1. Gross cash accruals of ₹45-75 crore p.a. in FY27-FY28 Pending - In the 7th July 2026 announcement, management guided gross cash accruals of ₹45-75 crore p.a. in the next two years. FY26 PAT was INR 72.46 cr, but the explicit FY27-FY28 horizon is not yet reached.
2. Revenue growth of \~10-11% for FY25 Missed - At the Q4 FY24 call, management expected revenue growth of around 10-11% for FY25. FY25 revenue was INR 619.3 cr, down 0.4% YoY from INR 621.8 cr, against the 10-11% growth target.
3. Major capex and capacity expansion plan finalized within 6 months Missed - At the Q4 FY24 call, management stated a major capex program will be finalized within six months, after earlier indicating it was under evaluation. No major expansion plan has been announced as of July 2026, and the explicit 6-month deadline from Q4 FY24 has long passed.
4. FY24 sales volume of \~45,000 tons with 10-15% volume growth Missed - At the Q2 FY24 call, management guided full-year FY24 sales volume of \~45,000 tons with 10-15% volume growth. FY24 sales volume was \~41,000 tons, representing \~7% YoY growth, missing the 45,000-ton target.
5. Debt-free in the next two years Partial - At the Q1 FY24 call, management guided the company can be debt-free in the next two years or use cash for expansion. FY26 total debt was INR 74.3 cr, reduced from INR 132.3 cr in FY24, but the explicit 2-year deadline from Q1 FY24 has passed without reaching zero.
6. Export/domestic mix to 50-50% ideal level Partial - At the Q1 FY24 call, management guided bringing the export/domestic mix to 50-50% without reducing absolute export quantity. FY26 domestic share reached 67%, surpassing the 50% target, but absolute export volume fell from \~32,000 MT in FY24 to \~13,600 MT in FY26.
7. Subsidy of \~40 crores plus in FY24 Partial - At the Q4 FY23 call, management guided subsidy of around 40 crores plus for FY24, later rolling the expectation to FY25. FY24 subsidy recognized was \~INR 34.4 cr across the first three quarters, below the INR 40 cr+ target.
8. CCPS issue addressed much earlier than 13.5-20 year conversion period Pending - At the Q4 FY23 call, management guided addressing the CCPS issue much earlier than the conversion period, and in Q4 FY24 indicated a buyback may materialize in a couple of months. As of July 2026, CCPS of INR 382.6 cr remain outstanding with no resolution.
9. At least 20% of revenue from high value-added products in FY24 Missed - At the Q4 FY23 call, management guided at least 20% of revenue from high value-added products in FY24, later restating the target as 20% of volume and then pushing the timeline to a couple of years. FY24 value-added share was approximately 10-15%, missing the explicit FY24 deadline.
10. Sustain \~28% EBITDA margin in the coming future Partial - At the Q4 FY23 call, management guided confidence in sustaining \~28% EBITDA margin, later setting a worst-case floor of 21%. FY25 EBITDA margin fell to 21.36%, within the stated floor but well below the sustained \~26-28% core target.
11. New product developments with ROC of at least 25-30% - finalization in 2 quarters, implementation in 2 years Missed - At the Q4 FY23 call, management guided new product investments with ROC of 25-30%, with schemes finalized in two quarters and implemented in two years. No disclosure of finalized schemes or investments with the stated ROC has been made, and both the finalization and implementation horizons have lapsed.
12. Energy cost savings of 30-40% from solar and LNG in coming years On track - At the Q4 FY23 call, management guided energy cost savings of 30-40% from solar and LNG in the coming years. Power and fuel costs fell from 10% of sales in Q2 FY23 to 7% in Q2 FY24, and management confirmed in Q1 FY24 that a 30% reduction trend was continuing, consistent with the multi-year target.
13. Achieve rated capacity of 72,000 tons - 80-85% utilization in 2-3 years Missed - At the Q4 FY23 call, management guided achieving 80-85% utilization of the 72,000-ton rated capacity in 2-3 years, later refined to 18-24 months with INR 25-30 cr debottlenecking capex. FY26 volume was 41,320 MT, implying \~57% utilization, and the explicit mid-2026 deadline has passed without achieving the target.