1. FY27-28 expansion - \~20-25% garments, \~20% fabric Pending - At the Q1 FY27 call, management outlined an FY27-28 expansion plan of \~20-25% in garments and \~20% in fabric. The FY28 horizon has not been reached and no outcome is available yet.
2. Garment EBITDA - 8-10%, possibly 12% Pending - At the Q1 FY27 call, management targeted garment EBITDA to move from low 3-4% to 8-10%, possibly pushing to 12% via export shift. FY26 garment EBITDA was roughly breakeven; a Q1 FY27 garment EBITDA margin is not disclosed in our record.
3. Garment export share - "inch towards 70%" by end of FY27 Pending - At the Q1 FY27 call, management said garment export share could "inch towards 70%" of garment revenue by end of FY27, from \~60% currently. Q1 FY27 garment export share was \~60%, at the starting point with the horizon not reached.
4. FY27 capex - ₹135-140 cr Pending - At the Q4 FY26 call, the CFO guided FY27 capex of around ₹135-140 cr, reiterated at Q1 FY27. Q1 FY27 capex totalled \~₹14.7 cr across segments, tracking below the quarterly run-rate needed.
5. FY27 segment growth - Fabric 20%, Garment 20% On track - At the Q4 FY26 call, management targeted 20% growth in Garment and 20% in Fabric for FY27, reiterated at Q1 FY27. Q1 FY27 Fabric revenue grew 25% YoY while Garment declined 8% YoY, with management reiterating the target on order book visibility.
6. FY27 EBITDA margin - 10.5-11% (PPT), \~12% (call) Pending - At the Q4 FY26 call, management guided FY27 EBITDA margins of 10.5-11%, with the PPT showing ₹153-165 cr EBITDA; the Q1 FY27 call guided \~12%. Q1 FY27 EBITDA margin was 9.1%, below the guided range with the horizon not reached.
7. FY27 revenue - ₹1,450-1,500 cr Pending - At the Q4 FY26 call, management guided FY27 revenue of ₹1,450-1,500 cr, reiterated at Q1 FY27. Q1 FY27 revenue was ₹322.4 cr, up 4.1% YoY, tracking below the quarterly run-rate needed.
8. Surat restart - operational April 2027, ₹200 cr additional revenue Pending - At the Q1 FY27 call, management said the Surat facility would be available for DTA use by November or December 2026 and operational from April 2027, giving an additional revenue runway of ₹200 cr with \~₹50 cr investment. All GIDC approvals are received, with the remaining two steps expected within 3-5 months.
9. Surat SEZ-to-DTA conversion - by end of calendar 2025 Missed - At the Q1 FY26 call, management hoped to get SEZ-to-DTA conversion permission for the Surat unit resolved by end of calendar 2025; later updates moved the timeline to 4-5 months and operational by April '27. As of Q1 FY27 all GIDC approvals and the no objection certificate are received, but the end-2025 deadline was not met and the conversion remains pending.
10. Garment mix - 50-50 domestic-export in FY26 Delivered - At the Q1 FY26 call, management targeted a 50-50 domestic-export garment mix for FY26, versus \~60-70% domestic / 30% export in FY25. Q1 FY26 garment mix was almost 50-50, and by Q1 FY27 the split had shifted further to \~60% export / 40% domestic.
11. FY26 capex - \~₹100 cr Missed - At the Q1 FY26 call, management guided FY26 capex of about ₹100 cr, with the balance for the remainder of FY26 later guided at ₹70-80 cr. FY26 actual capex was \~₹74 cr - Dyeing ₹30.44 cr, Spinning/Fabrics ₹39.63 cr, Weaving/Garments ₹1.45 cr, Power ₹2.49 cr - below the ₹100 cr plan.
12. Fabric division - ₹650 cr in FY26 Missed - At the Q4 FY25 call, management targeted fabric division revenue of ₹650 cr for FY26, versus ₹550 cr closed in FY25. FY26 fabric revenue was ₹569 cr, below the ₹650 cr target.
