1. 30 lakh cases country liquor sales - FY27 On track - At the Q1 FY27 call, management stated they are trying to sell 30 lakh cases of country liquor this year. Q1 FY27 saw 6,37,993 boxes sold, up 46% YoY, an annualized run rate of \~25.5 lakh cases, below the 30 lakh target.
2. 55 TPH paddy straw boiler at Bathinda - commissioning Delivered - At the Q2 FY26 call, management committed to commissioning an additional 55 TPH paddy straw boiler alongside the existing 60 TPH unit to meet the 550 KLPD Bathinda plant's energy needs, with the timeline revised from Q4 FY25's November 2025 to Q4 FY26. The 55 TPH boiler was installed and commissioned by Q4 FY26, together meeting 100% of steam and power requirements from paddy straw.
3. Maize oil extraction unit at Svaksha - commissioning by Q4 FY26 Delivered - At the Q2 FY26 call, management guided the Svaksha maize oil extraction unit was "on track to be commissioned in Q4 of this financial year", after a Q3 FY26 expectation at the Q4 FY25 PPT. It was commissioned at Svaksha by Q4 FY26, and by Q1 FY27 a fully backward integrated facility was operational.
4. 20 MTPD Bio-CNG plant at Fatehabad - commissioning Pending - At the Q2 FY25 call, management guided a 20 MTPD bio-CNG plant at Fatehabad to be commissioned along with the 250 KLPD plant; by Q3 FY25 this meant at least two years. No construction has commenced as of Q1 FY27 - land is acquired and site ready, vendors were evaluated, and the project is on hold pending policy clarity.
5. Debt-free company - within 5 years (by FY31) On track - At the Q4 FY26 call, management stated within 5 years the company should be a total debt-free company. As of Q1 FY27, \~Rs 320 cr term debt plus \~Rs 60 cr working capital utilization remained, with the working capital limit to be cut by another Rs 50 cr in August 2026 and utilization to reach 0 in \~1.5 years.
6. IMFL entry - within 2 years On track - At the Q2 FY26 call, management committed to entering the IMFL value segment "within the next 2 years", starting with vodka and whiskey, with a \~Rs 100 cr Pan-India launch funded from internal cash. Punjab Special Whiskey launched as premium IMIL and Jamun Vodka launched in July 2026, but no IMFL product has been launched yet.
7. Svaksha 25% stake acquisition - completion by 30 June 2026 Delivered - At the Q3 FY26 call, management committed to completing the acquisition of the remaining 25% stake in Svaksha Distillery by 30 June 2026, with total investment outlay \~Rs 55 cr. The acquisition completed on 30 June 2026, making Svaksha a wholly owned subsidiary, with total investment \~Rs 55 cr.
8. 250 KLPD Goyal Distillery (Fatehabad) - commissioning by FY27-28 Pending - At the Q2 FY25 call, management guided the 250 KLPD Goyal Distillery plant would be commissioned in FY27-28, a "very conservative" timeline. As of Q1 FY27 the project is on hold pending industry roadmap clarity, with machinery orders and advances on hold and no construction commenced.
9. 150 KLPD ethanol expansion at Bathinda - commissioning Delivered - At the Q2 FY24 call, management guided the 150 KLPD Bathinda expansion at \~Rs 70-80 cr, with the timeline moved through Q3 FY25's 12-months-from-now to Q4 FY26. The plant was completed and under testing by Q4 FY26 and commercially commissioned in the first half of July 2026, taking total capacity to 900 KLPD.
10. Edible oil business exit - phased exit by FY25/FY26 Delivered - At the Q4 FY24 call, management planned to gradually exit the edible oil business during FY25, with the timeline successively extended to a full exit with liquidation by end of FY26. Oil mill, solvent and rice mill units shut down by FY25, the packaged oil business was exited in FY26, and formal closure of the Oil & Vanaspati Unit completed in Q1 FY27, releasing Rs 90 cr of working capital.
