1. IPO proceeds - ₹113.71 crore for Manekpur equipment and ASRS in FY26 Missed - The offer document earmarked ₹113.71 crore for Fiscal 2026 towards purchase of equipment and machinery for the Manekpur Facility and installation of ASRS for the Manekpur warehouse. Only ₹23.32 crore was utilised as of May 2026 and ₹30.45 crore till the August 2026 update, with the delay attributed to geopolitical uncertainty and the balance planned for the next fiscal.
2. IPO proceeds - ₹143 crore debt repayment Delivered - The company planned to utilize up to ₹143 crore of net proceeds to pre-pay or repay a portion of term loans and working capital facilities. The full ₹1,430.00 mn proposed was utilised, and total borrowings fell to ₹80.3 crore as of March 31, 2026 from ₹218.5 crore a year earlier, with debt-to-equity improving to 0.13 from 0.88.
3. Top-client concentration - reduce by 4-5 points by FY28 Pending - At the Q3 FY26 call, management expected top-client concentration, then 60%, to come down by at least 4-5 points as new clients come in at peak utilization in FY28. The top single customer was 59% of revenue in Q3 FY26 and 55% in Q4 FY26, and the FY28 horizon has not been reached.
4. US exposure - 15% to 20% of revenue Delivered - At the Q2 FY26 call, management said internally they would like US exposure to move from 9-10% up to 15-20%. The US contributed \~19% of Q1 FY27 revenue versus \~12% for FY26, within the target range.
5. Historical margin recovery - 18-19% EBITDA at 80% utilization, H2 FY27 On track - At the Q2 FY26 call, management tied a return to historical 18-19% EBITDA margins to optimal utilization, at the Q4 FY26 call expected recovery "second half definitely if the things remain settled", and at the Q1 FY27 call confirmed 18-19% is sustainable at 80% utilization. Q1 FY27 EBITDA margin was 14.3% with utilization at 64.9%, and the H2 FY27 window has not been reached.
6. FY27 revenue growth - at least 15% to 20% On track - At the Q1 FY27 call, management indicated the company will achieve 15% to 20% revenue growth in FY27, contingent on the geopolitical situation not changing, and confirmed 15% volume growth would resume. Q1 FY27 revenue was ₹161 crore, up 2% YoY, with management stating demand is confirmed as more than 15-20%.
7. FY27 capacity utilization - approximately 75% at 41,000 MT On track - At the Q4 FY26 call, management guided FY27 utilization of "between 70% and 75%", and at the Q1 FY27 call targeted approximately 75% at 41,000 MT for the remaining nine months, reiterated in the Q1 FY27 PPT. Q1 FY27 utilization was 64.9%, up from 51.9% in Q4 FY26.
8. Domestic growth - 30% to 35% for FY27 On track - At the Q1 FY27 call, management reiterated its target of 30% to 35% domestic growth, reiterated in the Q1 FY27 PPT. Q1 FY27 domestic revenue was flat at \~₹26 crore after the company halted production to push full price changes and lost almost eight weeks, with orders flowing in full by the call; domestic share was 16%.
9. Domestic/B2C share - 22% to 25% in 1 to 1.5 years On track - At the Q2 FY26 call, management targeted moving domestic/B2C share from \~17% to 25%, and at the Q4 FY26 call refined this to 22% to 25% within 1 to 1.5 years as a "wish position". Domestic share was 17% in FY26, 18% in Q4 FY26, and 16% in Q1 FY27, with the window extending to Q2-Q4 FY28.
10. Bamboo business - 20% of overall business in three years Pending - At the Q3 FY26 call, management expected the bamboo business to contribute 20% of overall business in three years. No bamboo revenue has been booked to date, with commercial contribution anticipated from Q4 FY27; the three-year window extends to FY29.
11. Bamboo machinery investment - ₹10 crore capex, machines in 3-4 months, on stream by mid-next year Partial - At the Q3 FY26 call, management said the bamboo machinery investment would be done within weeks with machines in three to four months and "Mid-next year we'll be absolutely on stream", with about ₹10 crore of capex allocated; capex was later revised to about ₹15 crores for the 3,000 cubic meter facility. A 75,000 sq ft Madanpur, Guwahati lease was signed effective May 2026, machinery shipped and expected by mid-August 2026 with installation targeted for end of September 2026, but the mid-FY27 on-stream target was not met and commercial contribution is now anticipated from Q4 FY27.
12. Khatalwada utilization - 50% by exit of FY26 Delivered - At the Q3 FY26 call, management expected Khatalwada utilization to improve to "up to 50%" by exit of FY26, versus 44.25% at the time. Q4 FY26 utilization at Khatalwada was 56% on a pro-rata basis per the FY26 Annual Report, while FY26 weighted-average utilization across all plants was 73%.
13. Khatalwada-Manekpur plant capacity - 16,500 MT by end of FY26 Missed - At the Q1 FY26 call, management stated that by end of FY26, capacity at the Khatalwada-Manekpur plant would be 16,500 MT, with the building expansion at Q2 FY26 expected complete by December end or the first week of January. The Khatalwada facility had 10,000 MT installed as of December 31, 2025 and the FY26 Annual Report still shows 10,000 TPA as of March 31, 2026; the 2,000 MT under installation was commissioned after FY26, taking total installed capacity to \~41,000 MT.
14. Plastic processing capacity expansion - 33,000 MT to 52,500 MT by FY27 On track - At the Q1 FY26 call, management guided total plastic processing capacity to rise from 33,000 MT to 52,500 MT, with the balance to be completed by FY27, later guiding 46,500 MT by FY26 and the remaining 6,000 MT in FY27; the 6,000 MT commitment was reaffirmed at Q4 FY26 and Q1 FY27, with the FY26 Annual Report stating the balance "remains on track" in a phased manner. Installed capacity reached 37,000 MT by end-Q2 FY26, 39,000 MT by December 2025, and approximately 41,000 MT by Q1 FY27, with FY26 addition of \~6,000 MT against \~8,000 MT planned and the 4,000 MT order planned for Q3 FY27.