1. Precipitated Silica Phase 2 ramp-up - The 6,000 MTPA expansion at Dahej, raising total capacity to 18,000 MTPA, began operations in Q1FY26 and is expected to stabilise by Q4FY26. This removes the capacity bottleneck that capped FY25 sales at 11,911 MT with the plant running at 100%, unlocking volume growth from a product line that already contributed 24% of FY25 revenue.
2. Precipitated Silica Phase 3 expansion - Management has stated a Phase 3 expansion is on the anvil, to be taken up after the current expansion is complete, adding capacity for conventional, micro pearl, and highly dispersible silicas. Each prior phase has sold out rapidly, and Phase 3 extends the runway in a segment management calls a key growth engine that has surpassed expectations.
3. Vinyl Sulphone production restored - The VS plant dry zone resumed operations on December 13, 2024 after the May 2024 fire, and the full ₹6.08 crore insurance claim was settled by October 2025. Restoring full VS capacity removes a drag on the division that holds roughly 25% of India's VS export share, allowing the company to recapture lost volumes.
4. Export share recovery - Export contribution rose to around 55% of sales in 9MFY26, up from 46% in FY25, supported by recovery in select geographies. With REACH registration for CPC Green up to 1,000 MTPA in the EU and AKSIL silica approved in Sri Lanka, Bangladesh, Vietnam, and Turkey, the export mix shift improves realisations and diversifies revenue.
5. Debt funding headroom - Shareholders authorised the Board to issue NCDs or other debt securities up to ₹300 crore. With a debt-to-equity ratio of 0.34 and interest coverage of 11.4x, this untapped authority provides ready funding for the Phase 3 silica expansion or other growth capex without diluting equity.