational next year On track - At the Q1 FY26 call, management stated the Kandla CRL-4 liquid terminal with capacity of 94,148 cubic meters will be operationalized "in the next year", reiterated across quarters; Q1 FY27 targeted commissioning "later next year". As of Q1 FY27 the terminal remains under development on a newly allotted 27,458 sq. meter plot via CRL Terminal Private Limited, with no commissioning disclosed.
29. $1.2 billion cumulative capex by FY27 On track - At the Q1 FY26 call, management stated they had already reached $1.2 billion in capital expenditure "by next year", reiterated across quarters; Q2 FY26 restated it as ₹10,000 crores by "December 26 or March 27", refined by Q1 FY27 to "by March or worst case June '27". As of Q2 FY26 the company was at ₹6,000 crores of the ₹10,000 crore target; Q1 FY27 confirmed the March '27, worst case June '27 timeline with all of it commissioned in FY27-28.
30. $5 billion aggregate capex by 2030 - funded with 0.6x gearing, capped at 3.5x EBITDA On track - At the Q1 FY26 call, management guided aggregate capital expenditure of $5 billion by 2030, funded by equity, internal accruals and prudent debt, with debt gearing of 0.6x capped at 3.5x EBITDA; Q1 FY27 extended the horizon to "2030-'31" and capped debt at a maximum of $3 billion, with equity net worth of $2 billion targeted via the 25% dilution by 2nd June 2028 plus internal accruals. The ₹10,000 crore (\~$1.2 billion) first-phase gross block should be reached by March '27, worst case June '27; current debt stands at ₹3,731 cr with D/E of 0.87.