13. FY26 revenue - ₹1,300-1,350 cr Delivered - At the Q3 FY26 call, management guided FY26 revenue of "about ₹1,300 crores to ₹1,350 crores". FY26 revenue was ₹1,370 cr, exceeding the upper end of the guided range.
14. FY26 revenue - ₹1,550 cr and \~12% EBITDA Missed - At the Q4 FY25 call, management targeted at least ₹1,550 cr turnover and \~12% EBITDA for FY26; the targets were reiterated at Q1 FY26, then revised to \~10% growth at Q2 FY26 and ₹1,300-1,350 cr at Q3 FY26. FY26 revenue was ₹1,370 cr with a 10.5% EBITDA margin, both short of the original targets.
15. Garment division - ₹350 cr FY26, 7-9% EBITDA Missed - At the Q4 FY25 call, management expected garment turnover of \~₹350 cr for FY26 with EBITDA between 7-9%. FY26 garment revenue was ₹324 cr, below ₹350 cr; the garment EBITDA margin is not explicitly disclosed in our record.
16. FY25 revenue - "maybe ₹1,500 crores or maybe less" Missed - At the Q4 FY24 call, management projected FY25 turnover at "maybe ₹1,500 crores or maybe less". FY25 revenue was ₹1,307.5 cr, below the ₹1,500 cr projection.
17. FY25-FY26 capex - ₹180-190 cr over 18-24 months Missed - At the Q1 FY25 call, the CFO guided total expected capex of ₹180-190 cr over FY25-FY26, spread across 18-24 months. FY25 capex was \~₹148-150 cr and FY26 was guided at \~₹100 cr with ₹70-80 cr for the remainder, taking the combined figure to \~₹248-250 cr.
18. FY25 capex - ₹40-50 cr maintenance only Missed - At the Q3 FY24 call, management guided FY25 capex of only ₹40-50 cr for modernization and maintenance; later updates raised plans to ₹180-190 cr over FY25-FY26 and \~₹80-100 cr for FY26. FY25 actual capex was \~₹148-150 cr, triple the original guidance.
19. FY25 recovery - back to FY23 revenue levels in 1-2 years Missed - At the Q3 FY24 call, management expected to be back on course from FY25 onwards, aiming to return to FY23 revenue levels "if not in one year, maybe in two years". FY25 revenue was ₹1,307.5 cr and FY26 was ₹1,370 cr, both below FY23's ₹1,499 cr, with FY27 guided at ₹1,450-1,500 cr.
20. Garment utilization - 60-80% by Q3/Q4 FY25 Missed - At the Q1 FY25 call, management expected garment capacity utilization to get back to "the 60, 70s, 80s by Quarter 3, Quarter 4" FY25, from \~45-46% in Q1 FY25. Q3 FY25 utilization was 41%, Q4 FY25 was 48%, and the FY25 average was 46%; the level was reached only in FY26 at 72%.
21. Garment utilization - up 20-30% from 47% Partial - At the Q1 FY24 call, management said garment capacity utilization (then 47%) would "definitely try and increase that by another 20%, 30% for sure". FY24 utilization was 57%, a 10-point improvement; FY25 fell to 46% before FY26 reached 72%, achieving the improvement two years late.
22. Italian brand launch - February 2024, ₹100 cr first year Missed - At the Q1 FY24 call, management planned to launch the Italian fabric brand "sometime around February of next year" with a first-year estimate of about ₹100 crores; the plan was later scaled to a Q1 FY25 launch and at least ₹25 cr of FY25 sales. The brand launched as Simone Federico & Figli with FY25 sales of ₹11.4 cr, below even the revised ₹25 cr target.
23. FY24 PBDT - 9-10% margin (revised from 12%) Missed - At the Q1 FY24 call, management revised the FY24 PBDT target from 12% to 9-10%. FY24 PBDT was ₹91 cr on revenue of ₹1,282 cr, a margin of \~7.1%, below the revised 9-10% target.
