1. NBR capacity doubling - The ₹130-140 crore debottlenecking route adds almost 100% of current NBR capacity by Q1 FY28, with long-lead equipment already ordered. NBR runs at 100% utilization, so this roughly doubles the highest-margin product line.
2. Synthetic latex expansion - A 37,000 MTPA plant at Valia, part of the ₹220 crore capex, comes on stream in Q1 FY28 with "revolutionary" new technology for India. This adds 35-40% latex capacity, de-risks from the single Taloja site, and targets construction, carpet, and textile demand.
3. Combined capacity revenue - Both expansions add \~₹600 crore to the top line, a \~40% increase, for \~₹220 crore capex. At current EBITDA margins, that implies roughly ₹60 crore incremental EBITDA against a ₹35.7 crore base.
4. Nitrile latex stage two - The project plan is ready, needs minimal civil work, and a decision is expected in 3-4 months; capacity would come on stream in FY29. Nitrile latex runs near full utilization with Q1 margins above 15%, and the US 100% duty on Chinese gloves is shifting demand to the company's Southeast Asian customers.
5. Anti-dumping duty on NBR - DGTR issued final findings recommending duties; only Finance Ministry notification is pending, expected before December end. With 70% of Indian NBR still imported, duties would lift pricing power and margins on the expanded capacity.
6. Export share growth - Management targets exports at 45% of revenue over the next year or two, up from 31% in Q2 FY26, after record FY26 volumes grew 14%. Domestic volumes grew 10% even as exports fell on the Strait of Hormuz shutdown, and management expects export volumes to reverse quickly once the war ends.
7. Renewable energy captive power - Two group captive solar PPAs approved in March 2026 and a wind SPV stake acquired in April 2026, targeting 60-70% of power needs from green sources. This locks in power costs and cuts carbon exposure as the Valia expansions double consumption.
8. New R&D centre - A ₹20-25 crore R&D facility approved for construction this year, researching new polymers beyond current segments. This feeds the \~25 new products added in the last year across construction, oil field, carpet, and textiles.