11. 75 KLPD biodiesel plant at Bathinda - commissioning Partial - At the Q3 FY24 call, management set a December 2024 timeline for the biodiesel plant, later revised to July 2025 and then September 2025 in the FY25 annual report. Construction was completed by Q3 FY26 and the plant is registered with OMCs, but it is not producing biodiesel due to unviable tender prices (\~Rs 80-90 vs required Rs 90+) and operates as a vegetable oil refinery instead.
12. Country liquor (PML) sales - 0.1 crore cases in FY24, 0.2 crore in FY25 Delivered - At the Q4 FY23 call, management aimed for over 0.1 crore cases of Punjab Made Liquor in FY24, then targeted 0.2 crore cases for FY25. FY24 sales were 12,33,228 boxes (0.12 crore), exceeding the target; FY25 reached 16,96,675 boxes (0.17 crore), short of 0.2 crore, rising to \~18 lakh cases in FY26.
13. Real estate inventory liquidation - exit within 1-2 years Partial - At the Q1 FY21 call, management expected to monetize the entire real estate inventory (\~Rs 60-70 cr) in 2-3 years, with the residual successively shrinking to \~Rs 15 cr until FY25. Inventory was substantially liquidated - \~Rs 18 cr remaining at Q2 FY26 and FY26 real estate revenue of Rs 5 cr - but the segment was not fully exited as of Q1 FY27.
14. Edible oil segment revenue \~Rs 1,500 cr - within two years (FY23) Delivered - At the Q1 FY22 call, management hoped to bring edible oil segment revenue to close to Rs 1,500 cr within two years at 100% capacity utilization. FY22 edible oil revenue of Rs 1,516 cr met the target within the window; revenue then fell to Rs 852 cr by FY24 ahead of the planned exit.
15. Distillery segment revenue \~Rs 1,700-1,800 cr - FY25/FY26 Delivered - At the Q1 FY22 call, management expected distillery segment revenue of \~Rs 1,700 cr in two to three years, later refined to Rs 1,700-1,800 cr for FY25/FY26. FY25 distillery revenue was Rs 1,929 cr and FY26 was Rs 2,020 cr, both above the guided range.
16. Total distillery capacity 700 KLPD - by FY24 Delivered - At the Q1 FY22 call, management targeted total distillation capacity of \~700 KLPD within two to three years, revised to 600 KL by end of FY23 and then 700 KLPD by end of FY24. 700 KLPD was achieved in April 2024 with the Svaksha 100 KLPD commissioning, and full utilization was reached in FY25.
17. Svaksha 100 KLPD ethanol expansion - commissioning by December 2023 Partial - At the Q3 FY23 call, management committed to commissioning a 100 KLPD ethanol-only expansion at Svaksha by December 2023 at a project cost of \~Rs 90 cr. The plant was commissioned mid-April 2024, \~4 months late, and reached 100% capacity utilization within \~3 weeks, taking Svaksha to 300 KLPD.
18. Bhatinda 200 KLPD ethanol expansion - commissioning by December 2022 Partial - At the Q4 FY21 call, management committed to a 200 KLPD ethanol-only plant at Bhatinda (\~Rs 150 cr) with commissioning by December 2022. The plant was commissioned in July 2023 at a total project cost of \~Rs 205 cr, \~7 months late, reaching 100% utilization by Q2 FY24 after starting at 70-80%.
19. Kharagpur (Svaksha) 200 KLPD distillery - commissioning and first revenue Partial - At the Q1 FY21 call, management guided the Kharagpur 200 KLPD project would be delayed 3-4 months by COVID, with first revenue of \~Rs 350 cr commencing Q3 FY22. The plant was commissioned in July 2022 and hit 100% utilization in February 2023, but FY23 revenue was Rs 187 cr with EBITDA Rs 11 cr, roughly half the guided Rs 350 cr.
20. Long-term debt free by FY24 - via real estate monetization Missed - At the Q1 FY21 call, management committed to making the company long-term debt free by FY2023-24, with all real estate monetization proceeds (\~Rs 60-70 cr realizable value) going to long-term debt repayment. As of Q4 FY26, term loans outstanding were Rs 332 cr plus Rs 128 cr working capital utilized, and \~Rs 320 cr term debt remained at Q1 FY27.