24. FY24 capex - ₹120-150 cr Partial - At the Q4 FY23 call, management guided FY24 capex of ₹120-150 crores with a segment split of \~₹40 cr yarn, ₹12 cr fabric and ₹28 cr garment; the plan was revised to ₹90-92 cr and then \~₹107 cr. FY24 actual capex was \~₹107 cr - yarn ₹58 cr, fabric ₹18 cr, garment ₹5 cr - below the original plan but with yarn exceeding its allocation.
25. FY24 segment growth - yarn 8-12%, fabric 11-14%, garment 12-16% Missed - At the Q4 FY23 call, management targeted FY24 revenue growth of 8-12% for yarn, 11-14% for fabric and 12-16% for garment, with the yarn outlook reset to "muted growth" at Q1 FY24. FY24 actuals saw yarn decline 8%, fabric 18% and garment 23% - all three segments missed their growth targets.
26. FY24 revenue - ₹1,550-1,700 cr Missed - At the Q4 FY23 call, management guided FY24 revenue of ₹1,550 to ₹1,700 crores, later restated as "between ₹1,600 crores and ₹1,700 crores"; it was revised down to ₹1,400-1,450 crores at Q1 FY24 and ₹1,500 crores "easily" was cited at Q2 FY24. FY24 revenue was ₹1,282.1 cr, below even the revised guidance.
27. ₹250 cr investment over FY23-24 Partial - At the Q4 FY22 call, management committed to overall investment of about ₹250 crores over FY23 and FY24, covering specialty spinning, fabric/knitting/weaving, garment, infrastructure, solar and possible D2C brand investments; the plan was restated at \~₹200 crores and then \~₹150 crores. FY23 capex was ₹97 cr and FY24 \~₹107 cr, a combined \~₹204 cr - short of the original plan but in line with the revised one.
28. FY25/26 targets - 25% garment share, ₹1,600 cr turnover by FY25 Missed - At the Q4 FY22 call, management referenced FY25/26 targets of 25% of revenue from garmenting and ₹1,600 crore total turnover by FY25, calling them "conservative", reaffirmed at Q1 FY23 with a possible revision flagged at Q2 FY23. FY25 revenue was ₹1,307.5 cr with garment revenue of ₹275 cr, \~21% of revenue - both short of the targets.
29. 3-4 year EBITDA progression - ₹160-175 cr (FY23), ₹200 cr (FY24), ₹225 cr (FY25) Missed - At the Q4 FY22 call, management guided FY22-23 EBITDA of ₹160-175 crores, around ₹200 crores in FY23-24 and then ₹225 crores (FY25), with a ₹250-260 crore FY25 figure reaffirmed at Q1 FY23. FY23 EBITDA was approximately ₹198 cr on a 14.1% margin, but FY24 was ₹120.6 cr and FY25 ₹117.2 cr, far short of the ₹200-260 cr targets.
30. Garment turnover - ₹300-350 cr for FY23 Delivered - At the Q4 FY22 call, management targeted garment turnover of "around Rs. 300 crores to Rs. 350 crores" for FY23, later firmed to "Rs. 300 crore for sure", with a Q1 FY23 reiteration that the business would not exceed ₹300 crores. FY23 garment sales were ₹368 crores, exceeding the upper end of the guided range.
31. Biomass conversion - 5-6 months, ₹2-3/unit savings Pending - At the Q2 FY23 call, management said the biomass conversion of the boilers was in process, "should take another again between that 5 to 6 months," with a significant saving of between 2 to 3 per unit expected. No subsequent disclosure in our record confirms completion or the ₹2-3/unit savings; Q1 FY23 had noted biomass experimentation in the thermopack was "fairly successful".
32. 132 KVA grid connection - within 6 months Missed - At the Q2 FY23 call, management guided a new 132 kVA electricity line expected "within the next 6 months", having earlier expected "at least a year" at Q3 FY22; the project remained in capex plans through FY26 and FY27. FY26 CWIP shows ₹1,349.13 lakhs flagged as overdue and cost-exceeding-plan, and the project remains incomplete as of Q1 FY27.
33. FY22 revenue - ₹1,150 crore target Delivered - At the Q3 FY22 call, management targeted revenue of ₹1,150 crore for FY22. FY22 revenue was ₹1,189.8 crores, or ₹1,290 crores as restated - either figure exceeds the ₹1,150 crore target.
34. EBITDA margin - 13% for FY23, 15% in 2-3 years Partial - At the Q3 FY22 call, management expected to get back to 13% EBITDA "for the next year for sure" (FY23) and to target 15% "in two, three years from now"; the FY23 target was firmed to 12.5-13% and later goals settled at 10.5-12%. FY23 margin was 14.1%, but FY24 came in at 9.4%, FY25 at 9.0% and FY26 at 10.5% - the 15% level was never reached.
35. Debt reduction - from FY28 Pending - At the Q3 FY26 call, management said if the projected EBITDA margin of 12.5% holds, "we should be able to pay back the debt from the next to next financial year" (FY28), with the CFO confirming no reduction in FY27. Net debt at Q1 FY27 was ₹472 cr, down ₹10.8 cr from Mar-26; the FY28 horizon has not been reached.
36. Net debt - keep in ₹320-325 cr range (FY24) Missed - At the Q1 FY24 call, management guided net debt to be kept in the range of ₹320-325 cr. Net debt at Q1 FY24 was ₹297 cr and at FY24 it was ₹347 cr, exceeding the guided ceiling.
37. Debt - reduce toward debt-free; FY-end debt ₹200-250 cr Missed - At the Q3 FY22 call, management expected FY-end debt to stay "about the same level... about Rs 200-250 Crores or so" and to continue dropping toward being debt-free "to some extent", with subsequent updates shifting the reduction timeline to post-FY27. Net debt moved from ₹262 cr (Mar-22) to ₹456 cr (Mar-25) and ₹483 cr (Mar-26), before easing to ₹472 cr (Jun-26).
38. FY23 capex plan - \~₹80 crores Delivered - At the Q3 FY22 call, management communicated a capex plan of about ₹80 crores for FY23, for sustainability/solar plus modernization and maintenance; the plan was raised to \~₹100 crores (range 100-120) at Q1 FY23. FY23 actual capex was ₹97 crores, above the original ₹80 crore plan and within the revised range.
39. Solar capex - \~₹18 cr for \~4.5 MW by March 2023 Delivered - At the Q3 FY22 call, management guided \~₹18 crores to be spent up to March 2023 for \~4.5 MW of solar, with a return on investment of about 3-3.5 years. A 4 MW solar plant was commissioned by Q1 FY23 with \~4.5 MW installed, ahead of the deadline, and solar moderated coal costs by ₹1.66 crores in Q2 FY23.
40. Fabric utilization - 80-85% by end of FY25 Partial - At the Q1 FY25 call, management expected fabric capacity utilization to return to 80-85% by end of FY25, up from 70% in Q1 FY25. Q4 FY25 utilization was 79% and the FY25 average 77%; 80% was reached in Q1 FY27, one quarter past the horizon.
41. Fabric utilization - 85-90% by FY22-23 Delivered - At the Q3 FY22 call, management expected fabric utilization to rise from \~75% to 85-90% "by FY22-23" / "from the next year onwards". FY23 fabric utilization was 89%, within the target range, though FY24 fell to 66%, FY25 recovered to 77% and FY26 stood at 76%.
42. Fabric & garment share - 58-60% target, revised to 69-70% Delivered - At the Q3 FY22 call, management targeted getting fabric & garment to 58-60% of turnover from 47% then; the target was later restated at nearly 70% of revenue over the medium term, from 66% in FY26, and 69% in FY27. H1 FY23 fabric+garment reached 59% of total sales and Q2 FY23 reached 60%; FY26 mix was 66% against the open revised target.
43. FY22 yarn revenue - \~₹475 cr Delivered - At the Q1 FY22 PPT, the yarn division was expected to clock turnover of \~₹475 cr during FY22, with 5% CAGR thereafter. FY22 yarn revenue was ₹555 cr, exceeding the target; FY23 was ₹558 cr and FY24 ₹512 cr.